Daily Market Update - October 17, 2014

Facebook launches new “I’m OK” feature for natural disasters… Renewing life insurance should take longer than 15 minutes… Law firm warns clients of gap in cyber attack insurance…

Risk Management News

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Facebook launches new “I’m OK” feature for natural disasters
Facebook has this week announced a new feature designed to reassure friends and family that you are ok if a natural disaster strikes a place that you are connected with. The feature uses location data from your profile such as city you were born in, where you live, workplace and ‘check-ins’ but perhaps more importantly the Wi-Fi or cellphone receiver that you are connected to. If a natural disaster occurs in one of those locations Facebook will ask if you are ok and assuming you respond it will update your status to let others know. While this has potential, if you don’t respond and your friends know you have the feature, they might be more worried!
 
Renewing health insurance should take more than 15 minutes
According to research Americans spend more time choosing a new TV than selecting a new health insurance plan. A consumer report says that on average people spend two hours choosing the right TV but just 15 minutes on their health plan. Roberta Riportella from Kansas State University says that could be a costly mistake: “Health insurance is one of the most expensive items we purchase in a given year. Since policies often change from year to year, it's important to spend time considering your options." She says that automatic enrolment may not be the best option and that people should shop around. Using a broker or agent is a smart move of course!
 
Law firm warns clients of gap in cyber insurance coverage
If your client has a cyber attack policy, does it protect them from all of the most common threats? That’s the question raised by law firm Reed Smith who suggest in their blog that some policies do not cover one of the most common but overlooked risks – insider attack. This does not necessarily only mean current employees; it could be past employees, suppliers, contractors; in fact anyone with access to systems and networks. The post also highlights that not all cyber attack policies are the same; the terms differ widely between insurers. Read the full story.

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