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Cyber Insurance growth slows down in US, records reaching $2 Billion in 2018, Fitch
Standalone cyber insurance premiums grew 12% in 2018, according to insurer statutory financial data. Fitch said high profile cyber events and previous uncertainty around cyber terms in commercial insurance policies continue to demonstrate the need for coverage. Insurers are addressing silent cyber risks by adding affirmative coverage in policies, including sublimits and cyber endorsements, but these efforts vary widely among individual companies.
WhatsApp vulnerability allowed secretive installation of spyware
Attackers could transmit the malicious code to a target’s device by calling the user and infecting the call whether or not the recipient answered the call. Logs of the incoming calls were often erased, according to the report.
Saudi Arabia says two Saudi oil tankers attacked near UAE waters
Iran’s foreign ministry called the incidents “worrisome and dreadful” and asked for an investigation into the matter.The strait, a vital global oil and gas shipping route, separates the Gulf states and Iran, which has been embroiled in an escalating war of words with the United States over sanctions and the U.S. military’s presence in the region
Lloyd’s of London seeks behavior crackdown with culture Survey
The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.
Cyber Risks to exceed Natural Disasters for insurers: Scor CEO
While the cost of cyber risks has been small until now, the panel agreed it was only bound to increase. Kessler said the cyber risk could exceed $600 billion per year “in the worst case scenario.” That compares with the yearly cost of natural catastrophes, which he said is about $230 billion. The cyber risk “would dwarf it. So it gives you a size of the risk,” Scor Chairman and Chief Executive Officer Denis Kessler said.
Crash Victims’ final minutes will influence Financial Liability for Boeing, Insurers
While settling all those claims could cost $1 billion, according to a Bloomberg Intelligence estimate based on prior cases, legal experts agree the payouts could be even higher if evidence shows Boeing knew about flaws in the planes before the tragedies. That’s already prompted investor lawsuits claiming the company hid safety risks.
India among Asian economies set to dominate 7% growth club during 2020s
India, Bangladesh, Vietnam, Myanmar and the Philippines should all meet that benchmark, according to a research note Sunday from Madhur Jha, Standard Chartered’s India-based head of thematic research, and Global Chief Economist David Mann. Ethiopia and Côte d’Ivoire are also likely to reach the 7 per cent growth pace, which typically means a doubling of gross domestic product every 10 years. That’ll be a boon to per-capita incomes, with Vietnam’s soaring to $10,400 in 2030 from about $2,500 last year, they estimate.
India lagging far behind China in IIoT adoption: Accenture
“In terms of IIoT adoption, in a scale of 10, if China would score 7, India’s would be about 3.5,” Saurabh Bhatnagar, Managing Director – Manufacturing, Accenture Strategy told IANS, adding that according to an estimate, IIoT could be adding $14.2 trillion to the global economy by 2030.
U.S. warns merchant ships of possible Iranian attacks; cleric threatens U.S. fleet
Iran has dismissed both moves – which the United States said it took after U.S. intelligence signalled possible preparations by Tehran to attack U.S. forces or interests – as “psychological warfare” designed to intimidate it.
G7 countries to simulate cross-border cyber attack next month: France
“Cyber threats are proof that we need more multilateralism and more cooperation between our countries,” French Finance Minister Bruno Le Maire told the conference.