Connect with us

Top Stories

INSURANCE AGAINST CYBER ATTACKS ‘VITAL’ SAY BUSINESSES BUT ONLY 41% COVERED FOR BOTH SECURITY BREACHES AND DATA LOSS

Published

on

cyber

One in 10 admit to no insurance cover at all, according to NTT Com Security Risk:Value report

While the majority of global organisations say that it is ‘vital’ their organisation is insured against information security breaches, less than half (41%) are fully covered for both security breaches and data loss and just over a third have dedicated cybersecurity insurance. This is according to the 2016 Risk:Value report looking at attitudes to cybersecurity and risk from NTT Com Security, the global information security and risk management company.

Research among 1,000 non-IT business decision makers in organisations in the UK, US, Germany, France, Sweden, Norway and Switzerland reveals that one in ten (12%) have no insurance cover at all for either eventuality. This is despite most business decision makers admitting that there is an increased cyber security threat, and that the cost of recovering from such an attack could start from around $1 million (£1.2m in the UK).

While cyber liability insurance has become increasingly popular and can include cover for data/privacy breaches, extortion liability and network security liability, only 35% of businesses currently see the need to take a policy out, although a further 43% are getting one or thinking about it. Businesses in the US are most likely to have this type of insurance – 51% compared to just 26% in the UK. Notably, wholesale organisations (43%) are most likely to take out dedicated cyber insurance, together with business/professional services (43%) and utilities companies (39%).

Less than half (46%) of those respondents whose organisation has company insurance that covers data loss or a breach, expect it to cover legal costs. Fewer expect it to cover regulatory fines (43%), government fines (41%) and remediation (41%). Covering loss of business and loss of IP (intellectual property) is even less likely, according to the report, at just 25%.

When it comes to the validity of insurance cover, half of respondents cite that lack of compliance with necessary security criteria could invalidate their insurance, while 46% feel that not complying with business policies could be a problem, and 43% point to the lack of an incident response plan.

“Faced with risks every day, it’s easy for organisations to look for quick-fix solutions rather than focusing on building a solid security and risk management strategy,” says Garry Sidaway, SVP Security Strategy & Alliances, NTT Com Security. “Rather than relying solely on an insurance policy to cover losses, businesses need a different game plan. Buy insurance by all means, but ensure that you can demonstrate that you have put controls in place to reduce your risks, and, what these controls cover – this way you know what is being insured. Being able to demonstrate that these controls are being tested and monitored is essential. Insurers need to know what they are insuring and the controls put in place to protect assets – this is the only way they can agree on cover.”

Garry Sidaway adds: “Security needs to be embedded into the culture of an organisation, from top to bottom, championed by the CEO, designed and executed by the CISO and communicated effectively so that every employee takes responsibility for ensuring that good practices are followed.”

Cyber insurance is a potentially huge market, and annual gross written premiums are estimated to grow from around $2.5 billion in 2015 to reach $7.5 billion by the end of the decade, according to “Insurance 2020 & beyond: Reaping the dividends of cyber resilience”, a report by PwC.

The NTT Risk:Value report also reveals that only around half (52%) of businesses have a full information security policy, while less than half (49%) have a disaster recovery plan in place.

The Risk:Value 2016 Executive Summary report can be downloaded here

Top Stories

Grey skies ahead – Malta prepares for a gloomy 2021 if they can’t tackle financial crime

Published

on

Grey skies ahead – Malta prepares for a gloomy 2021 if they can’t tackle financial crime 1

By Dhanum Nursigadoo, ComplyAdvantage

With the summer drawing to a close, many countries who rely significantly on warm weather tourism will be assessing the impact of Covid-19. Being a small island in the middle of the Mediterranean you would expect Malta to be taking a significant economical hit – just like we are seeing in other popular European holiday destinations – but this doesn’t take into account the strength of the Maltese economy.

Emerging from the eurozone crisis with one of the most dynamic economies strategically positioned between three continents, Malta has had one of the lowest unemployment rates in the EU and has recently seen its GDP growth expand year-on-year.  But perhaps the most important aspect of the Maltese economy has been its attraction for foreign businesses with only a 5% tax on profits. It is no secret that Malta is a tax haven, probably one of the most effective tax havens in the world.

But you can’t pick and choose who takes shelter, and it’s no secret that money launderers have been taking advantage of the regulatory landscape in this archipelago.

The conditions of a tax haven suit criminal enterprises, who can take advantage of the opaque environment and blend their illegal activities with the same operations enjoyed by high net worth individuals and corporations who are looking to reduce their tax bill. And last year Malta’s keenness for secrecy and avoidance resulted in a damning report by Moneyval – the Council of Europe’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) body – which found that while the nation had made some efforts to curb money laundering there was still much to be desired in order to bring the tax haven up to standard. Overall, they were of the opinion that Malta viewed combating money laundering as a non-priority and this resulted in branding Malta with low to partial ratings for 30 out of the 40 Financial Action Task Force (FATF) recommendations.

