Risk

Cyberattacks to cost U.S. health systems US$305 billion over five years: Accenture

Cyberattacks over the next five years will cost health systems in the United States US$305 billion in cumulative lifetime revenue, suggests a new report from Accenture, a global management consulting, technology services and outsourcing company. Released on Wednesday, the report, titled The $300 billion attack: The revenue risk and human impact of healthcare provider cyber […]

By Canadian Underwriter | October 14, 2015

3 min read

Risk

Six in ten global businesses purchasing cybersecurity insurance: report

Nearly six in ten global businesses (59%) are purchasing cybersecurity insurance to help mitigate the impact of cybercrimes when they do occur, according to a survey released last week. The Global State of Information Security® Survey 2016, a worldwide survey by CIO, CSO and PwC, was conducted earlier this year by PwC and the two […]

By Canadian Underwriter | October 13, 2015

2 min read

Risk

Engineering Insurance Conference speaker explains defective design, workmanship exclusions

There has been “little interpretation,” by Canadian courts, of the London Engineering Group (LEG)’s exclusion clauses for construction insurance, though a recent decision emphasized what was considered “defective workmanship,” a construction lawyer suggested at the recent 42nd Annual Engineering Insurance Conference (AEIC). Dan Boan, a partner with the construction and public-private infrastructure projects sector group […]

By Canadian Underwriter | October 13, 2015

5 min read

Risk

U.S. researchers team up to safeguard power utilities from cyberattacks

Researchers from Florida International University (FIU) in Miami have teamed up with four other universities and a utility company in an attempt to help safeguard power utilities in the United States from cyberattacks. Researchers from FIU’s College of Engineering and Computing have joined with faculty from Carnegie Mellon University in Pittsburgh, Lehigh University in Bethlehem, […]

By Canadian Underwriter | October 13, 2015

2 min read

Compliance and cyber security competing priorities for U.S. insurers

Insurers in the United States will face competing priorities for resources and time over the next 12 months, with cyber security preparedness challenging overall regulatory compliance readiness, argues Wolters Kluwer Financial Services. While both cyber security and regulatory readiness will be major concerns over the coming year, notes the latest Regulatory & Risk Management Indicator […]

3 min read

Emerging economies likely to experience difficult stress test in year ahead, conditions to drive political risks: Willis

Emerging economies – with Syria, Venezuela and Zimbabwe topping the risk list – are expected to experience a difficult stress test in the year ahead, although a repeat of the emerging markets crises of the late-1990s is unlikely, notes a new risk index issued Tuesday by Willis Group Holdings. The difficult stress test is very […]

2 min read

Ship spills an estimated 3,000 litres of fuel in northern Quebec

An estimated 3,000 litres of fuel spilled near the community of Salluit in northern Quebec, the Canadian Coast Guard (CCG) confirmed on Thursday. Greg Lick, director general of CCG operations, said in a statement that the Coast Guard was notified late Tuesday of the spill west of Ungava Bay. The M/T Sarah Desgagnés was transferring […]

2 min read

Businesses spend more than half a million U.S. dollars to recover from a cyberattack: Kaspersky Lab

The average cost of a cyberattack is more than half a million United States dollars for enterprises, according to a survey from Kaspersky Lab released on Wednesday. The Damage control: The cost of security breaches report, from Kaspersky Lab and B2B International, found that the average cost of a cyberattack was US$551,000 for enterprises and […]

3 min read

Risk of serious cyberattack on nuclear infrastructure growing, independent policy institute finds

The risk of a serious cyberattack on global civil nuclear infrastructure is growing, as facilities become ever more reliant on digital systems and make increasing use of commercial ‘off-the-shelf’ software, according to a new report from Chatham House, a London, United Kingdom-based independent policy institute. The report, released on Monday, found that “the infrequency of […]

3 min read

Saskatchewan Government Insurance and police focusing on distracted drivers throughout October

Saskatchewan Government Insurance (SGI) and police around the province will be watching for drivers using cellphones as well as other actions such as taking their attention off the road while eating, grooming, setting a GPS or refereeing children during the traffic safety spotlight for October, the province’s self-sustaining auto insurance fund said last week. Statistics […]

3 min read