Costs from global ransomware damage are expected to climb to more...
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Equity market volatility may persist long-term outlook remains constructive: Experts
"India seems better positioned relative to most Asian equities...
North Korean fake IT experts infiltrate European firms: Google
The workers falsely claim to be from countries including Italy,...
36% of call centre agents have been threatened with violence: Study
Three million Americans work as call centre agents and nearly one million in India. However, many face abuse daily from customers, so much that 1.2 million Americans leave the job each year, it said. As many as 51 per cent of agents, who received poor training, report being pessimistic about their careers which can lead to poor performance and burnout, it added.
U.S. lawmakers seek $1 bln to fund FTC privacy probes
The proposal, which Democrats plan to include in a $3.5 trillion spending measure, would fund a new bureau over 10 years to address “unfair or deceptive acts or practices relating to privacy, data security, identity theft, data abuses, and related matters,” according to a summary released by the House Energy and Commerce Committee.
The committee will meet on Monday to take up the wide-ranging spending proposal that includes $30 billion to remove lead pipes and $13.5 billion for zero emissions vehicle infrastructure buildout.
Swiss Re sees growing demand for insurance protection, positive outlook for premiums
According to Swiss Re Institute, non-life insurance premiums are expected to be 10% higher than the pre-COVID-19 level by the end of 2021. Heightened risk trends will increase the need for insurance protection, but also require a greater focus on evaluating and modelling, and ensuring pricing is adequate for the risks taken.
Russia’s Yandex says it repelled biggest DDoS attack in history
The DDoS attack, in which hackers try to flood a network with unusually high volumes of data traffic in order to paralyse it when it can no longer cope with the scale of data requested, began in August and reached a record level on Sept. 5.
“Our experts did manage to repel a record attack of nearly 22 million requests per second (RPS). This is the biggest known attack in the history of the internet,” Yandex said in a statement.
IRDAI asks insurers to design innovative, tailor-made Cyber products for policyholders
The main objectives of new the guidance document on product structure for Cyber Insurance are;to enable insurers to evaluate new technologies posing heightened cyber risk, identify protection gaps in the existing products and address the changing needs of market,to facilitate insurers in developing stand-alone cyber insurance products, specifically designed to address the evolving cyber risks,to provide a set of recommendations on maximum possible coverages that could be included in the cyber insurance products, to encourage insurers to adopt best practices and provide additional covers in response to customer needs, to improve the development of the cyber insurance market with new products and enhance benefits for policyholders, explained the IRDAI.
Cognizant inks $95 mn deal with US shareholders over India bribery charges
Shareholders accused Cognizant of failing to disclose payments made to obtain permits for facilities in “special economic zones,” including its Indian headquarters in Chennai, where it could enjoy tax and other benefits.
‘Everyone is scared’: Govt’s criticism of Infosys, Tata worries India Inc
In India, safeguarding domestic businesses has been Modi’s priority. While government or RSS criticism of foreign businesses like Amazon and Monsanto is common, local businesses are rarely caught in the crossfire.
But the latest events have raised concerns among business leaders about whether Modi is now taking a hardline approach towards domestic giants as well, five industry sources said.
One venture-capital executive said the criticism was akin to “harassment” of businesses and risks souring investor sentiment.
Reinsurance outlook changes to stable as sector raises prices amid economic recovery:Moody’s
Price increases will drive stronger earnings for reinsurers through 2022 amid the post-pandemic economic recovery
Capitalization remains solid with solvency ratios well above regulatory thresholds
Uncertainty over Covid liabilities has diminished although pandemic-related claims continue to affect earnings for some large multiline reinsurers in 2021, driven by higher than expected mortality claims. The pandemic has caused reinsurers to take a more prudent stance towards systemic risk management, including communicable disease, cyber events and climate change.
Global bodies join hands to launch 500 actions to reduce environmental health burden
Environmental pollution and other environmental risks cause 24 per cent of deaths through, for example, heart disease, stroke, poisonings, traffic accidents, and others, all of which could at least be substantially reduced, if not eliminated, through bold preventive action at national, regional, local and sector-specific levels.
Air pollution alone leads to 7 million deaths each year, while climate change is expected to contribute increasingly to a broad range of health impacts, both directly and indirectly through effects on biodiversity.
Global re/insurance market to grow by 3% by 2023, Cyber, data analytics & AI key growth areas: Munich Re
“The digitalisation megatrend will radically change traditional insurance. It will give rise to new fields of risk in need of insurance solutions. With its numerous digital and innovation projects, Munich Re has laid the foundations for profitable growth going forward”, says Munich Re’s Board member Torsten Jeworrek.
Munich Re has kept the rising ransomware losses in its book of business readily manageable. In addition, price increases in a hardening market environment are producing a stabilising effect. Munich Re is adhering to its plan to grow profitably based on a current market share of roughly 10%.