Daily Market Update

Cyber attacks increase 48 per cent in a year… Fleet risk should be kept in line with litigation… NAIC calls for greater transparency from international body… Halloween costumes could be health risk…

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Cyber attacks increase 48 per cent in a year
Cyber attacks are one of the fastest growing risks to businesses according to the latest Global State of Information Security Survey. The number of incidents in the past year reached a colossal 42.8 million; up 48 per cent on the previous year. It’s predicted that there will be further increases in the next 12 months as cyber attackers identify more weaknesses to exploit in an ever-expanding digital world. There are concerns over the use of mobile phones and particularly the vulnerability in apps. Experts say that Apple and Windows based apps are generally more secure than Android ones due to the tougher approval process but anything that connects in to business systems or is vital to operations should be risk assessed. As more companies have allowed staff to bring their own devices into the workplace and often allow their use for business purposes it should be considered whether savings on the purchase or rental of technology are greater than the increased risk.
 
Fleet risk should be kept in line with litigation
The management of risk for businesses with vehicle fleets should be regularly assessed to ensure that they are relevant. As litigation for motor claims has ramped up over the years with injuries frequently being claimed for but not always fully assessed it is important that business owners are aware of the risks. Company vehicle drivers should be regularly updated on policy and the importance of their compliance. The fleet itself should be regularly maintained; this is particularly an issue for those fleets that are owned rather than leased as leasing firms will likely ensure that clients stick to maintenance schedules. Businesses may decide that it would be worth investing in their drivers with additional training.
 
NAIC calls for greater transparency from international body
At the International Association of Insurance Supervisors (IAIS) Annual General Meeting on October 25, members voted on observer membership status for non-member stakeholders. The vote, which took place in closed session, amended IAIS bylaws to end the observer membership status, which included participation in some IAIS meetings, in favor of creating new stakeholder consultation procedures. “I am extremely disappointed in the outcome of Saturday’s vote to end observer status at the IAIS,” said Adam Hamm, NAIC President and North Dakota Insurance Commissioner. “Observers run the range of consumer advocates, insurance experts, and industry representatives – all of whom have critical input to share on the real-world consequences of decisions made by regulators.”
  
Halloween costumes could be a health risk
OK so it may not be high on the agenda of many risk managers but there are warnings from health experts in Ireland that Halloween costumes can be unsafe. Odhran Shelley, who’s the director of the National Burns Unit at St James's Hospital in Dublin says that a cocktail of often tight-fitting full body costumes, candles and fireworks can lead to serious burns. Partygoers and parents are advised to check that costumes are fire-retardant and that flammable items are used carefully. 

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