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Paying a Cyber Ransom – should you do it?

Ransomware incidents continue to be the most common cyber-related attacks against businesses. Ransomware is a type of malware that blocks access to a computer system (or threatens to release data) until or unless a sum of money is paid (often in Bitcoin). When a ransomware attack strikes, it can have an immediate and debilitating effect … Continue reading

OAIC releases quarterly statistics report – health and finance sectors continue to experience the most data breaches

This week the Office of the Australian Information Commissioner (OAIC) released its quarterly statistics report of Notifiable Data Breach (NDB) Scheme (Report).  The Report shows trends and developments about notifications made under the NDB scheme in the period 1 April to 30 June 2019. Data breaches across sectors – Health still highest but finance catching … Continue reading

OAIC releases 12-month data breach scheme report – encourages entities to move beyond compliance

The Office of the Australian Information Commissioner (OAIC) this week released its 12-month Insights Report for the Notifiable Data Breach (NDB) Scheme (Report).  The Report shows trends and noteworthy statistics from 1 April 2018 to 31 March 2019, reporting an uptick in notifications and identifying the most common cyber trends leading to a requirement to … Continue reading

Enforceable code provisions: an interview with John Price, Lead Ombudsman for General Insurance Decisions, AFCA

Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry.   In the second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints … Continue reading

Removal of the claims handling exemption – what will it mean for insurers?

A Norton Rose Fulbright webinar with John Anning, Insurance Council of Australia Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry. In the first of these interviews, Ray Giblett (insurance partner, Sydney) sat … Continue reading

Insurance After Hayne Part 6 – The BEAR necessities

Welcome to the 6th and final instalment of our weekly updates following the Hayne Royal Commission into the financial services industry. This week we focus on Recommendation 4.12, in which Hayne recommends that the Banking Executive Accountability Regime (BEAR) be extended to other financial service providers, including insurers. Now that the full contents of the … Continue reading

A look into the future of insurance…technology partnerships and AI

How will customers interact with insurers in the future? Is insurtech hype? What technology is already being used? What are the legal implications of these new technologies? These questions were considered by the industry at the 2019 ANZIIF Insurtech Conference held last week in Sydney. Held in conjunction with Insurtech Australia and Insurtech New Zealand, … Continue reading

Insurance After Hayne Part 5 – The Three Cs: Claims, Codes and Complaints. A Triple Threat or Opportunity?

Welcome to Part 5 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

Insurance After Hayne Part 4 – Spotlight on culture, governance and pay

Welcome to Part 4 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry. In this week’s article, we explore Commissioner Hayne’s recommendations on … Continue reading

What the updated ASX Corporate Governance Principles and Recommendations mean for insurers

As the shadow of the Hayne Royal commission continues to loom over the financial services industry, insurers should be preparing for another change in the governance and compliance landscape which promises to further heighten the demands being made of Australia’s leading financial institutions. The ASX released its updated Corporate Governance Principles & Recommendations this week, … Continue reading

Insurance After Hayne Part 3 – The duty of disclosure: 5 lessons for insurers

Welcome to Part 3 of Insurance After Hayne, a six part series on our Insurance Law Tomorrow blog focusing on the implications for insurers following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This week, we shift our focus to one of the … Continue reading

Insurance After Hayne Part 2 – How the Royal Commission will change how insurance is sold

Welcome to Part 2 of Insurance After Hayne, a series focusing on the implications for general and life insurers of the Royal Commission’s final report.  In last week’s article, we provided an overview of the recommendations applicable to the insurance industry. This week, we look more closely at the recommendations regarding sales practices and policy … Continue reading

Insurance after Hayne Part 1 – What do insurers need to do following the Royal Commission’s final report?

Welcome to Part 1 of “Insurance after Hayne”, a special series on our Insurance Law Tomorrow blog focusing on the implications for general and life insurers following the release of the Royal Commission’s final report. Each week, we will be sharing our thoughts on Commissioner Hayne’s recommendations through the lens of our insurance regulatory team. … Continue reading

Cyber-attacks are getting more sophisticated – are you safe?

It has become common knowledge that password protection and encryption of data are some of the most effective ways of preventing your information from ending up in the wrong hands. As cybercriminals adapt to advances in password protection and encryption technology, it is important to remember that these measures cannot completely eliminate the risk of … Continue reading

New super ombudsman AFCA commences operation today

Starting 1 November 2018, the Australian Financial Complaints Authority (AFCA) replaces the Financial Ombudsman Service (FOS), Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal. The AFCA is now the ASIC approved External Dispute Resolution (EDR) scheme for consumer and small business complaints for Australian financial and credit industries. All financial firms should now … Continue reading

Cloud cover: 5 tips to mitigate the risks of cloud computing services

In mid-2017, the Australian Bureau of Statistics revealed that almost a third of sampled businesses are using commercial cloud computing services.  This year, Gartner reported Australian businesses will spend $4.6 billion on cloud services (an 18.5% increase from last year). Below we highlight some of the risks for businesses associated with the use of cloud … Continue reading

Cyber Risk for D&O – Steps to Mitigate

Think of one of the greatest nightmares of your professional life. For the management team of a corporation and their in-house counsel, there are few more nightmarish days than when they receive a call from the IT department reporting unauthorised activity in the company’s databases. Over the next few days, the fog lifts and it … Continue reading

Class Actions in Australia: Fact versus Fiction

With the two Law Reform Commission inquiries into class actions and litigation funders, the highly publicised class actions such as GetSwift, and the growing presence of litigation funders in Australia, it’s almost impossible to avoid the discussions about Australia’s class action landscape – And you can bet that the spotlight on class actions will only … Continue reading

Class Actions – Time for Review and Change?

As we have previously reported, the Australian Law Reform Commission (ALRC) is in the midst of conducting an Inquiry into Class Action Proceedings and Third-Party Litigation Funders.  The ALRC is to deliver its report on 21 December 2018. Class actions are now considered one of the greatest risks to corporations in Australia, with resulting increases … Continue reading

Skills Down, Claims Up: What the Infrastructure Boom Means for Insurers

The recent collapse of a 50 year-old suspension bridge in Genoa Italy is a stark reminder of the devastating impact that failed infrastructure projects can have. Roads and rail, hospitals and schools, airports and stadiums: there’s no doubt Australia is going through a turbulent infrastructure boom, perhaps its biggest yet. The Federal government has announced … Continue reading

Data breaches notifications are on the rise

As many readers know, the Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018.  It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience an eligible data breach. The Office of the Australian Information Commissioner (OAIC) recently released its second quarterly … Continue reading

ALRC inquiry into class action proceedings and third party litigation funders: What you need to know

On 11 December 2017, then Attorney-General of Australia, Senator the Honourable George Brandis QC, asked the Australian Law Reform Commission (ALRC) to consider whether and to what extent class action proceedings and third party litigation funders should be subject to Commonwealth regulation. The inquiry is set against the background of: (a)      The increased prevalence … Continue reading

Privacy Class Actions Arrive in Australia

Global litigation funder IMF Bentham Ltd (IMF) has launched a representative complaint with the Office of the Australian Information Commissioner (OAIC) seeking, amongst other things, financial compensation for alleged breaches of the Privacy Act 1988 (Cth) by Facebook Inc (Facebook). The action relates to unauthorised access to over 87 million Facebook users’ data by political … Continue reading
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