The global insurance industry is undergoing extreme change. The change is brought on by the rapidly evolving risks that the industry is facing. As risk changes, insurers are feeling pressure to become more adaptive and resilient against emerging threats. The Willis Groups, one of the world’s largest insurance brokers, believes that captive insurance companies could be the key to weathering the storms of the future. Joe Plumeri, CEO of the Willis Group, attending this year’s World Captive Forum in Miami, Florida, highlighted the usefulness of captives to insurers around the…
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Hackers steal source code from Symantec – cyber security again highlighted by insurers
Acclaimed Internet security company Symantec has announced that the source code for its popular pcAnywhere program has been stolen by hackers. The company has issued a warning encouraging consumers to discontinue use of all Norton Antivirus, Internet Security and SystemWorks programs including pcAnywhere while they are fixing the bugs. Earlier this month, fabled hacker group Anonymous claimed that the company’s source code for these security programs had been compromised. After investigating the matter, Symantec has acknowledged that this is, in fact, the case. The issue can quickly turn into an…
Read MoreWillisWire report highlights the emerging risks facing the global insurance industry
The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…
Read MoreEU to introduce tough rules regarding data use and protection
The European Union is preparing to propose new regulations concerning how corporations use the personal data of Internet users this week. The new rules could have a major impact on companies like Google and Facebook as they would put staunch limits on how they use the information of the people that use their services. Viciane Reading, vice president of the European Commission, a branch of the EU, claims that the new rules are needed to remove the grey areas that exist in Europe’s legal system. Europe is currently awash with…
Read MoreCyber security a major issue for the U.S. according to inquisitive task force
Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
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