US weather service hit by cyber attack
Just days after the US Postal Service revealed that it had been the victim of a cyber attack, the National Oceanic and Atmospheric Administration has announced that it has also been hit. NOAA, which includes the National Weather Service suffered the attack on some of its websites but was able to protect the essential data needed for shipping and aviation as soon as its security team became aware of the issue. The organization has not commented on where it believes the attack may have originated but there is speculation that it may be China.
Law firm publishes e-book on reinsurance litigation
Lawyers from Squire Patton Boggs have written
a free e-book ‘50 Reinsurance Cases Every Risk Professional Should Know’ summarizing the most influential reinsurance cases litigated in the United States. The book, published by the International Risk Management Institute provides a detailed description of each case as well as its implications on important reinsurance coverage issues.
Bank of Canada concerned about e-money
Electronic money has potential risk for the whole financial system. That’s the warning from the Bank of Canada’s senior governor Carolyn Wilkins who says that e-money payments are unregulated and offer no consumer protection. The BoC is investigating payments systems including the increasingly popular digital currencies like Bitcoin. Wilkins warns that there’s a risk that people and businesses may amass such currency and be unable to spend it.
Moody’s: More insurers will invest in real estate and loans
Credit rating agency Moody’s has held an event in London setting out its vision for the future of the insurance industry. The firm believes that the sector will reverse a recent trend and make riskier investments in a bid to boost yields. Sovereign bonds, real estate and loans are all likely focuses for insurers according to Moody’s.
