North Korea poses threat to western businesses
Computer manufacturer HP says that North Korea is stepping up its spying capabilities to a point where it could pose a serious and credible threat to western business and government. Although the country is often viewed as being outdated in terms of its infrastructure and even its military capabilities, they have a committed policy of developing cyber warfare, recognising how reliant the west is on computer networks. South Korea believes that its rogue neighbour to the north has doubled its level of personnel trained in cyber attacks. HP notes that North Korea’s Internet is strictly controlled by the regime and therefore concludes that attacks, such as ones already targeted at US government agencies, must be state sponsored. Read the full report.
Heavy rain isn’t just a flood risk; it threatens health
When considering the potential impact of heavy and prolonged rain, flooding is the one that most readily springs to mind. However there is another serious consequence of this; health risks. When the floods overwhelm the sewers we frequently see situations where untreated sewage ‘becomes mobile’ as the majority of cities have sewer systems that connect household, commercial and rainwater collections. When the sewers reach their capacity, this mix of waste water is typically released into rivers with potentially unpleasant results. Sarah Crean of the New York Environment Report writes that illnesses that can result from contaminated water include gastroenteritis. There are also additional damaging impacts on the environment. Read the full story.
Australian insurance industry pushes for privatisation of workers’ compensation
Major players in the Australian insurance industry are pushing for the state workers compensation and compulsory third-party liability insurance schemes to be privatised. Across the country there are various private companies involved in the schemes but this varies from state to state and is only worth about a third of the total market. The insurers, including SunCorp and IAG want full privatisation to increase competition in the sector and are proposing various measures to streamline and improve the framework of the Aussie insurance industry. Read the full story.
Ratings agency predicts reinsurance sector will see increase in mergers
Larger reinsurance companies are likely according to credit ratings agency Fitch. The firm forecasts that as the sector sees increased competition affecting its profitability and growing risks in terms of events covered and from regulatory requirements, the industry will see mergers and acquisitions creating companies large enough to face the challenges.
