10/23/2018 5:49:00 AM
Source: Business Insurance
Taiwanese insurers are likely to pay around $120 million Taiwan ($3.9 million) under liability insurance claims related to the derailment of an express train on Oct. 21, Asia Insurance Review reported citing media sources. MSIG Mingtai Insurance Co. Ltd. among other insurers provides railway passenger transportation liability cover for Taiwan Railways Administration. The Puyuma express’ derailment caused at least 18 deaths and injured 170 people.
10/4/2018 5:50:00 AM
Source: Business Insurance
A report found that the global maritime industry is unprepared to deal with cyber attacks, geopolitical tension and air pollution, Splash247.com reported. The report found that the industry is vulnerable to cyber attacks and data theft-related risks due to increasing use of digital technologies. The report was created by U.S.-based insurance broker Marsh and McLennan Cos. Inc. Germany-based International Union of Marine Insurance and Denmark-based Global Maritime Forum.
10/4/2018 5:59:00 AM
Source:Business Insurance \
The Mount Soputan volcano on the island of Sulawesi in Indonesia erupted on Oct. 3 after an earthquake and tsunami struck the island less than a week ago, Bloomberg reported. There were no immediate reports of damage or casualties from the volcanic eruption. A 7.4-magnitude quake and tsunami struck the island on Sept. 28. Sutopo Purwo Nugroho, spokesman for Indonesia’s National Disaster Mitigation Agency, said that the country lacks the budget and technology for disaster mitigation.
10/4/2018 6:00:00 AM
Source: Business Insurance
Norway-based aluminum producer Norsk Hydro A.S.A. plans to halt production at its alumina refinery in Brazil following an environmental dispute that began in March, Reuters reported. Alunorte – Alumina do Norte do Brasil S.A. has been operating at half capacity after the company admitted to making unlicensed releases of untreated water. The company plans to halt production as the refinery’s waste deposit area is close to full capacity and the ongoing dispute prevents Hydro from using a newly created residue facility. Norsk Hydro will also close the Paragominas bauxite mine and the Albras aluminum smelter.
Thomson Reuters
Source: Business Insurance
9/28/2018 12:14:00 PM
(Reuters) — Facebook Inc. has discovered a security issue affecting about 50 million user accounts, the company said on Friday.
Facebook said attackers stole Facebook access tokens through its “view as” feature, which they could then use to take over people’s accounts. “View as” is a feature that allows users to see what their own profile looks like to someone else.
“Since we’ve only just started our investigation, we have yet to determine whether these accounts were misused or any information accessed,” the company said in a blog post.
Facebook shares fell 3% to $163.78 in afternoon trading.
Judy Greenwald
Source: Business Source
10/1/2018 1:07:00 PM
A Travelers Cos. Inc. unit has successfully obtained a declaratory judgment it has no duty to defend a Florida hotel group under its commercial general liability coverage in connection with $2.4 million in fines and other costs it incurred stemming from a data breach.
Hartford, Connecticut-based St. Paul Fire & Marine Insurance Co. had filed suit against Orlando, Florida-based Rosen Millennium Inc. and Rosen Hotels & Resorts Inc. in connection with the data breach in March 2017.
Rosen began to receive reports indicating patterns of unauthorized charges to customer cards shortly after customers were guests at Rosen’s various hotels on or about Feb. 3, 2016, according to the lawsuit filed by Travelers.
Rosen allegedly incurred about $2.4 million in economic losses, which reflects credit card fines and attorneys fees. Millennium, which provided data security services for Rosen Hotels, had been issued two consecutive commercial general liability insurance policies that required the insurer to defend it against bodily injury or property damage claims, according to Friday’s ruling in St. Paul Fire & Marine Insurance Co. v. Rosen Millennium Inc.
The issue of whether Travelers must provide coverage “is not ripe” because Millenium’s demand letter “makes no mention of, let alone a claim for, property damage or the costs incurred from complying with notifications statutes,” said the ruling.
On the issue of whether Travelers has a duty to defend, the ruling said the company’s personal injury claim is not covered under the CGL policies.
“Defendants point to several cases involving data breaches where courts have found a duty to defend. However, none of those involve data breaches perpetrated by third parties,” said the ruling, in holding Travelers did not have a duty to defend in the case and granting its motion for summary judgment.
Source: Business Insurance
10/1/2018 1:48:00 PM
Sixty-nine percent of employees surveyed recently reported that they are tired at work, raising workplace safety concerns as many of those employees work in safety-critical jobs, according to a report released Monday by the National Safety Council.
The Itasca, Illinois-based organization’s report is the third in a series on workplace fatigue and exposes a gap between how employees and employers view the risks and consequences of being tired at work, according to a statement.
The survey included input from 2,110 employees, a majority in manufacturing, transportation, and utilities, and 504 employers.
While 90% of employers feel the impact of fatigue on their organizations, including observing safety incidents involving tired employees and declines in productivity, just 72% of workers view being tired as a safety issue.
The report also revealed that:
10/1/2018 8:38:00 AM
Source: Business Insurance
(Reuters) — Britain’s markets watchdog has fined Tesco PLC £16.4 million ($21.4 million) for failing to protect account holders at its bank from a “foreseeable” cyber attack two years ago.
The Financial Conduct Authority said that in November 2016 cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card and in its financial crime controls.
“Those deficiencies left Tesco Bank’s personal current account holders vulnerable to a largely avoidable incident that occurred over 48 hours and which netted the cyber attackers £2.26 million,” the FCA said in a statement on Monday.
It was the watchdog’s first fine for cyber failings. Ensuring lenders become more resilient to cyber attacks has also become a priority for the Bank of England.
Separately, Tesco said it fully accepted the FCA’s findings and agreed to a settlement of 16.4 million pounds.
10/1/2018 5:56:00 AM
Source: Business Insurance
European privacy regulators are considering fining U.S.-based Facebook Inc. up to $1.6 billion following a data breach which exposed details of at least 50 million user accounts, Fortune.com reported citing The Wall Street Journal. The data breach affected users of Facebook’s “View As” feature – a privacy tool that lets users see how their Facebook profile page looks to visitors. Facebook said that the data breach did not reveal users’ password.
10/1/2018 5:51:00 AM
Source: Business Insurance
U.K.-based RSA Insurance Group P.L.C.’s severe weather and marine-related losses totaled £170 million ($222 million) at the end of the third quarter and any further losses could hit its collateralized reinsurance cover, Artemis.bm reports. Under the terms of its three-year aggregate reinsurance cover, reinsurers will pay for losses which collectively go beyond £170 million in a single calendar year. RSA Insurance said that 9% of the reinsurance includes collateralized cover.
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