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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

As the effects of climate change intensify, extreme weather events are becoming increasingly frequent and severe. The US experienced 25 extreme weather events in 2023, each causing losses of over USD 1 billion, with a total cost of USD 73.8 These climate events have a huge potential impact on financial institutions.

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. The events of the past two years have made this shift clear: from ransomware attacks to the challenges of managing distributed workforces, digital risk is different. When security fails, cyber insurance can become crucial for ensuring continuity.

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.

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What Is Integrated Risk Management? Definition & Implementation

eSecurity Planet

Integrated risk management identifies and eliminates unnecessary complexities to simplify risk analysis and threat control and introduces optimized operational performance as a potential side effect. Respond to Events When monitoring detects a risk event (device failure, potential attack, exposed vulnerability, etc.),

Risk 67
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Regulatory Update: NAIC Summer 2021 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No. NAIC Adopts Revised Risk-Based Capital Bond Factors for Life Insurers.

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After Springhill: Assessing the Impact of Ransomware Lawsuits

eSecurity Planet

The legal complaint [PDF] notes that on July 9, 2019, the day it was hit by a ransomware attack, Springhill Memorial Hospital contended that the event had “not affected patient care.” ” Cyber Insurance No Longer Reliable. Also read: Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs. .

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Climate change examples

IBM Big Data Hub

The impacts of climate change may be organized into three categories: Intensifying extreme weather events Changes to natural ecosystems Harm to human health and well-being Extreme weather events While climate change is defined as a shift in long-term weather patterns, its impacts include an increase in the severity of short-term weather events.