Threats from inside your business
Cyber experts gathered at a conference in Las Vegas have been reminded of the risks posed by a business’ own employees. Cyber security expert Tess Schrodinger said that ‘insider-threats’ are not a new thing; referencing the Guy Fawkes plot in 1605 and the more recent case of Brian Patrick Regan who tried to sell secrets to Saddam Hussein. She said that the Edward Snowden case had brought the risk to the fore and had highlighted that hacking and other cyber crimes were not the only threat. There is a balance; too much security and procedure stifles productivity; too little allows greater risk. The motives for ‘rogue’ employees are varied but typically involve money. Payments from rival companies, states or criminals can provide the incentive needed for a disenfranchised employee to turn against the business. Sometimes it is less about money and more about revenge for a perceived injustice in the workplace. It would seem that while locking everything down is not possible, businesses should have checks and balances in place to identify issues and put a stop to them before further damage is done.
Oil supply risk under control – for now
Despite the escalation of unrest in Iraq, with the US beginning limited air strikes over the weekend, the risk to the oil supply chain is still considered to be under control. While the violence in the northern part of Iraq is surely going to require further international intervention, in the south (where the export oil is produced) things are so far operating normally. So far there is little expectation that things will change, however oil prices are volatile and experts predict this may well continue with 2015 likely to see some higher prices for businesses as the retail end of the supply chain feels the heat. While all businesses are affected by changes in oil costs, those who rely heavily on transportation are most vulnerable. Services that deliver to consumers may be unable to pass on additional costs to customers in competitive sectors and those with fleet vehicles, for sales teams for example, will need to prepare for the additional cost of fuel or the reduction in journeys. Additionally, businesses with staff members who commute long distances should consider whether those staff will reassess their positions if fuel costs make journeys uneconomical.
Allianz posts strong financial report
Allianz has seen its revenues and profits soar in the second quarter of 2014 according to newly released figures. The company’s global revenue was up by 10 per cent to US$39.46 billion while profit was up 17.1 per cent to US$3.71 billion. In the second quarter, Property and Casualty insurance again contributed roughly half to Allianz Group’s operating profit. The impact from natural catastrophes was lower compared to the high level of the second quarter of 2013 and the underwriting result improved. In the Life and Health insurance segment, new life insurance sales continued their momentum and statutory premiums in the quarter climbed more than 20 percent.
