New research from the Federation of Small Businesses (FSB) shows that cyber crime costs its members around £785 million per year as they fall victim to fraud and online crime. The report shows that 41% of FSB members have been a victim of cyber crime in the last 12 months, putting the average cost at around £4,000 per business. Around three in 10 members have been a victim of fraud, typically by a customer or client (13%) or through 'card not present' fraud (10%).
A new report by UNISDR and PwC warns large multinationals’ dependencies on international supply chains, infrastructure and markets poses a systemic risk to ‘business as usual’. Ban Ki Moon has described economic losses from disasters as “out of control”, after a separate report was released (GAR13) showed mounting losses this century from catastrophic events topping US$2.5trn.
Insurance cover for environmental losses is often incomplete or even non-existent without a dedicated environmental policy in place. That is the finding of IUA research into potential claims scenarios. It highlights the gaps in cover that exist when relying on standard public liability and property policies, or even public liability policies with regulatory clean up and contamination extensions.
24 bodies have been recovered and significant damage reported in Oklahoma City in the US after a tornado ripped through the city of Moore. Rescue operations are ongoing and the death toll is expected to in the coming hours as rescue teams expect to find people trapped under collapsed infrastructure. The tornado that affected Moore was classified as an EF-4 on the Enhanced Fujita scale.
According to a study by Munich Re, the global insurance market is set to grow strongly in the coming years. Munich Re’s Insurance Market Outlook 2013 arrives at the conclusion that growth rates will be especially strong in emerging countries. Growth in the reinsurance market will be slower than that in the primary insurance industry.
ACE Group is advising UK companies to prepare now for the increased liability risks they could face as they expand their exporting activities. ACE’s advice comes during UKTI’s Export Week and follows Prime Minister David Cameron’s assertion that if 100,000 more SMEs started selling overseas they could add £30 billion to the British economy and wipe out the trade deficit.
US-based risk management society, RIMS has commended Congressman Bennie G. Thompson, the Ranking Member of the Committee of Homeland Security, for introducing Fostering Resilience to Terrorism Act of 2013 that would extend the Terrorism Risk Insurance Act (TRIA) for 10 years. TRIA, legislation that protects organisations’ ability to purchase sufficient insurance to cover acts of terrorism, is set to expire on 31 December 2014.
Palisade has signed a contract to provide Halcrow with risk analysis software that plays a key role in reducing the effects of severe flooding. The construction company uses it to help water companies protect their critical assets, including as water treatment works and pumping stations. The software will also play a role in in quantifying the certainty with which forecasts can be made is an important element of the decision making process.
Oslo-based cyber security outfit, Norman Shark, has today released a report detailing a large and sophisticated cyber-attack infrastructure that they suggest originates from India. The attacks, conducted by private threat actors over a period of three years and still ongoing, showed no evidence of state-sponsorship but the primary purpose of the global command-and-control network appears to be intelligence gathering from a combination of national security targets and private sector companies.
• 50% of businesses in the UK, France, Germany, Italy and Spain expect it to be two years or more until economic recovery
• 66% plan to respond to the delayed recovery by expanding their operations into new countries over the next 5 years
• 29% view Asia as a key area for business expansion, 27% South America and 16% Africa
• 44% consider compliance with local regulations the biggest risk to their expansion
Aon eSolutions has today launched a guide for organisations considering using Risk Management Information Systems. The educational guide helps clients identify areas for consideration when thinking of investing in a RMIS and the value and potential return on investment. The guide draws on client feedback and Aon’s own research findings to highlight why organisations might invest in an RMIS.
Four insurers of construction risks in the Lloyd’s market have joined forces to offer underwriting capacity sufficient to lead the largest construction risks in the world across all major onshore risk categories. The consortium comprises syndicates managed by Beazley, Canopius, Hardy and Talbot, all organisations with long experience of writing construction risks.They will be able to provide capacity up to US$166m per risk.