RISK Management Top Stories
U.S. launches online hub to help ransomware victims
The U.S. government on Thursday unveiled an online hub for the victims of ransomware attacks, saying it will make it easier for companies and municipalities to find resources and get assistance if they are targeted by cyber hackers.
Microsoft says Israeli group sold tools to hack Windows
An Israeli group sold a tool to hack into Microsoft Windows, Microsoft Corp. and technology human rights group Citizen Lab said on Thursday, shedding light on the growing business of finding and selling tools to hack widely used software.
Facebook says Iranian hackers used site to spy
Facebook said Thursday it had taken down about 200 accounts run by a group of hackers in Iran as part of a cyber-spying operation that targeted mostly U.S. military personnel and people working at defense and aerospace companies.
Connecticut provides breach safe harbor
Connecticut is following Utah and Ohio in approving legislation that provides a safe harbor for companies with cybersecurity programs.
BoE to crack down on ‘secretive’ cloud computing services
Cloud computing providers to the financial sector can be “secretive,” and regulators need to act to avoid banks’ reliance on a handful of outside firms becoming a threat to financial stability, the Bank of England said on Tuesday.
Ransomware gang REvil’s websites become unreachable
Websites run by the ransomware gang REvil suddenly became unreachable Tuesday.
Aon names cybersecurity managing director
Aon PLC said Tuesday it has named Adam Bixby as managing director, proactive security leader, for cyber solutions North America.
District council declares Germany’s first ‘cyber-catastrophe’
(Reuters) — A district council in eastern Germany has declared a disaster after its computer systems were paralyzed by a hacker attack in what the federal cybersecurity watchdog confirmed was the country’s first-ever “cyber-catastrophe.” Hackers knocked out the IT operations of the municipality of Anhalt-Bitterfeld, in the state of Saxony-Anhalt, on Tuesday, a spokesperson confirmed to Reuters on […]
China drafts new cybersecurity industry plan
(Reuters) — China’s Ministry of Industry and Information Technology said on Monday it has issued a draft three-year action plan to develop the country’s cybersecurity industry, estimating the sector may be worth more than 250 billion yuan ($38.6 billion) by 2023. The draft comes as Chinese authorities step up efforts to draft regulations to better […]
Huawei, Verizon agree to settle patent lawsuits
(Reuters) — Chinese telecommunications company Huawei Technologies Co. Ltd. and U.S. group Verizon Communications Inc. agreed to settle a pair of lawsuits alleging patent infringement, the companies both said on Monday. The confidential settlement came days into a trial that opened in one of the two lawsuits last week. Huawei and Verizon filed joint motions […]
Rock band goes heavy on Lloyd’s over canceled concerts
The heavy metal band Metallica has filed a suit against Lloyd’s of London over losses suffered as a result of having to twice postpone its South American tour because of COVID-19 shutdowns.
RPS offers E&O coverage for agents and brokers
Risk Placement Services Inc. has launched a professional liability program for agents and brokers underwritten by ISMIE Indemnity Co., a subsidiary of ISMIE Mutual Insurance Co.
McDonald’s in South Korea, Taiwan hit by data breach
McDonald’s Corp., the world’s largest burger chain, said on Friday that a data breach in South Korea and Taiwan has exposed some customer and employee information, making it the latest global company to be targeted by cybercriminals.
Federal workers can return to offices without vaccine
U.S. government employees should not be required to be vaccinated against COVID-19 before returning to their workplace or made to disclose their vaccination status, according to guidance from the Biden administration.
AssuredPartners buys Delaware agency
AssuredPartners Inc. has bought B&H Insurance LLC, an insurance agency with about $8 million in annual revenue.
The BI Top 10: Week of June 7, 2021
No surprise about this week’s No. 1 story — the annual list of the five highest-paid insurance executives, led by Peter Zaffino, president and CEO of American International Group Inc.
OSHA releases updated safety guidance for all industries
The Occupational Safety and Health Administration on Thursday updated its guidance for all industries, closely mirroring what is currently in place in the Centers for Disease Control and Prevention’s guidelines.
Pharma, biotech manufacturer cited in deaths
An Eatontown, New Jersey, manufacturer has been fined $13,653 for allegedly failing to protect employees adequately from workplace exposure to COVID-19 following two deaths.
Spencer Educational Foundation to honor Garvey, Roth
The Spencer Educational Foundation will honor Peter Garvey, vice chairman of Galway Insurance Holdings LLC, the holding company for EPIC Insurance Brokers & Consultants, and Mary Roth, CEO of the Risk & Insurance Management Society Inc. during its annual fundraising campaign.
Advances in technology, processes improving claimants’ experience
From automated estimating to mobile technologies, on-demand tools and networked solutions, technology advancements introduced during Crawford’s 80-year history are improving claimants’ experience. In this Business Insurance Risk Perspective, Crawford leaders highlight some of the biggest changes in claims handling over the past eight decades.
Meatpacker JBS says it paid $11M in ransomware attack
Meatpacker JBS USA paid a ransom equivalent to $11 million following a cyberattack that disrupted its North American and Australian operations, the company’s CEO said in a statement on Wednesday.
Commercial rates continue to rise amid hardening market
Commercial insurance markets are seeing continued rate increases as the COVID-19 pandemic exacerbates already-hard market conditions across most property/casualty lines, according to a report released Thursday by USI Insurance Services LLC.
Highest-paid insurance executives 2021
Compensation changes for top executives at the largest commercial insurers varied significantly last year.
Revisions to Cal/OSHA emergency temporary standard withdrawn
The California Occupational Safety and Health Standards Board unanimously voted Wednesday night to withdraw revisions to the California Division of Occupational Safety and Health’s COVID-19 emergency temporary standard seven days after they were approved.
Cyber exposures top list of emerging risks: Insurers
Cybersecurity exposures top the list of emerging risks for insurers, which must deal with both coverage and operational issues relating to risk, a panel of chief risk officers said.
OSHA’s long-awaited ETS only applies to health care workers
The Occupational Safety and Health Administration on Thursday released the details of its long-awaited Emergency Temporary Standard, which it says will only apply to health care workers.
France’s Scor, Covea agree to bury the hatchet
Covea, the top shareholder of Scor SE, on Thursday agreed to an orderly exit from Scor as the battling insurance groups reached a settlement over a frustrated takeover attempt and ensuing legal disputes.
Greater reliance on technology here to stay: Insurance CEOs
Increased connectivity and greater use of technology will be the legacy of the pandemic, according to the CEOs of some of the world’s largest insurers.
OSHA to release virus emergency temporary standard
The Occupational Safety and Health Administration will release its long-awaited COVID-19 emergency temporary standard on Thursday.
Volkswagen to get $351M in dieselgate settlement
Volkswagen said Wednesday it had agreed to settle claims against four former executives, including long-time CEO Martin Winterkorn, that will see the carmaker receive €288 million ($351 million) in compensation related to its emissions scandal.
