UK terrorism threat level raised to critical
The Joint Terrorism Analysis Centre has advised that the UK threat level be increased from severe to critical. This is the highest level of security preparedness in the UK. The change comes after 22 people were killed in a terrorist attack at Manchester Arena Monday night. Fifty-nine people were also injured, and some are still missing.
Ransomware attacks spur cyber insurance demand
The recent ransomware attacks in over 150 countries reveals the widening scope of cyber risk exposures and is likely to increase demand for cyber insurance protection. This is according to Fitch Ratings, which prescribes a cautious approach to adding cyber exposures due to a considerable uncertainty in pricing and underwriting this risk. Aggressive expansion by individual underwriters into the segment, it warns, could be credit negative.
Payment default in Eastern Europe expected to worsen
Businesses trading with customers in Eastern Europe are being warned to expect a potential increase in payment defaults, according to a report from trade credit insurer Atradius. Its Payment Practices Barometer analyses payment behaviours of businesses with the latest report focusing on Eastern Europe, including the Czech Republic, Hungary, Poland, Slovakia and Turkey. The report reveals that 86% of Eastern European customers have paid their B2B invoices late over the last year. For 58%, the reason was attributable to customers’ liquidity issues – compared to 52% of Western European businesses. The report highlights Hungary as experiencing the highest number of liquidity related late payments at 78%.
GDPR: Countdown to new EU data rules begins…
EU GDPR is a “game-changing” piece of data protection legislation that comes into effect one year from today. While the legislation includes various components related to how organisations collect, store, manage and protect customer data, the ‘right to be forgotten’ gives individuals the right to have personal data erased. But if most organisations cannot locate where their customer data is stored (both on-premise and offsite), it will be difficult to fulfil ‘right to be forgotten’ requests.
Workplace incidents account for 80pc of Sungard invocations
Issues relating to the office environment are behind a growing number of invocations, according to analysis from Sungard Availability Services. Some eight in ten of their customers’ invocations in 2016 largely stemmed from an increasingly vulnerable physical workplace environment. The analysis suggests that companies may be in danger of neglecting their physical surroundings, as they focus efforts on ensuring a more robust and secure virtual infrastructure.
IBM Resilient launches GDPR preparedness tool
IBM Resilient has launched a new offering aimed at helping companies address the new General Data Protection Regulation (GDPR). GDPR may require significant changes to the way organisations respond to consumer data breaches. For example, any organisation that does business in Europe will have 72 hours to notify the supervising authority and data subject of a breach, or risk being fined €20 million or up to 4% of their global annual turnover. A recent Ponemon Institute study found that 75% of organisations admit they lack a formal cyber security incident response plan applied consistently across the organisation, meaning that GDPR response could prove to be challenging.
Lloyd’s supports Arctic shipping best practice forum
Lloyd’s has welcomed the Arctic Council Ministerial Declaration establishing the Arctic Shipping Best Practices Information Forum, which will hold its first meeting in London on June 5-6. The Declaration was made at a Ministerial Summit this week in Alaska, attended by the foreign ministers of the eight Arctic states, including US Secretary of State, Rex Tillerson.
Deforestation-free supply chain
McDonald’s and L’Oréal are shifting to deforestation-free commodity supply chains alongside six other companies who make up a newly-expanded supply chain platform of CDP, the environmental data body. Working with CDP the companies are collating information from their suppliers on any links and risk management relating to deforestation, and with deforestation responsible for 10-15 per cent of greenhouse gas emissions the issue is becoming more pressing to both policymakers and consumers.