Cyber attacks cost businesses $400 billion a year
The cost to businesses of cyber attacks is as much as $400 billion a year according to a top insurance executive. Inga Beale, chief executive of Lloyd’s of London says that demand for cyber insurance policies has grown swiftly in recent years and last year $2.5 billion worth of policies were sold; in 2012 the figure was less than $1 billion. Fortune.com says that 90 per cent of the cyber insurance policies sold were in the US.
Merger to create fifth largest reinsurer
Two reinsurers based in Bermuda have agreed a merger that will create the fifth largest reinsurers in the world. Axis Capital Holdings and PartnerRe will have a combined market value of around $11 billion with invested assets and cash of $33 billion. Shareholdings in the new company will be 51.6 per cent for current PartnersRe shareholders and 48.4 per cent for Axis investors.
Political leadership candidate focuses on workplace safety
Theresa Oswald who is a candidate in the leadership elections for Canada’s National Democratic Party says if she was leading the government there would be a strong focus on health and safety in the workplace. Oswald is proposing hiring more health and safety inspectors, teaching injury prevention in schools and for independent reviews to be undertaken when there is a workplace death. She told a news conference that the level of workplace injuries and deaths is unacceptable; in 2013 there were 30,000 injuries and 34 deaths in Canada.
Family’s experience highlights risk from connected CCTV
Businesses that use CCTV surveillance cameras that are connected to the internet to allow remote viewing by owners should ensure that access is protected with a robust password. The risk has been highlighted by a report from CNN about a family who were using an internet-connected baby monitor which was hacked. The couple’s nanny was in the nursery when she heard a voice from the monitor. Although the home’s broadband connection was password protected the monitor did not have a password in use.
US-India climate change deal unlikely
The climate change agreement reached between the US and China had raised hopes that a similar deal could be agreed with India but that is looking unlikely. The country is the world’s third largest emitter of carbon but says that it is not at the same developmental stage as China with millions having no electricity. The Indian environment minister also says that a commitment to solar energy would deliver more for the environment than some other nations. The US is supporting India in 5 clean energy initiatives.
