Cost of cyber security and risk assessment set to double in 2015
The costs associated with the risk of cyber crime are set to double in 2015 according to a leading industry firm. Coalfire has released its predictions for next year and highlights that businesses will have to do more to convince consumers that they take data protection seriously. CEO Rick Dakin says: “It’s time for companies to start looking ahead at the next generation of threats and to step up their game to better protect consumer data. The threat landscape is continuously evolving. If you don’t already have threat intelligence and response plans ready for implementation in 2015, now is the time.” The firm believes that threats will increase sharply and be more sophisticated; attacks will be focused on new fronts including more mobile devices and the ‘internet of things’ ; but the ‘good guys’ will fight back with better security and greater ability to track criminals and bring them to justice.
Restaurant drone injures diner
The use of drones, or unmanned aircraft, in business is not without controversy. Privacy advocates, pilots and regulators all have their views on how and why they should be used. For the insurance industry drones create an opportunity but also create new risks. A diner in a TGI Fridays restaurant in New York claims she was injured during a promotional event in which a drone was used to hover above couples to encourage “mistletoe mischief”. Georgine Benvenuto says the 10 inch drone was about to be landed on her head but instead cut off the tip of her nose and cut her chin. TGI Fridays has not commented on the claims.
Underwriting confidence lower than a year ago
A new report focusing on the London insurance market shows that underwriting confidence has fallen from a year ago. The PricewaterhouseCoopers market review reveals that one in five insurers will rely on investments to make a profit in 2015. The aviation sector is predicted to be flat and most other areas are set for declining rates, especially property reinsurance and energy. Bryan Joseph of PwC said: “Many reinsurers need a radical re-think of where and how to compete. With prices low and direct competition from Insurance-Linked Securities, clients can afford to gravitate to a select panel of higher rated, often larger, reinsurers. This is leaving some of the smaller and less well rated counterparts in the margins.”