The findings of the report were stated to have the potential to “create within the wider public the perception that there may exist a culture of inactivity or impunity”. This follows on from a series of international high-profile stories regarding Malta and financial crime. Most shocking was the murder of journalist Daphne Caruana Galizia – who investigated corruption and money laundering in her native country – and was killed by a car-bomb three years ago leading to international outrage and condemnation.

Now Malta is in a race against time to turn their reputation around or they will suffer genuine consequences. The FATF have threatened to place Malta on a “greylist” of high-risk jurisdictions unless they have shown a genuine commitment to combatting financial crime and implemented the recommendations of the Moneyval report. If they fail, this would make Malta the first EU country to make the list and join others such as Panama, Syria and Zimbabwe.

The pandemic has actually given Malta more time to meet these obligations, and it has been widely reported that an initial summer deadline has now been moved to October due to the widespread disruption.

As we head into the autumn, there are signs that Malta has begun to take action. The Malta Financial Services Authority (MFSA) has created and established an empowered AML now headed up by Anthony Eddington, formerly of the UK’s Financial Conduct Authority and who has previous experience of tackling anti-financial crime at Deutsche Bank. This team has already begun working closely with international experts, specifically partners in the US through the US embassy in Malta and the United States Commodities Futures Trading Commission (CFTC). In May this collaboration led to 25 new cases focused on money laundering in particular, and with plans to increase standard inspections and on-site investigations into businesses in Malta, it appears there is a change to the country’s priorities.

Importantly, the report highlighted a problem for countries that choose to become tax havens. In some cases it was not that the Maltese authorities deliberately turned a blind-eye, but simply that they did not have the necessary knowledge to effectively tackle financial crime in the first place. Law enforcement appeared unable to even recognise when crime was occurring.

But this blurring of financial compliance will not help businesses if Malta does indeed become “greylisted” this year. While not as devastating as being blacklisted (the two occupants of this list are Iran and North Korea) there are significant detrimental effects to being put on the FATF greylist. Although this signals that the country is committed to developing AML/CFT plans (unlike the blacklist) it still sends out a warning signal to the world that this is a high-risk area, with the country in question subject to increased monitoring and potential sanctions from the IMF and the World Bank. Make no mistake, being put on the greylist will be catastrophic for Malta’s economy.

It remains to be seen how the work to avoid such a calamity will affect Malta’s tax haven status. Perhaps with an increased fight against financial crime there will be less ability to defend one of Europe’s most competitive tax regimes. But if Malta does not show they are genuinely committed to tackling this problem, then the pandemic disruption to the island’s tourism may be minor in comparison to the grey clouds that now approach their shores.

Continue Reading

Top Stories

How will the UK prepare a supply chain for the distribution of the Covid-19 vaccines?

Published

on

How will the UK prepare a supply chain for the distribution of the Covid-19 vaccines? 2

By Don Marshall, Marketing role at Exporta.

The challenge of mobilising a supply chain for the introduction of a global and nationwide vaccine will be enormously complex. The process will be costly, and it’s likely the figures will stretch to the hundreds of millions for both the production of the vaccine itself and its distribution across the UK. We must prepare and plan a supply chain strategy to ensure it reaches those most in need in a timely and safe manner.

The task of immunising a whole population is something that has never been planned or likely imagined by anyone within a standard supply chain. A supply chain that goes directly from the manufacturer to the end consumer, or user/ patient in this case, is complex and goes beyond the scope of any single logistics company. It would have to be conceived and delivered via a large joint effort and collaboration between multiple organisations. Effectively distributing the vaccine will depend on the source of manufacture, its storage requirements, and protection of the vaccines from manufacture through to patient administration.

The majority of vaccines require storage within a specific temperature range and need to be handled safely and in hygienic conditions. Depending on where the vaccines are manufactured, the transport legs will vary; if they are coming from overseas, air freight will increase cost and complexity. In addition to supplying the vaccine, syringes, needles and containers also need to be taken into account when preparing the supply chain.

Securing the specific types of boxes or containers i.e. the lidded containers normally used for transporting pharmaceutical products will mean acquiring them from all available stockists and manufacturers. Delivery vehicles would then need to be considered, with temperature-control factored in. The medical supply chain can inform their approach to distribution by assessing data from previous supply chains, and how large quantities of vaccines have been sent out in the past. Collating successful vaccine delivery examples from other parts of the world would be advantageous here, the more we can do to prepare for a logistical challenge of this magnitude, the better.

