A global tech outage that appeared to be related to issues at...
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Global tech outage disrupts industries, highlights risks of interconnected world
A software update by global cybersecurity firm CrowdStrike appeared...
Microsoft resolves cloud outage that led US airlines to ground flights
Microsoft said its outage started at about 6 pm ET on Thursday,...
Colonial Pipeline has cyber insurance policy, paid hackers nearly $5 Million in ransom
The cover was for at least $15 million.
Cyber insurance typically covers ransom payments and insurers often provide staff to negotiate with the hackers, in addition to IT and public relations services.
Swiss Re CEO Christian Mumenthaler argues that the private insurance market is simply not large enough to offer full cyber protection to vulnerable organisations, due to the systemic nature of cyber risk.
He observed that the cyber insurance market is currently worth around $5.5 billion in premium, compared to “gigantic” yearly losses that extend into the hundreds of billions of dollars.
Gig-economy riders in Spain must become staff within 90 days under new rule
The decree, which was agreed on with trade unions and business associations, aims to clarify the legal situation of thousands of riders after Spain’s Supreme Court ruled last year that companies must hire them as employees.
A debate on how to regulate workers’ rights in the gig economy is unfolding globally. The European Commission has opened a public consultation period on potential EU-wide rules.
U.K. cyber spies took down 15-times more scams in Pandemic
The COVID-19 pandemic led to a surge in malicious hacking and phishing attempts globally as fraudsters took advantage of more people working from home, which led to weaknesses in corporate security and fears about the virus that led people to click on links purporting to have information about the disease.
Apple stopped over $1.5B in potentially fraudulent transactions in 2020
Apple said it relies on a sophisticated system that combines machine learning, artificial intelligence, and human review by expert teams to moderate these ratings and reviews to help ensure accuracy and maintain trust.
Since 2020, Apple has processed over 1 billion ratings and over 100 million reviews, and over 250 million ratings and reviews were removed for not meeting moderation standards.
Pandemic could have been prevented: Expert panel on WHO’s handling of Covid
The WHO should have declared the new coronavirus outbreak in China an international emergency earlier than Jan. 30, 2020, but the next month was “lost” as countries failed to take strong measures to halt spread of the respiratory pathogen, it said.
Arthur J. Gallagher & Co to acquire Willis Re and WTW’s corporate risk, broking, health and benefits services for $3.57 billion
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
India may overtake China as most populous country sooner than UN projections of 2027: Report
India is expected to add nearly 273 million people to its population between now and 2050, a UN report said in 2019, forecasting that the country will cross China as the world’s most populous country by 2027.
EU regulator to test insurers for prolonged COVID economic hit
The European Insurance and Occupational Pensions Authority (EIOPA) said it will test 44 insurers and reinsurers for their resilience to the economic consequences of the pandemic and a “lower for longer” interest rate landscape.
Insurers are exposed to the economic environment through the returns they can earn from investing insurance premiums, as well as from the level of demand for their products.
“We are still in the middle of the crisis,” EIOPA Executive Director Fausto Parente told a media conference.
“The insurance sector is for sure not immune.”
Global renewable energy grew at fastest pace in two decades in 2020 – IEA
New renewable energy capacity in 2020 rose by 45% to 280 gigawatts (GW) last year, the largest year-on-year increase since 1999, even though there were supply chain disruptions and construction delays due to the impact of COVID-19.
China accounted for 50% of renewable energy capacity growth last year and will account for 45% this year and 58% in 2022, the report said.
AXA XL appoints Anish Jadav as CUO, Retail P&C, UK & Lloyd’s market
In his new role, Jadav will be responsible for developing and executing AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability.