Insurance insight

• FOI requests continue to expose cyber weaknesses in the financial services sector

  Submitted: 11 July 2019

  The FCA has confirmed that in November 2018 four UK banks were targeted by hackers, further highlighting cyber weaknesses in financial services.

  

• IUA draft clauses to combat “silent cyber” uncertainty

  Submitted: 14 June 2019

  The International Underwriting Association has published draft cyber loss exclusions in an attempt to combat uncertainty in “silent” cyber risk cover.

  

• Largest fine yet under the GDPR levied against Google by the French Data Protection Regulator

  Submitted: 22 January 2019

  Google has been fined a record €50m following complaints made under the GDPR by privacy campaigners.

• BA data breach: a look at the possible ramifications of data theft for insurers

  Submitted: 25 September 2018

  British Airways' significant data breach highlights the increasing scale and frequency of cyber threats faced by insureds, as well as the possible consequences of those breaches for insurers. As one of the first major breaches to occur in the context of GDPR, insureds and insurers will be interested to in the treatment of the breach by the ICO and other bodies.

  

• D&O policies: potential triggers arising from failure to protect data

  Submitted: 23 March 2018

  Allegations that Facebook users' data was harvested and used by third parties highlights the potential issues for D&O insurers when their insureds fail to protect data.

• The IFED hopes to prosecute unscrupulous claims management companies - what are the potential issues for insurers?

  Submitted: 09 March 2018

  Where claims management companies are using inducements to obtain information from insurers’ employees, criminal prosecutions under section 7 of the Bribery Act may follow, and insurance companies may have exposure in relation to data protection breaches.