The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

Flying into the future: Australian Senate Inquiry into drones

Flying into the future: Australian Senate Inquiry into drones

Flying into the future: Australian Senate Inquiry into drones

The long-awaited Australian Senate Inquiry report into the current and future regulatory framework for remotely piloted aircraft (drones) in Australia was released on 31 July 2018. The report was highly anticipated. During the 18-month period of consultation with operators, regulators and businesses, the Senate Inquiry committee heard that Australia is at the forefront of drones. Australia’s aviation regulator, the Civil…

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

There will be little time for multinationals to mourn the end of the post-war liberal consensus that brought about globalisation, as the developing US-China trade war, and the story it foretells about a new world order, becomes the defining geopolitical risk in 2019, according to Control Risks…

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

The amount of GDP at risk from cyberattack in the world’s largest cities has risen nearly 9% during the past year to $39.7bn, according to the 2019 Global Risk Index from the Centre for Risk Studies at the Cambridge Judge Business School. This has pushed cyber risk up one place in the ranking to sixth…

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

The risk of cyberattacks is slowing the implementation of Asia-Pacific financial institutions’ digital transformation plans, according to new research. A report based on a survey carried out by Microsoft and research firm Frost & Sullivan, Understanding the Cybersecurity Threat Landscape in Asia-Pacific: Securing the Modern Enterprise in a Digital World, reveals that almost two thirds (63%) of financial institutions have…

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to create an insurance holding company in China. The German insurer said that the company – Allianz (China) Insurance Holding Company Limited – will be the first-ever holding company in China to be wholly owned by a foreign insurer. The insurer said the Shanghai-based holding structure will…

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Asia-Pacific execs fearful about growth and prosperity

Barely more than half (53%) of business leaders in Asia-Pacific have any confidence that their companies can grow and prosper, ranking the region as the second-least confident behind only Britain where fears over Brexit continue to erode business confidence, according to new research from CNA Hardy. Asia-Pacific also ranked high in terms of risk perception, with 82% of respondents stating…

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Nissan chairman arrested on financial irregularities charge

Carlos Ghosn, one of the most powerful men in the global car industry, has been arrested for allegedly understating his income and engaging in other financial irregularities. The chairman of Japan-based car manufacturer Nissan, and also chief executive and chairman of Renault and Mitsubishi, is to be dismissed over the charges, bringing a likely end to a glittering career in…

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

Japan cybersecurity head denies never having used a computer

A Japanese cybersecurity minister has been forced to contradict his own comments that he has never used a computer. There was widespread astonishment in Japan when Yoshitaka Sakurada, the deputy chief of the government’s cybersecurity strategy office, told a parliamentary committee meeting that computers had never featured in his professional life. “Since the age of 25, I have instructed my…

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong law firms are advising companies active in the territory to take a close look at new Adminsitered Arbitration Rules (2018 Rules) introduced by the Hong Kong International Arbitration Centre (HKIAC) at the start of November. Baker McKenzie states that the 2018 Rules introduce a raft of important and useful amendments including rules facilitating complex arbitrations, a procedure for…

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