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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

AI and Insurance: Planning for an intelligent future

The insurance industry is looking at the means to develop new business models that rely on the mining of large data sets in order to identify customers, price risk and analyse claims. Not only does the application of artificial intelligence (AI) have the potential to reduce costs by reducing headcount, it also has the potential … Continue reading

Brave New World – Unfair Insurance Contracts?

When on 18 December 2017 the Commonwealth Government announced its intention to extend unfair contract term provisions to insurance contracts, the industry collectively held its breath. Of course with the Hayne Royal Commission having commenced 14 December it seemed unlikely anything further would happen during 2018. However, not being predictable, on 27 June 2018 the … Continue reading

 Cyber aggregation risk – the elephant in the cyber room

  Although cyber insurance is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to insurers and insureds could be equally large. One significant threat is ‘cyber risk aggregation’. What is ‘cyber risk aggregation’? Risk aggregation in the insurance industry refers to multiple claims being generated by the same … Continue reading

International Women’s Day 2018 – Messages from Elizabeth Broderick

The theme for this year’s International Women’s Day “Press for Progress.” With global activism for women’s equality fuelled by movements like #MeToo and #TimesUp, and the World Economic Forum’s 2017 Global Gender Gap Report finding that gender parity is still over 200 years away, we need to stay motivated and continue to #PressforProgress. Last week, … Continue reading

The Inter-Generational Divide – Turning Risk into Opportunity

  Norton Rose Fulbright Australia’s Insurance team recently hosted a panel discussion which explored the intergenerational divide in the workplace.  The panel explored what the differing values, communication styles and work habits of each generation mean for the insurance industry, and considered multigenerational risk through the prism of loyalty, leadership, innovation, corporate social responsibility and … Continue reading

Mandatory Data Breach Notification – OAIC provides additional information

The Notifiable Data Breaches scheme (NDB scheme) takes effect in Australia in less than a month – organisations must comply with the scheme from 22 February 2018. In preparation for the introduction of the NDB scheme, the Office of the Australian Information Commissioner (OAIC) has provided an update and published its fact sheets in final … Continue reading

What Australia’s new data breach notification law means for privacy and serious harm

Despite unprecedented levels of privacy breaches and ongoing debate, there is still no statutory regime or binding common law in Australia that establishes a cause of action for breach of privacy.  However, the upcoming introduction of the mandatory data breach notification law, the Privacy Amendment (Notifiable Data Breaches) Act 2017 – which takes effect on … Continue reading

Season’s Greetings

Season’s Greetings from the insurance team at Norton Rose Fulbright. We’ll be taking a break from blogging over the holiday period.  But we’ll be back next year to keep you up-to-date with the latest legal and industry developments across the insurance industry. This will include content from our annual thought leadership event:  The Inter-Generational Divide: … Continue reading

Norton Rose Fulbright/Henry Davis York combination now official

We are excited to announce that Norton Rose Fulbright and leading Australian law firm Henry Davis York have now officially combined, to be known as Norton Rose Fulbright in Australia. Together, we have created one of Australia’s largest and most dynamic providers of legal services. The combination further expands our market-leading insurance capabilities.  We now … Continue reading

Insurance: necessary evil or social good?

In Ireland, AIG recently cancelled the policies of numerous young drivers who persistently exceeded the speed limit.  In New York, property and casualty insurer Lemonade has announced changes to their policies following the tragic Las Vegas massacre.  And in Sweden, Skandia has developed an underwriting model to reduce long-term sick leave for corporates. What do … Continue reading

Another hot topic for insurers – is combustible cladding the next big risk?

What are the legal and insurance implications of the recent furore regarding cladding in Australia? This was considered at a Norton Rose Fulbright panel discussion, “What does the future hold for cladding in Australia?”, by partners John Moran, Emmanuel Confos and Katherine Morris, and Christina Knorr, Chief Fire Engineer at Stephen Grubits & Associates. The … Continue reading

Self-driving vehicles: hands on or hands off?

90% of road accidents are attributable to driver mistakes.  Yet, as Dr Mark Rosekind – Chief Security Innovation Officer at autonomous technology start-up Zoox, and Administrator of the US National Highway Traffic Safety Administration under President Obama – recently commented,  “self-driving cars will not speed, or get drunk, or get drowsy, or make bad decisions”. … Continue reading

Millennials don’t have time for breakfast – so what do they have time for?

This was the topic of a panel discussion at Dive In 2017, the festival for diversity and inclusion in insurance. On 28 September 2017, panellists James Harmer (JLT), Nikki Heald (Corptraining) and Demetrio Zema (Law Squared), along with moderator Reece Corbett-Wilkins (Norton Rose Fulbright), discussed how the next generation of professionals will change the landscape … Continue reading

Dive In 2017: D&I as a client acquisition strategy

“Our clients aren’t just expecting that we engage with diversity & inclusion issues. Our clients are now demanding that we build truly diverse teams,” said Tricia Hobson, Partner and Chair of Norton Rose Fulbright, speaking at Dive In 2017 – the festival for Diversity & Inclusion in Insurance. At Dive In’s Innovation Through Diversity session, … Continue reading

Dive In 2017 – only days away

Dominic Christian, Chair of Inclusion @Lloyd’s and CEO of Aon, UK, recently wrote: “Our world, as we know it, is growing ever more complex and uncertain with threats as diverse as climate change and cyber crime. Keeping pace with the rate of change from a risk perspective is a challenge that needs the brightest and … Continue reading
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