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Build capabilities to ensure correct assessment of climate change risks: RBI Dy Guv Rao
The climate-specific vulnerabilities’ interplay with real economy...
Policybazaar partners with Ophthalmologist Society of India to provide cover for litigation risks
Policybazaar for Business (PBFB) has partnered with the Young...
Citi trial shows chain of gaffes leading to $900 million blunder
The trial is expected to shine a spotlight on one of the biggest and most embarrassing banking errors in recent memory — one that has already forced Citi to explain its mistake to federal regulators and tighten its internal controls. The case is being closely followed on Wall Street, especially in the syndicated loan industry. A trade group has argued that a win for the creditors could expose banks that facilitate wire transfers and serve as administrative agents to unnecessary risk.
Pfizer/BioNTech vaccine docs hacked from European Medicines Agency
Pfizer and BioNTech said documents relating to their vaccine candidate had been accessed, but that “no systems have been breached in connection with this incident.”
Cybercriminals have tried to attack several pharmaceutical companies developing vaccines including Johnson & Johnson, Novavax, AstraZeneca and South Korean laboratories, according to the Wall Street Journal.
Cyber attacks seen on coronavirus vaccine infrastructure: U.S. Senator Peters
“IBM recently released a very disturbing report detailing cyber attacks on COVID-19 vaccine distribution infrastructure,” Peters told a congressional hearing. “Just last month a cold-chain storage company also reported that they were the target of a cyber attack.”
Those vaccinated against Covid-19 may still need to wear masks
“A lot of people are thinking that once they get vaccinated, they’re not going to have to wear masks anymore,” said Michal Tal, an immunologist at Stanford University. “It’s really going to be critical for them to know if they have to keep wearing masks, because they could still be contagious.”
U.S. cybersecurity firm FireEye discloses breach, theft of internal hacking tools
The FireEye breach was disclosed in a blog post authored by CEO Kevin Mandia. The post said “red team tools” were stolen as part of a highly sophisticated, likely “nation-state” hacking operation. It is not clear exactly when the hack initially took place.
Cyber risk is new threat to financial stability: IMF
“Given strong financial and technological inter-connections, a successful attack on a major financial institution — or on a core system or service used by many — could quickly spread through the entire financial system, causing widespread disruption and loss of confidence.” said Jennifer Elliott and Nigel Jenkinson of IMF’s Monetary and Capital Markets Department
Antitrust lawsuits could force Facebook to sell Instagram and WhatsApp
The lawsuits are the biggest antitrust cases in a generation, comparable to the lawsuit against Microsoft Corp in 1998. The federal government eventually settled that case, but the yearslong court fight and extended antitrust scrutiny prevented the company from thwarting competitors and is credited with clearing the way for the explosive growth of the internet.
Aon report highlights a path toward “The New Better” in wake of COVID-19 Pandemic
Study shows global shift in attitudes of leading organizations toward long-tail risks and the impacts on how society will continue to work, travel and convene
More than 130 organizations across multiple industries and four continents in 10 cities participated in coalition meetings, sharing best practices and outlining new priorities to accelerate economic recovery
Munich Re to no longer cover events cancelled for pandemics
The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis.
Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would remain in the business but that the tweak in its strategy was a result of the pandemic. The resinsurer will also adjust prices for event cancellation coverage, he said.
The cancellation and postponement of sports events like the Olympics in Tokyo as well as concerts have been a major burden for Munich Re, which expects a total of 4 billion euros ($4.85 billion) in COVID-related losses.
France to help farmers to abandon glyphosate weedkiller developed by Bayer’s Monsanto
Glyphosate, first developed by Bayer’s Monsanto under the Roundup brand, has generated intense global debate over its safety since a World Health Organization agency concluded in 2015 that it probably causes cancer.
While regulators worldwide have determined glyphosate to be safe, Bayer agreed in June to settle nearly 100,000 U.S. lawsuits for $10.9 billion, denying claims that Roundup caused cancer.