Category:

Risk Management

AIR Worldwide Develops Probabilistic Model for Global Cyber Risks

“Many insurers are challenged to understand how often various types of cyber incidents can occur and how they can affect the performance of their book. As a result, decisions on product development, underwriting, portfolio optimization, and capital allocation tend to be made with limited data, and too much weight is often put on intuition or broad assumptions. This is where probabilistic modeling can help the industry better manage cyber risk globally,” said Prashant Pai, vice president of cyber offerings at Verisk, the parent company of AIR Worldwide

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Time to upgrade Airline Black Boxes, says US Safety Board

In too many cases, the current two hours of sound on the cockpit voice recorders hasn’t been enough to aid investigations, the National Transportation Safety Board said in a recommendation posted to its website Thursday. The board cited several dozen instances in which the recorders were overwritten before they could be brought into the lab.Investigators want the requirement to be increased to 25 hours of sound, and are seeking retrofits for current aircraft by 2024.

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Indian firms overly confident about their Cybersecurity, Survey

-88 percent of Indian firms surveyed said they are better prepared for data breaches than their competitors
-Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent
-In the coming year, 80 percent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
-62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities

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