Daily Market Update - December 9, 2014

Cyber threats to increase in 2015…Health insurance costs are higher says report…UN praises Philippines over typhoon response…

Risk Management News

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Cyber threats to increase in 2015
As Sony Pictures continues to deal with the aftermath of what is has called an “unprecedented” attack on its computer systems, a cyber security company is warning that 2015 is set to see a surge in attacks. Fortinet believes that vulnerabilities will increase; partly due to the growing number of devices connected to the internet; and it also predicts more attacks on large scale servers by criminals with financial gain as their motive. It also sees growth in the use of self-destruction elements to malware with the likelihood of data being held to ransom by criminals. Overall the expectation is for greater sophistication to be used by cyber criminals as they aim to steal data and funds while evading up-scaled operations from law enforcement and in-house security operations.
 
Health insurance costs are higher says report
A new report says that Americans are paying more for their health insurance with costs outpacing wages. The cost of an employer-based family plan, which accounts for a large percentage of those with health cover, has risen by 73 per cent and the employee’s share of costs has gone up by 93 per cent in the ten years from 2003 according to the study by the Commonwealth Fund. Median family income in that time frame grew by just 16 per cent. Deductibles have also grown substantially. The introduction of Obamacare has done little to change the situation the report says. Employees now typically pay 21 per cent of their health insurance premiums; in 2003 it was 17 per cent.
 
UN praises Philippines over typhoon response
The Philippines has been praised by the UN Office for Disaster Risk Reduction after the country was hit by the force of Typhoon Hagupit at the weekend. The organization said the “zero casualty” approach to managing Typhoon Hagupit was further evidence of Asia’s leadership role in reducing mortality and tackling economic losses from disasters. UNISDR Chief Margareta Wahlström said: “There has been a steady decline in mortality related to extreme weather events over the last ten years and fewer people are being directly affected by such events as a culture of disaster risk reduction spreads across some of the most populous and hazard-exposed countries in the world including China, India, Indonesia, Bangladesh and the Philippines.” 


 

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