Ransomware top threat in 2017 cybercrime ‘epidemic’
(Reuters) — Ransomware eclipsed most other forms of cyber crime as on-line crime surged in 2017, European policing agency Europol said on Wednesday, citing high-profile attacks such as “WannaCry” that reached millions of computers. Europol coordinated several successful cross-border operations against cybercriminals last year. But national authorities urgently need to devote more resources to targeting […]
Regulators will consider good-faith efforts as silica rule takes effect
Construction employers should utilize the “grace period” that they are receiving to comply with the U.S. Occupational Safety and Health Administration’s silica regulation to review their programs and make sure they are taking the necessary steps to come into compliance, according to experts. Construction employers making good-faith efforts to comply with OSHA’s silica regulation could […]
Insurers settle claims worth more than $1 billion related to Tianjin explosion
The China Insurance Regulatory Commission’s Tianjin Bureau said that local insurers have settled more than 6,000 claims worth more than 8 billion Chinese yuan ($1.2 billion) related to two warehouse explosions in Tianjin city, as at the end of 2016.
MENA reinsurers look to diversify to Asia, Africa: A.M. Best
A report by U.S.-based ratings agency A.M. Best Co. Inc. found that reinsurers from the Middle East and North Africa region are looking to diversify and tap into more Asian and African markets.
Singapore wary of terror threat, urges businesses to prepare contingency plans
Teo Chee Hean, Singapore’s deputy prime minister, launched the SGSecure Guide for Workplaces that extends concerns regarding industrial accidents and fire hazards in local factories and offices to terrorist attacks.
Cyber criminals targeting bank ATMs: Europol
A report by the European Police Office found that cyber criminals are increasingly accessing automated teller machines through banks’ networks, with squads of “money mules” standing by ready to pick up the stolen cash.
Lloyd’s appoints Kirsten Mitchell-Wallace as head of risk aggregation
Lloyd’s of London has appointed Kirsten Mitchell-Wallace as the new head of risk aggregation.
Scor says its hurricane losses unlikely to trigger contingent capital
France-based reinsurer Scor S.E. said that the impact of hurricanes Harvey, Irma and Maria is likely to remain an earnings, rather than capital event, and it does not expect its contingent capital facility to be triggered due to the losses.
Brazil’s insurance industry expected to grow by up to 7.5%: Official
Marcio Coriolano, president of Brazil’s confederation of insurers Confederacao Nacional das Seguradoras, said that the local insurance industry is expected to grow between 6% and 7.5% this year.
Safety culture creation complicated in multigenerational workforces
With changing demographics and an aging workforce, employers need to create an effective safety culture that addresses a multigenerational workforce, but it can be complicated.
Promote on-the-job driving safety by limiting cellphone use
With the continued prevalence of on-the-job motor vehicle collisions, employers must find a way to address distracted driving, which often stems from cellphone us.
Judge issues split decision on civil construction firms safety citations
An administrative law judge affirmed in part and vacated in part citations and penalties against Barnard Construction related to machine guarding, safety data sheets and personal protective equipment.
Hurricane Maria staying away from US mainland
Hurricane Maria is moving away from the North Carolina coast, with no potential for landfall in the next 24 hours and a low potential to inflict significant insured loss, according to the Impact Forecasting unit of Aon Benfield.
Covering cyber and medical stop-loss risks in captives
Captive insurer owners are increasingly using their captives to cover cyber and medical stop-loss exposures as these risks grow.
New York regulator subpoenas Equifax over massive breach
(Reuters) New York state’s financial services regulator has issued a subpoena to Equifax demanding it provide more information about the massive data breach the credit-reporting firm disclosed this month.
High-profile breaches to drive cyber insurance uptake: Fitch
The global premium volume for cyber insurance is set to grow six- to eightfold within a decade, Fitch Ratings said Wednesday, driven by such incidents as the breach at credit monitoring agency Equifax.
SEC chair grilled by Senate panel over cyber breach, Equifax
The chairman of the U.S. Securities and Exchange Commission (SEC) told a congressional committee on Tuesday he did not believe his predecessor, Mary Jo White, knew of a 2016 cyber breach to the regulator’s corporate disclosure system, the exact timing of which could not be known “for sure.”
Beazley launches cyber and data breach response broker portal
Beazley P.L.C. has launched a cyber and breach response portal exclusively for its U.S. brokers.
AmerisourceBergen unit to plead guilty in syringe program case
A unit of AmerisourceBergen Corp., one of the largest U.S. drug wholesalers, will plead guilty on Wednesday to a misdemeanor charge as part of an agreement to pay $260 million to resolve a U.S. probe into the company’s pre-filled syringe program.
Global reinsurers to bear material share of loss from Maria: Best
(Reuters) Ratings agency A.M. Best Co. Inc. said it expects a significant share of the loss from Hurricane Maria to pass on to the global reinsurers evenly.