Microsoft has confirmed that a data breach of its customer service records exposed the details of 250 million logs between Microsoft support staff and customers across the globe. Comparitech said its security team, led by Bob Diachenko, uncovered the breach on 29 December 2019 and notified Microsoft, which closed down the vulnerability over several days on 30 and 31 December.…
The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…
Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…
The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…
US risk managers saw their average salary fall by 1.7% during the past two years to $118,000, with their Canadian counterparts’ pay down 4% to $101,000, according to the biennial RIMS compensation survey. More senior positions, however, recorded an increase. In analysis of 1,000 risk professional positions across all industries and locations, RIMS said chief risk officer salaries recorded a…
The insurance industry can play a bigger role in boosting cyber risk management by ensuring it rewards organisations that take the issue seriously and setting minimum security standards, attendees at the World Economic Forum’s (WEF) annual Davos meeting were told this week. The call to arms was made by Pascal Millaire, CEO of cyber risk analytics firm CyberCube, as he…
Only 22% of UK employers communicate their employee benefits offering before day one of employment and only 18% before recruitment, according to the latest research from GRiD, an industry body supported by insurers, reinsurers and brokers and designed to promote group risk and provide a collective voice to government, policymakers and stakeholders. GRiD, currently under the chairmanship of Steve Bridger,…
BlackRock, the world’s largest asset manager, has announced a big shift in its investment strategy to hold companies more accountable for climate change risk management and direct investment to more sustainable companies. The US investment firm’s announcement will come as a further blow to fossil fuel companies that are already struggling to find investment and insurance for their operations. The…
Risk managers in India face many challenges in 2020, such as a slowing economy, rising cyber threat and extreme weather. But the majority gained by the Modi government last year should at least deliver a level of political stability and economic policy consistency not seen in recent times. This should help Indian businesses weather the storm and ensure that the…
A captive has been launched in Bermuda that is the first in the world to insure crypto-custody. The new captive has been launched by Gemini Trust Company, a cryptocurrency exchange and custodian based in New York. The company allows customers to buy, sell and store cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin and Zcash. The captive, Nakamoto Ltd, has been…