Main features in this issue:
Tracking the terror risk online
Hacking group Anonymous has vowed revenge against Islamic State (ISIL) for the Paris attacks, using among other weapons, Rick Astley. Whatever impact its efforts may have, it’s a reminder that terrorism, and the battle against it, will be fought on many fronts.
Bringing some clarity to cyber covers
Lloyd’s has published guidance for its syndicates on how it will ensure cyber risks are properly underwritten and funded. Insureds should take note too. The bulletin itself is for syndicates and is a fairly technical document aimed at preventing aggregation of risks in the market while enabling insurers to take advantage of the opportunities for new business.
Ransomware: Is it time to pay up?
2015 was the year of ransomware, according to IBM; this looks to continue into 2016. The rise of ransomware is one of the four key cybercrime trends in the last year identified in IBM’s latest Threat Intelligence Quarterly report. Either locking users out of systems or encrypting information on them, it’s an ever more common form of extortion.
TalkTalk: costs continue to rise
Dido Harding’s interview with the BBC confirmed the massive and wide-ranging impact a big breach can have, with costs racking up for the incident response, customer enquiries, IT, and lower online sales. The firm has also offered free service upgrades to disgruntled customers. Moreover, Harding’s estimate came before news that a second law firm is considering a group action against the company.
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