Although cyber remains the top risk for businesses of all sizes, sectors and regions, it was found that 83% of Singaporean business leaders still report confidence in their ability to fully financially recover from an attack. Despite this, 27% of respondents plan to invest in stronger cyber security.
Descartes Underwriting, a provider of parametric (re)insurance solutions for climate, cyber and emerging risks, has appointed Mr Jean Hermelin as Chief Strategy Officer. He will also join the Executive Committee.
Cyber risk has taken on a new threat level, with attackers now following a fast "smash and grab" approach, meaning they do not linger or spy for long. Instead, they typically launch ransomware and cause disruption in about a day, Beazley Security points out.
Middle East Insurance Review (MEIR), in solidarity with the insurance market, has started a special series named "Middle East Conflict: The MEIR Dialogue" to discuss the insurance impact of the armed confrontation across MENA as well as globally. The series continues with an interview with Zurich Insurance Senior Executive Officer for Commercial Insurance Middle East Peter Englund.
Continuum, a specialist risk advisory firm focussed on emerging industries, has announced a strategic partnership with Freed Capital Group, a licensed insurance broker in Hong Kong. As part of the partnership, Freed Capital has also made a strategic investment in Continuum.
In New Zealand, HDI Global has promoted Mr Richard Upton to the role of Branch Manager and Head of Financial Lines.
Just 50% of organisations in Asia feel confident in their cyber risk management and mitigation efforts, a level which is significantly below the global average of 72% and the lowest globally, according to a study by the world's biggest insurance broker Marsh.
The global reinsurance market is continuing to soften, with noticeable rate reductions seen in key 1 April renewal regions across Asia and India, according to a recent report by Guy Carpenter, a Marsh McLennan business and leading global risk and reinsurance specialist.
Cyber incidents are becoming more frequent, sophisticated and costly, with median annual losses increasing fifteen-fold over the past 15 years, at a time when geopolitical tensions are intensifying and digital interdependence deepens.
Global cybercrime is seen hitting $14tn by 2028, according to a report by Munich Re. The reinsurer said the projection reflects cybercrime evolving into a systemic risk, capable of disrupting businesses, critical infrastructure and entire economies rather than just individual organisations.