The distribution of this COVID vaccine will be unique in its scale and for that reason, additional supply chains will need to be mobilised. Apart from medical supply chains, those best suited for this type of transportation are the fresh/frozen food industries and supermarkets. I would mobilise these businesses to assist with the vaccine’s distribution wherever possible and use their car parks and facilities for the temporary medical centres needed to administer the vaccine to the public.

Using the food industry and supermarket networks would leave the current pharmaceutical supply chains intact for health services, pharmacies and the NHS. It would protect those vital services and continue to serve communities across the UK. Inevitably, it would place a short term strain on food supply chains, but these are supply chains that are well-equipped and versed in coping with excess demand i.e. the spike endured from the brief spell of public panic buying at the start of the crisis. With adequate resourcing and planning, I believe the UK supply chain can and will handle this challenge.

Continue Reading

Top Stories

Dealing with the loneliness crisis with assistive technology

Published

on

Dealing with the loneliness crisis with assistive technology 3

By Karen Dolva, CEO and Co-Founder of NoIsolation

Humans are social beings, and for most children, school will be their most important social arena. Unfortunately, however, many children and adolescents with long-term illnesses are unable to attend school for extended periods, due to treatment plans, ill health or more recently due to the risk of infection. Research has shown that long-stints of school absence for children and adolescents with Chronic Fatigue Syndrome (ME) and cancer can range from months to years.

These prolonged periods of absence, which often lead to limited interactions with other children and adolescents, can result in children completely losing their social network, leaving them feeling cut off, lonely and isolated, all as a result of something that is completely out of their control. What kind of consequences can this type of social isolation have for children and young adults?

In a recent in-depth investigation into the impact of COVID-19 on the emotional and educational development of British school-aged children, No Isolation partnered with independent researcher, Henry Peck, to look into the impact of COVID-19 on school aged children, to shed further light on the consequences of school closures, not only across the UK, but the long term effects that this can have on children and adolescents everywhere throughout the pandemic.

As a company working to abolish loneliness and isolation amongst those suffering with chronic illness, we were already aware of the effect that social isolation can have on a child’s educational development and mental health. For the investigation we collected responses from 1,005 parents and carers of 1,477 children spanning primary and secondary school.

Results of the study found that a concerning 76% of parents and carers reported that, since lockdown, they have become worried that their children are suffering from loneliness. Results also showed that parents and carers of 5-10-year-olds worry that their children are lonely often or all of the time, whilst parents and carers of 11-16-year-olds are concerned that their children are lonely at least some of the time. This is likely due to the fact that older children have greater access to social technologies, while younger children often rely on non-verbal forms of communication such as facial expression, physical contact, and through play, all of which is difficult to recreate whilst away from the school setting.

At No Isolation we are committed to creating solutions that will help children stay connected to their friends and their education, regardless of circumstance. We’ve seen first-hand the devastating impact that loneliness can have on a child, and know that children that can’t attend school don’t just miss out on learning, they miss out on friendships too. Losing this contact during the early years developmental stages can be devastating, leading to anxiousness and an increase in feelings of isolation. This report sheds light on the hundreds of thousands of young people that may not be able to rejoin their friends in school, and it is vital that they don’t fall through the cracks. We plan to continue researching the impact of this unprecedented pandemic and driving the conversation around how we, as a nation, can ensure the mental wellbeing and educational development of those most affected.

Loneliness has been found to have serious implications for both physical and mental health. People suffering from loneliness are 32% more likely to have a stroke and are 26% more at risk of early mortality. From No Isolation’s own research into the impact of school absence due to long-term illness, we have found that  children are particularly vulnerable to loneliness if they cannot attend school.

Researchers, Perlman and Peplau, define loneliness as a negative feeling, stating that a lonely person is experiencing a discrepancy between desired and actual social contact. Being socially isolated is not synonymous with being lonely, but there will often be a correlation between social isolation and loneliness. Though much empirical research on adults and adolescents shows a link between loneliness and depression, many studies have found that friendship-related loneliness is more explanatory for depressive symptoms among adolescents than parent-related loneliness. One possible explanation is that friends are the preferred source of social support during adolescence.

With that in mind, we should be both sad and alarmed by the high numbers of young people unable to attend school, and more so by the fact that we do not really know who they are or exactly why they cannot go to school. Research has shown that social isolation and loneliness often correlate with mental disorders, including depressive disorders, there are, however, options available for children and adolescents in the form of assistive technologies, enabling them to stay connected with education and their peers.

