Analysis A study aiming to raise the profile of cyber insurance claims that cloud outages and ransomware outbreaks on the WannaCry scale could cost companies $81.7bn – more than natural disasters like 2012's Hurricane Sandy.That's an awful lot of money, but wait – before you fish out the wallet – how did the authors arrive at these numbers?Cyence, a cyber-risk analytics platform, and Lloyd's of London, the world's largest insurance market, said they "collaborated with a team of economic modellers and experts from the cybersecurity and cyber insurance industries" in the hope that their findings will move the industry as a whole toward a "standardised approach of measuring cyber risk".The research process accounted for everything from commonly adopted technologies used across industries to non-technical factors that vary widely like people and processes.Additionally, underwriters from the Lloyd's Market Association participated in a series of workshops to provide feedback and identify implications for the emerging cyber insurance industry.Cyence reckons global losses from WannaCrypt will come out at $8bn compared to $850m from the NotPetya ransomware.
Hong Kong-based online personal financial platform CompareAsiaGroup announced the completion of its latest round of financing of USD50 million.CompareAsiaGroup revealed in a statement that its investors include Alibaba Entrepreneurs Fund, Japanese financial service company SBI Group, and H Utrust.Meanwhile, its existing investors like Goldman Sachs Investment Partners, Nova Founders Capital, and Route 66 Ventures also participated in the investments.The increase of Asia's middle class and the popularity of Internet services promote the demands for online financial products in Asia.CompareAsiaGroup provides price comparison services and management tools to those who are looking for insurance policies, credit cards, loans or other financial products.The company operates localized websites in many countries, such as ingSaver.com.sg in Singapore.
Cyber-attacks could soon be costlier than natural disasters, says Lloyd’s of London.The cyber insurance market, which Lloyd’s estimates to be worth around $3 billion, is tapping into a rapidly increasing demand, and companies are losing more than ever before.As a reference point: Hurricane Katrina caused an estimated $108 billion in damages, making it the costliest disaster in US history.A ship damaged a main cable off the coast of Somalia over three weeks ago causing the country to be entirely without internet access.This problem goes far beyond lost revenue.Travelers were stranded in Somalia, doctors were unable to access medical records, and many people were unable to work.
China’s second-largest peer-to-peer lending platform, founded by the Ping An Group, has been granted a licence to operate in Singapore, giving the city a leg up in its competition against Hong Kong in attracting investments to nurture financial technology and innovation.Gregory Gibb, co-chairman and chief executive of Lufax Holdings which owns the platform in Singapore,said regulation was a key reason the group had opted for Singapore instead of Hong Kong for the development.“Singapore has developed fintech regulation for a long time so that it has a clear and established regulatory regime on what it wants from the fintech company on platform and product development,” Gibb told the Post before the launch ceremony on Monday in Singapore.Gibb said initially the new platform will offer simple fund products aimed at Chinese customers with assets overseas before eventually gearing its products towards international clients.The licence is an offshore one, which means it could not sell to domestic Singapore customers.It is the first time that the Monetary Authority of Singapore has granted a licence to a Chinese fintech company and it piles pressure on Hong Kong as the two cities compete to be Asia’s leading hub for the sector.
A serious cyber attack could cost the global as much as natural disasters like Hurricanes Sandy and Katrina, according to Lloyd's of London.In a report published on Monday (17 July), the world's oldest insurance market warned that the most likely scenario would see a cyber attack launched on a cloud service provider, which would result in losses of approximately $53bn (£40.5bn).However, Lloyd's highlighted the figure was an average estimate and that because of the difficulties in accurately estimating cyber losses, the figure could be as low as $15bn or as high as $121bn.The former figure is higher than the $108bn damage inflicted by Hurricane Katrina in 2005, which included $80bn worth of insured losses.Seven years later, the cost of Hurricane Sandy was estimated to have been between $50bn and $70bn."Just like some of the worst natural catastrophes, cyber events can cause a severe impact on businesses and economies, trigger multiple claims and dramatically increase insurers' claims costs.
