The EU has put in place new funding to strengthen the bloc’s response to natural and manmade disasters, including pandemics, under the existing civil protection mechanism. The European Council said the Covid-19 pandemic had tested the scheme to its limit and said “we need to go further”. Under the new rules adopted by the European Council, funding for the mechanism…
The hardening insurance market and a reduction in coverage as a result of Covid 19 are leading more companies to consider self-insurance. And with a greater range of options available to companies, from reinsurance captives to direct captives to protected cell companies, there has never been a better time to consider a captive. This was the view of two leading…
The first test of the security levels of networks, information systems and IT services within some 100 organisations in critical parts of the Italian economy will be rolled out in mid-June. This forms part of the National Cyber Security Perimeter initiative, which was defined in Decree No. 105, 2019. It forms part of a wider Italian and EU effort to bolster…
Almost 58% of risk managers changed their risk management approach to better align to the change in operating conditions post-Covid-19, and incorporate new risks from greater digitalisation, remote working and regulation, according to a new report by MetricStream. However, it further found that more than half of the firms that already used integrated risk management (IRM) approaches did not need…
Cybersecurity in Italy has been making big strides forward and the month of June will mark a milestone. The first test on the security levels of networks, information systems and IT services of strategic organisations for the country will go live, commencing on 23 June. This is the first step to define and test models that will later be rolled out…
The Covid-19 outbreak has brought into the limelight the issue of business travel risks, a subject that was previously under the radar of Italian enterprises. The country’s economy is strongly export-oriented and this demands frequent foreign trips and stays by employees, both with commercial and technical functions. Despite this, the risks arising from business travel have not really been taken…
How is the chief risk officer (CRO) profession evolving to face the challenges generated by the pandemic? And what is CROs’ perception of the main risks today? These are some of the questions that the new edition of consulting firm Deloitte’s CRO Programme has tried to answer. The study was born two years ago, in collaboration with the Italian risk…
Financial services firms’ exposure to phishing attacks on mobile devices doubled last year, according to a new report from security firm Lookout. Exposure to phishing attacks rose by 125% and Lookout says there was a significant surge in exposure to malware and app risk to both employees and customers, which increased 400%. The study also found almost 50% of phishing…
Risk management experts have called on the insurance industry to join a collaborative effort to deliver fit-for-purpose business interruption (BI) solutions and help companies build resilience to future events. Speaking during Commercial Risk’s recent virtual claims conference, Francoise Carli, president and co-founder of risk management consultancy Zakubo Consulting, said Covid-19 has laid bare that many BI polices, including some non-damage…
Risk and insurance managers need to take a close look at recent changes to Incoterms, the international commercial trade terms set by the International Chamber of Commerce, according to experts gathered by the Italian risk and insurance management association Anra and AXA XL for a recent webinar. Incoterms define the rights, obligations, risks and expenses related to the transfer of…