The provision of dedicated school staff, inspirational hospital schools, the use of avatars like AV1 that enable children to attend school remotely, are just a few of the ways that assistive technology and exemplary attitudes are helping children with long-term illnesses from becoming disconnected from essential social networks. There are also examples of individuals who are pushing to keep children from falling between the cracks and becoming invisible, such as Amy Dixon, who is running a petition that will do exactly that, bringing these issues to the attention of those who can make a real change. It is, and will be, thanks to these exemplary changes that more support is being offered to children that are virtually invisible across the UK at present.

However, not all children have the option to receive these kinds of provision. There are pockets of excellent practice driven on an individual and local level, but there needs to be systemic change at a policy level, to ensure everyone is supported.

Educational provision for children out of school due to illness appears to be something of a postcode lottery, with some families having to fight for 3 hours of home tuition a week, whilst others are offered 15 hours by default. This is thought to be, in part, due to the open statutory guidance which allows for flexible interpretation of government guidelines, as well as financial limitations schools and city councils face. To improve the lives and outcomes of this group of children, is to create a more accurate view and analysis. This can be done by joining up existing datasets, by asking better questions, and by building a model that predicts future numbers of children from falling outside of the system. This, in turn, will push the issue up the political agenda and drive much needed changes to statutory guidance. Most importantly, it would lead to more support for children that are seemingly invisible across the UK.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2020
2020 Global Banking & Finance Awards now open. Click Here

Latest Articles

Adoption of tech in private markets lags behind industry trends 4 Adoption of tech in private markets lags behind industry trends 5
Business5 hours ago

Adoption of tech in private markets lags behind industry trends

Nine out of ten financial institutions have accelerated their digitisation strategy as a result of Covid-19. Yet just 26% of...

Covid-19 disruption drives five new retail supply chain trends 6 Covid-19 disruption drives five new retail supply chain trends 7
Business7 hours ago

Covid-19 disruption drives five new retail supply chain trends

The business disruption caused by COVID-19 has resulted in four out of five (82%) retailers changing their approach to stock...

Remote leadership anxieties 8 Remote leadership anxieties 9
Business9 hours ago

Remote leadership anxieties

It’s a difficult time to be navigating the complex world of business. Whilst adapting to new ways of working remotely,...

Online jobs soar by 14% in third quarter 2020, Freelancer.com’s Fast 50 reports  10 Online jobs soar by 14% in third quarter 2020, Freelancer.com’s Fast 50 reports  11
Business10 hours ago

Online jobs soar by 14% in third quarter 2020, Freelancer.com’s Fast 50 reports 

Freelancer.com (ASX: FLN), the world’s largest freelancing and crowdsourcing marketplace by number of users and jobs posted, today released the...

One third of money management tools face closure by the end of the year if they do not embrace open banking 12 One third of money management tools face closure by the end of the year if they do not embrace open banking 13
Finance10 hours ago

One third of money management tools face closure by the end of the year if they do not embrace open banking

New research from Yolt Technology Services shows 35% of Personal Finance Managers aren’t using any open banking technology Imminent screen...

Pivoting growth strategy to rebuild consumer trust and confidence 14 Pivoting growth strategy to rebuild consumer trust and confidence 15
Business10 hours ago

Pivoting growth strategy to rebuild consumer trust and confidence

By Richard Steggall, the CEO of Urban FT Trust is essential to all relationships, whether personal or professional. And in...

Everything you need to know about APIs for business 16 Everything you need to know about APIs for business 17
Technology10 hours ago

Everything you need to know about APIs for business

By Omar Javaid, president, Vonage API Platform, Vonage  If your work brings you into close proximity with technology, chances are...

Accountants have become critical to the survival of businesses and their reputations during Covid-19 18 Accountants have become critical to the survival of businesses and their reputations during Covid-19 19
Finance11 hours ago

Accountants have become critical to the survival of businesses and their reputations during Covid-19

The opportunity for fraudulent activity to flourish as finance departments operate remotely with less oversight in these extraordinary Covid-19 times...

Unexplained Wealth Orders: Rightly Celebrated or Over-Rated? 20 Unexplained Wealth Orders: Rightly Celebrated or Over-Rated? 21
Technology11 hours ago

Unexplained Wealth Orders: Rightly Celebrated or Over-Rated?

By Nicola Sharp of financial crime specialists Rahman Ravelli considers the attention given to unexplained wealth orders – and emphasises...

Taking advantage of the UK’s renovation revolution 22 Taking advantage of the UK’s renovation revolution 23
Finance11 hours ago

Taking advantage of the UK’s renovation revolution

By Paresh Raja, CEO, Market Financial Solutions UK property is a popular asset class because of its historical resilience to...

Newsletters with Secrets & Analysis. Subscribe Now