The chief executive of Lloyd's of London has said the increasing threat of cyber-attacks means cyber-insurance premiums are likely to double in three years.Inga Beale told the Today programme: "The cyber market at the moment we estimate is about $3-3.5bn, probably in the next three years that could easily double"."This threat is really alive for businesses," she said.
The costs incurred by a major cyber-attack could be on par with the havoc caused by a major natural disaster, warns LloydsA major international cyber-attack could mean economic losses of $53 billion (£40bn) on average and up to $121bn, comparable with natural disasters such as Hurricanes Katrina or Sandy, according to Lloyds of London.Lloyds, the world’s oldest insurance market, said its projections, issued on Monday, indicate the growing risk posed by the economic system’s dependence on Internet-connected computer systems.The company, which published the 56-page report in cooperation with computer security firm Cyence, said its findings also reflect how difficult it is to model and understand an area in which there is so little historical data upon which to base assumptions.The report comes two months after the WannaCry ransomware attack that disrupted NHS services and spread to more than 100 countries, and the more recent NotPetya malware that damaged the computer systems of a number of major companies internationally.Lloyds outlines a number of possible scenarios, the most likely of which involves hackers inserting malicious code into cloud-based software which is then spread to a wide variety of customers’ systems, where it lies dormant for a year before triggering crashes.
the Lloyd's of London estimates that in the early summer of almost one hundred countries by the spread of a cyber attack, such as attacks, the threat is increased dramatically.Global cyber attack should the world economy as expensive as the massive natural disasters, such as hurricane Katrina, warned the insurance marketplace Lloyd's of London report.the cyber attack costs could rise to at worst, more than 110 billion eur, i.e. they would exceed, for example, the Finnish state debt nykymäärän.Things to write, inter alia, Reuters and the Guardian.Lloyd's of London estimates on Monday published a report that the beginning of the summer nearly one hundred countries by the spread of a cyber attack, such as attacks, the threat is increased dramatically.They form in the next few years the biggest risk for governments and businesses around the world.
Fund will Partner with leading Cybersecurity and Next Generation Enterprise Software and Services Companies to Support International GrowthNEW YORK & ZURICH–(BUSINESS WIRE)–July 17, 2017–Evolution Equity Partners today announced the final closing of a new fund with total capital commitments of $125 million to make investments in cybersecurity and next generation enterprise software and services in North America, Europe and Israel.The fund exceeded its target and is backed by leading institutional investors, corporates, family offices and technology entrepreneurs from the United States and Europe including Cisco Investments, The European Investment Fund (EIF), Witelo Fund (PZU Insurance Group), Alpha Associates among others.The Evolution Technology Fund L.P. will make investments in the range of $5 million to $25 million in early and growth stage companies in cybersecurity and in companies utilizing machine learning, big data, SaaS, mobile and the convergence of consumer and enterprise software to build market leading platforms.Evolution sees tremendous opportunity in Europe, the United States and Israel alike to partner and invest in next generation cybersecurity and enterprise software companies and help position them for international growth.
Global cyber attack should the world economy as expensive as the massive natural katastofi such as hurricane Katrina, warned the insurance marketplace Lloyd's of London report.the cyber attack costs could rise to at worst, more than 110 billion eur, i.e. they would exceed, for example, the Finnish state debt nykymäärän.Things to write, inter alia, Reuters and the Guardian.Lloyd's of London estimates on Monday published a report that the beginning of the summer nearly one hundred countries by the spread of a cyber attack, such as attacks, the threat is increased dramatically.They form in the next few years the biggest risk for governments and businesses around the world.Lloyd's according to the most likely attack against the cloud services provider and cause an average of about 50 billion.
International Business Machines Corp. on Monday is unveiling its next generation of mainframes, the industrial-strength computers that underpin industries like banking and insurance, highlighting an old product category that still drives much of its profit.The new line of mainframe computers pairs what IBM claimed is the industry’s fastest processor with additional resources in a package designed to handle large-scale, ongoing...
