Global cyber attack could trigger losses equivalent to those of Superstorm Sandy
A major global cyber attack has the potential to trigger US$53 billion of economic losses, roughly the equivalent to a catastrophic natural disaster like 2012’s Superstorm Sandy, according to a scenario described in new research by Lloyd’s and cyber risk analytics modelling firm Cyence.
GDPR: UK consumers ready to activate new data rights
Nearly half of UK consumers plan to activate new rights over their personal data, according to a poll of 2,000 UK adults commissioned by SAS. The poll explores the nation’s sentiment towards upcoming legislative change that empowers consumers with new rights over how their personal data is handled by organisations. Fifteen per cent of adults polled even expressed their intention to activate their new rights in the same month that the General Data Protection Regulation (GDPR) comes into force on 25 May 2018.
CFC enhances UK tech cover with patent endorsement
CFC Underwriting has added the option of patent infringement cover to its proposition for UK-based technology companies. Success in the tech sector often depends on the ability to create unique products and build on older ideas to develop new solutions. This means there is the risk of inadvertently trespassing on to others’ intellectual property (IP) which can result in costly legal proceedings.
Risk Management Awards: entry deadline extended
The deadline for entering the 8th annual Risk Management Awards has been extended until 4 August 2017. The awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management.
EIOPA issues EU ‘letterbox’ warning to insurers
The European Insurance and Occupational Pensions Authority (EIOPA) has today published an opinion on supervisory convergence in the light of the UK's withdrawal from the EU. Mathew Rutter, insurance advisory partner at international law firm DAC Beachcroft, who leads the firm's Brexit Advisory Team, said the opinion is a warning to supervisors against lowering the thresholds to entry in order to attract insurers to their jurisdiction. "It is also a warning to UK insurers looking to set up EU operations that they can't just have a 'letterbox' operation, with all of the decision makers back in London.
FERMA European Risk Management Certification goes live
The Federation of European Risk Management Associations’s European Certification programme is now live, with the first online examinations scheduled to start in September. "This is a major step forward in giving access to FERMA Certification to risk professionals throughout Europe," said FERMA President Jo Willaert. "Application, registration, all educational materials and examinations are now open to any qualified risk professional through the internet."
NTT: Confusion reigns in data compliance
When it comes to data compliance matters, one in five business decision makers within the UK admit they do not know which compliance regulations their company is subject to, while a worrying number do not believe the forthcoming General Data Protection Regulation (GDPR) applies to them. The findings are part of the 2017 Risk:Value report commissioned by NTT Security.
Schroders launches climate dashboard
Schroders has launched a ‘climate progress dashboard’ to give investors insight into the progress being made towards meeting the 2C temperature rise target. The dashboard, developed by the Schroders’ Sustainability team, identifies the long-term temperature rise the world is on course for, according to a framework of indicators spanning politics, business, technological progress and energy. According to the dashboard, the indicators are currently predicting a temperature rise of 4C.