Daily Market Update

Sony hacking is so much more than a cyber attack … Marsh publishes its 2015 Political Risk Map… North America should tackle climate change as a continent says Canada’s PM…

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Sony hacking is so much more than a cyber attack
The fall-out from the Sony cyber attack continues to grow and stretch far and wide for the company. With news today that it has now cancelled the release of the controversial comedy ‘The Interview’ after the group behind the cyber attack threatened physical attacks on movie theaters. The cancellation will cost them tens of millions of dollars but there is another part of this story that may cost the company more than that. The release of private company documents including emails criticizing the US President and detailing sensitive company secrets, and Sony’s legal threats to the media who chose to publish them amounts to a PR disaster for the firm. What is has done, is to bring home the message to all businesses of what can happen. It highlights how strong cyber security is just one part of a much bigger risk management framework; how data is stored; what is shared in emails; the financial and reputational risk if things go wrong.
Marsh publishes its 2015 Political Risk Map
Rising geopolitical tensions, political violence, and separatist movements combined with falling commodity prices are exacerbating political risks and further highlighting challenges for direct foreign investors, according to the 2015 Political Risk Map and report, released this week by Marsh. One of the key factors in growing unrest is likely to be the oil price as tension increases in those countries that rely heavily on the export of oil. Angola, Chad, Equatorial Guinea, Iran, and Venezuela are among those deemed at ‘severe risk’ according to the report, which draws from BMI data. Russia, Brazil and Hong Kong are among other countries that could see politically-motivated violence. According to the report, 2017 will be a pivotal year for political risks as a number of international elections are scheduled. In addition to a new US president taking office in January and a possible referendum on the United Kingdom’s EU membership, 2017 will see elections in France, Germany, Hong Kong, Iran, and South Korea, among others.
North America should tackle climate change as a continent says Canada’s PM
Canada can’t force new rules on its energy sector unless the US does says the country’s Prime Minister. Stephen Harper told CBS News that he is encouraging the US and Mexico to work with Canada to tackle the issues on a continental basis. In Alberta there is a framework for the industry for reducing the intensity of emissions. Where targets are not met companies must pay into a technology fund used to invest in private sector firms developing emission-reducing solutions. Harper was criticized previously for suggesting that Canada acting alone would be “crazy economic policy.”

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