Hong Kong’s newly set up insurance regulator is encouraging insurance companies to develop financial technology, as leading providers embrace the big data revolution to manage risk and lower the cost for their products.We are not taking a leading role but we plan to help the industry to use technology to enhance their services and better manage risks,” said Moses Cheng Mo-chi, chairman of the Insurance Authority.German insurer Allianz is among industry players which are keen on fintech development and using big data to better design products and handle claims.“The use of big data will benefit not just the insurance companies but also customers as it will drive prices down up to 30 per cent over the following years,” said George Sartorel, regional chief executive of Asia-Pacific for Allianz.Sartorel said traditionally insurance companies priced their policies on a system that relied on statistical averages which could not reflect an individual’s behaviour.As an example, Allianz invited drivers to take part in a voluntary monitoring system using GPS tracking for speed, driving routes, frequency and other driving behaviour.
Ping An Insurance (Group) plans to accelerate adoption of artificial intelligence technologies across mainland China by bringing its latest advances to other financial services providers, even ahead of the company’s own subsidiaries.Jessica Tan, chief operating officer at Ping An, said in a press conference on Friday that the strategy would help “level the playing field”, enabling smaller financial services companies to stay competitive in an industry where the country’s internet giants are rapidly expanding.After pilot testing at Ping An-backed Lufax, the mainland’s biggest peer-to-peer lender, and at subsidiary Ping An Property and Casualty Insurance Company, the group wants to make its so-called voiceprint recognition system available simultaneously to its call centre operation and to other financial institutions.“We are going to offer it to others even before the rest of the group’s companies,” Tan said.That would differ from the initial strategy employed by Ping An, operator of the second-largest life insurance business on the mainland, for its facial recognition system that was first deployed at 17 of its 28 subsidiaries.The group expects voiceprint recognition to enhance how facial recognition has improved the speed and accuracy of identifying financial services customers.
What’s the story: Ping An Insurance (Group) is gearing up to take on mainland China’s internet giants, while pursuing international expansion, under its audacious plan to become a full-fledged technology company.Why it matters: Ping An is China’s second-largest life insurer, with more policy holders than the population of Japan.It’s also one of the industry’s most innovative, expanding both its size and its business scope in leaps and bounds since its establishment in 1988.Its ambitions to now turn itself into a technology company, making use of its huge customer base, underscores the innovativeness of Chinese companies, with the huge population as their advantage.What’s the story: Volkswagen AG, the world’s largest carmaker and one of the earliest foreign automotive investors in China is banking on the biggest vehicle market on the planet to drive its ambitions in developing electric cars.The assembler of the “People’s car” has set a target to sell 1 million electric cars by 2025, and the Chinese market is a major driver of that growth.
Automotive and transport sector organisations carried out in June-July at the turn of the poll, which surveyed the views of motoring and mobility for the future.according to the results of a large part of the approach to driver assistance systems positively.What car nomisempi system is, the reservation approach is.the New mobility services are not yet so attractive, that they would replace the private car place in the household.About 85 % of the respondents would be interested in buying the car its the driver situation-specific ancillary systems.About 50% of the respondents would be willing to accept the car miles and monitor the movement of insurance premiums or tax base data.
DoNotPay, the chatbot that became known for helping users challenge thousands of unfair parking fines and refugees apply for asylum, has announced a massive expansion to bring its AI-based free legal counseling to 1,000 different areas of law in all 50 US states and across the UK.The new broad range of capabilities include bots to apply for more parental leave, fight a fraudulent purchase on your credit card, claiming lost luggage for an airline, make insurance claims, resolve landlord disputes and lots more.The bot won’t help you take on court battles, but it can help with anything involving documents — users simply state the problem they are trying to solve, answer a few questions, and DoNotPay will fill out the right forms or generate letters for you.Joshua Browder, the British entrepreneur behind the so-called “robot lawyer” has been working with volunteer and part-time lawyers to deal with the differences between state laws and make locality-specific bots.IBM also offered its Watson technology for free to DoNotPay, making the tool smarter about figuring out what users need when expressing their legal questions in natural language.If it can’t help with someone’s specific legal queries, DoNotPay may still be able to refer the person to a resource, law firm, or charity that’s willing to help.
