When the European Union’s General Data Protection Regulation (GDPR) took effect in May 2018, it signaled the start of more aggressive privacy oversight and enforcement in an era of rapidly advancing technology. The diversity and scope of enforcement actions, and the intersection of data privacy regulation with technology, are likely to pose increasing challenges for regulators a ... Continue Reading »
Property
Searles Valley Earthquake Sequence: Mw 6.4 and Mw 7.1 Events
Summary A pair of significant earthquakes struck the Searles Valley, California area (Kern County) on July 4 and 5, 2019, according to the U.S. Geological Survey (USGS). On July 4, an estimated Mw 6.4 earthquake occurred approximately 11 miles (18km) ENE from Ridgecrest (population approximately 28,000) around 10:33 AM local time. This was followed by a larger Mw 6.9 ... Continue Reading »
Social Engineering: The Non-technical Strategy to a Successful Cyber Attack
Cyber threat actors and their techniques have evolved, but most attacks still contain elements of social engineering. Without complex tools, software or extensive knowledge about the security platform, social engineering is an effective, non-technical strategy used by cyber criminals. It relies primarily on human interaction to gain trust and manipulates people into breaking ... Continue Reading »
Terrorism Risk Is Declining, but a Closer Look Shows an Ominous, Evolving Threat
Let's start with the good news: Terrorism risk is declining in many countries. Between 2018 and 2019, plenty of evidence surfaced to underline this positive trend. The Islamic State (IS), which once controlled territory roughly equivalent in size to Portugal, no longer controls any land. In 2018, the number of people globally killed in terrorist attacks dropped by more than ... Continue Reading »
Changes in the Reliance on TRIPRA
In the United States, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) is scheduled to expire at the end of 2020. Renewal under its current structure and coverages remains uncertain. As a result, carriers are beginning to explore and, in some cases, to secure, additional reinsurance limits and coverages under the assumption that there is a finite amount ... Continue Reading »
Global Technological Threats
Technology plays a profound role in shaping the global risks landscape in the near and longer term. Concerns about data fraud and cyberattacks were prominent again in the World Economic Forum's Global Risks Perception Survey, with 82 percent of respondents expecting cyberattacks in the form of theft of data or money and 80 percent expecting it in the form of disruptions of ... Continue Reading »
U.S. Terrorism Risk Backstop Up for Renewal in 2020
The federal backstop created by the Terrorism Risk Insurance Act (TRIA) and reauthorized as TRIPRA - along with similar public-private mechanisms that exist in other countries - remains crucial to the continued stability and health of the property terrorism insurance market. As TRIPRA's expiration on December 31, 2020 approaches, Marsh & McLennan Companies colleagues ... Continue Reading »
Advancing Cyber Risk Management – From Security to Resilience
In an increasingly digital economy, cyber threats and vulnerabilities evolve fast. But despite growing anxieties around cyber, traditional security strategies and investments continue to lag. For organizations focused on balancing their growth plans and cyber security priorities both challenges and opportunities remain. The new report from Marsh & McLennan Insights, ... Continue Reading »
One-Year Anniversary of the GDPR: A Look Back and Ahead
When the European Union's General Data Protection Regulation (GDPR) took effect in May 2018, it signaled the start of more aggressive privacy oversight and enforcement in an era of rapidly advancing technology. The diversity and scope of enforcement actions, and the intersection of data privacy regulation with technology, are likely to pose increasing challenges for regulators ... Continue Reading »
Seasonal North Atlantic Hurricane Outlook
Seasonal outlooks generally call for a near-normal hurricane season, relative to the 1981-2010 average. The 2019 season comes after an active 2018 season with 15 named storms, including significant impacts from Hurricanes Florence and Michael. While the traditional hurricane season begins June 1 in the North Atlantic Basin, Subtropical Storm Andrea made a brief appearance ... Continue Reading »
