Sony avoids financial disaster from hacking
The latest quarterly figures from Sony show that despite the high-profile hacking of its computer network it managed to contain the financial impact to $15 million. As the firm’s revenue was somewhere in the region of $21 billion for the quarter the costs represent a small percentage. So how did it clutch relative victory from the jaws of defeat? Experts say that was down to its decision to release ‘The Interview’; it took $40 million and is expected to reach break-even. Movie theater ticket sales were only a small part of this figure and the negative situation of being hacked has actually allowed Sony to test the market for ‘straight to online’ movie releases. If only all cyber attacks had such a happy ending! Read the full story.
Insurers must react to technology disrupters
The insurance industry will be unrecognisable within a few years according to the co-author of a new book on disruptive technology. Julien de Salaberry of healthtech specialist The Propell Group says that insurers’ current business model could prove not to have a future. He says that cars, and increasingly people, will use sensors to assess behavior and lifestyle choices to allow better assessment of risk. However he says that it’s the technology being used – or perhaps not being used – by the insurers could be the most disruptive. For health insurers for example, computers will have the ability to perform more of the risk assessment and administration functions that are currently undertaken by humans. For those that adopt new technology it could mean they are able to operate faster and at lower cost. Find out more.
Corporations at increasing risk from regulators
Audits by regulators are one of the growing risks for global corporations because of the complex web of frequently changing rules. That’s the view of François Villette of Zurich who says that it is difficult for companies to keep track of all the regulations in the jurisdictions in which they operate. With more businesses able to quickly expand to international markets he says that his company has increased focus on middle-market firms as well as the corporate giants. Many insurers and law firms are introducing products to help businesses with their compliance challenges and Zurich launched its MyZurich solution in 2012.
UN puts health at the center of disaster resilience
The UN World Conference on Disaster Risk Reduction takes place in Japan this March and will set out a new framework for disaster risk reduction on a global scale. At its heart will be the risk to health from natural disasters. From risk of pandemics such as Ebola or bird flu to the maintenance of health services following flooding or earthquakes the UN says that healthcare should not be in a silo but be part of the larger disaster risk strategy.
