Yahoo breach: risk and insurance commentary
Yahoo has revealed that information associated with at least 500 million user accounts was stolen in 2014 by, what is believed, a state-sponsored actor. The stolen data may include names, email addresses, telephone numbers, dates of birth and hashed passwords.
Drone insurance market to reach US$1bn in a decade
Drones or unmanned aircraft systems (UAS) have the potential to deliver a wide range of problem-solving technologies, with uses ranging from industrial inspections, aerial photography and border patrol to emergency deliveries and crop surveys. But drones also raise a number of new safety concerns, ranging from collisions and crashes to cyber attacks and terrorism. According to a new report from aviation insurer Allianz Global Corporate & Specialty (AGCS), systematic registration of unmanned aircraft and robust education and training of operators is necessary to ensure the safe operation of drones.
LMA calls for improved risk engineering in onshore energy
Industry body the Lloyd’s Market Association is calling for a renewed focus on improving risk engineering surveys to help reduce the risk of major losses across onshore oil, gas and petrochemical industries.
Business interruption greatest source of financial loss for companies
Business interruption is the leading cause of losses for companies, multinational organisations and NGOs that operate outside the US, according to a new survey by insurance broker Clements Worldwide. The Clements Worldwide Risk Index, released today, shows property damage and general liability as close second and third largest sources of financial losses.
US ramps ups security following series of incidents
ISIL has claimed responsibility for a multiple-casualty stabbing attack that occurred in Minnesota, US at the weekend, when a man, reportedly entered a mall and started targeting individuals in the facility. At least nine people were wounded before the assailant was shot and killed by an off-duty police officer. The mall remained closed for the weekend and has reportedly opened as of 19 September. Despite the claim of responsibility, authorities still believe that the attack was carried out by a self-radicalised individual. Heightened security is expected to persist in the affected area as authorities remain on high alert.
US$150m Delta outage highlights need for BC
US airline Delta has admitted that the total cost of its recent five-hour IT outage, which saw over 2,000 flights either cancelled or delayed over a three-day period in August, came to some US$150m. This figure shows how much of an impact even a small amount of IT downtime can have on an organisation.
VIEW: On fracking risks and insurance
By looking forwards to potential risks, the insurance profession can not only bolster its, dare we say, poor reputation for innovation but also ensure it is acting in the public interest by not only providing protection but encouraging prevention. It is with this in mind that the CII Claims Faculty New Generation Group looked at the issue of fracking. The group reviewed the risks and associated perils that may arise from fracking activities and how any unforeseen incident could affect a variety of insurances; whether the insurance industry does provide appropriate cover; and if this could change in the future. They have focused their attention on risks related to explosion, earthquake, pollution, subsidence, riots and injury.
VIEW: On the ultimate responsibility for risk
The role of senior management in ensuring companies manage their risk successfully is of critical importance. Encouragingly, the Financial Reporting Council’s 2014 risk guidance stated that the board should take “ultimate responsibility for risk”. Its more recent document, ‘Corporate Culture and the Role of Boards’ published in July, states that senior executives should “get out of the boardroom” to understand how their firms are behaving
FM Global launches dedicated cyber risk engineering and underwriting units
FM Global has announced the formation of integrated engineering and underwriting units. “Cyber risk is a top tier business threat in almost every sector, and our focused, integrated engineering and underwriting cyber approach is designed to create a long-term competitive advantage for our policyholders,” said FM Global executive vice-president, Bret Ahnell. “Threats can come from malware, disgruntled employees, corporate espionage and yet unknown attack vectors. To ensure our clients remain resilient in the face of evolving cyber hazards, both technology and human threats must be understood and addressed, and these teams will help ensure our clients are protected.”
CIR speaks to FM Global’s Simon Baker-Chambers about business resilience in the waste-to-energy sector
Deborah Ritchie provides a summary of some of the latest stories in business risk, insurance and resilience
AGCS partners with BAE Systems on cyber risk solution
Biggest risk to confidentiality and IP integrity revealed
2017 risk predictions: Legal eagles cast their eyes over insurance industry
Risk Management Awards – host announced
Construction industry at greatest risk of modern slavery
London Market insurers team up to address terrorism risks
Modern slavery rife as companies struggle to track supply chains
Swiss Re launches cyber insurance product for German market