health-care bill that Mitch McConnell, the Majority Leader, released on Thursday is, in one way, an improvement on the previous version of the bill.The latest draft dropped a proposal to repeal two tax increases on very high earners, which were part of the Affordable Care Act.The old and the sick would be forced to pay far higher premiums; deductibles would go up for almost everyone in the individual market; and many millions of Americans, many of them poor, would lose their health-care coverage entirely.Before delving into the details, it is worth restating what is at stake here: the principle that society is made up of people with mutual obligations, including the duty to try to protect everyone from what Franklin Roosevelt called the “hazards and vicissitudes of life,” such as old age, unemployment, and sickness.Originally, he intended to include publicly funded health care as part of Social Security, but opposition from the medical profession persuaded him to leave it out.During the nineteen-sixties, the Lyndon Johnson Administration introduced Medicare, for senior citizens, and Medicaid, for poverty-stricken families with children.
Stellapps, an Indian data collection and analysis stack for the dairy supply chain, has closed a Series A round of funding ahead of a larger $12 million – $14 million Series B that CEO Ranjith Mukundan expects to close in the coming months.Stellapps offers data collection and analytics to every piece of the dairy supply chain with the aim of improving the productivity, and quality of milk, and producing transparent data both for and about the dairy industry.The company’s applications include SmartFarms (for milk production), smartAMCU (for milk procurement), ConTrak (for the cold chain), AgRupay (a dairy farmer wallet), andMooKare (an animal insurance product).The full stack includes 26 different sensors across the chain.At the dairy collection sites, quality analysis sensors measure fat content to assess the quality of the milk to help with pricing.
the Company's business concept was based on that the company would negotiate down the mortgage interest rates of the banks for larger groups of individuals at a time.In the last year invested Schibsted an unknown sum in Bolånegruppen, and thus became a minority shareholder in the company.According to the Bolånegruppens latest financial statements were made a rights issue of sek 5 million in the previous year, which can be assumed to be Schibsted's investment.”We started Bolånegruppen because we thought that the banks ' bolånetjänster not worked particularly well.With gruppförhandlingarna could we get a transparent price, but on the other hand, we do not simplify the process for our customers.Instead of negotiate down the interest rates of the banks to the company now take over the entire bolåneprocessen and convey the mortgage loans, via a fund such as pension funds and insurance companies can invest in.
The revised Senate Republican health insurance bill released Thursday makes a major change from the previous version in an effort to placate conservative lawmakers.That creates a tricky tension point as Republicans aim to vote on this legislation, which would repeal and replace parts of Obamacare, as soon as next week: If the Republican senators who were holdouts before because they opposed the Medicaid cuts refuse to backtrack from their public stances, this bill will die.Here’s a quick rundown of the biggest changes in the new version of the Better Care Reconciliation Act and how they affect the legislation’s chances of passage:A variation on a provision dubbed the “Cruz amendment” after its author, Texas Sen. Ted Cruz.The amendment would essentially allow insurers who sell the highly regulated Obamacare plans that cover a broad range of services to also sell skimpy or high-deductible plans.But one of the insurance industry’s largest advocacy groups, America’s Health Insurance Plans, circulated a memo this week condemning the amendment, and the Blue Cross Blue Shield Association, a lobbying group representing one of the most important insurers in the marketplaces, wrote to senators to call the proposal “unworkable.” The insurers’ concerns are related to the issues that policy wonks have been warning about: If the Cruz amendment became law, healthy people would flock to the unregulated, cheaper market, leaving the Obamacare markets full of people with high health care costs.