Healthcare firm hacked; 4.5 m at risk of ID theft
Another day, another hacking. This time it’s healthcare provider Community Health Systems, a firm that operates over 200 hospitals and has 4.5 million patients in 28 states. All of those patients are now at risk of identity theft after a massive hacking of the CHS computer network. The company reported the breach to the United States Securities and Exchange Commission on Monday after discovering the breach, which took place between April and June. They believe the attack took place from China and data including contact details and social security numbers was stolen. Last week two retailers were hit by an attack on their credit and debit card network and these attacks are increasingly prolific. Read the full story.
Global supply chain risk at lowest for 18 months
Global supply chain risk reached an 18 month low in Q2 2014, decreasing for three consecutive quarters for the first time since the 2008 financial crisis, according to the Chartered Institute of Purchasing & Supply’s (CIPS) latest CIPS Risk Index. The index is unlikely to continue to trend lower though due to increased geopolitical tension and the Ebola outbreak in Africa. The Institute says that this cocktail of risk could cause significant disruption to supply chains and should be monitored and assessed with contingency plans put in place.
Risk management for start-ups
The excitement and passion involved in a start-up business may mean that risk management is way down the list of things to take care of but of course it should be a priority. Jose Vasquez has started multiple businesses and helps others to start and grow, especially in the tech sector and says that many entrepreneurs are overwhelmed by the risks they face and often unprepared. Writing in the Huffington Post he sets out his top tips for minimizing risk in start-ups. These include checking out the competition to see what mistakes they’ve made and how they’ve overcome them, doing good research, not fully trusting anything or being complacent and having back up plans.
Going to extremes; the growth in insuring sporting challenges
Those of a highly competitive, sporting nature seem to want to push themselves further than ever with extreme sporting challenges growing in number and risk. Robert Murphy, Global Entertainment & Events Practice Leader for insurance broker Marsh has been talking to Lloyds insurance market about the increasing demand for insurance for sporting events. He says that as events seek to be unique, good risk management and insurance becomes more important, especially for those events where spectators get more involved. Murphy points out that while traditional events have a set form of play and rule book, some of the more extreme challenges do not and this leads to greater risk. The type of insurance being bought for these events includes public liability and competitor injury policies but also cancelation insurance as the events involve some large financial risk.
