Tag archives: risk

A Trend Has Emerged – Third Quarter Report on Data Breaches by the OAIC

The Office of the Australian Information Commissioner (OAIC) recently released its third quarterly report in relation to data breaches notified under the Notifiable Data Breach (NDB) Scheme between 1 July and 30 September 2018. For this quarter, the OAIC received 245 data breach notifications which is on par with the previous quarter. With this being … 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

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

10 Things to Know about the NSW Modern Slavery Act

In our recent blog, we alerted you to the Commonwealth Modern Slavery Bill, which was introduced into Parliament last week, for debate in August, following the passing of the Modern Slavery Act 2018 (NSW) on 21 June 2018. The NSW Act establishes a new modern slavery reporting requirement which will have a significant impact on … 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

The results are in: weekly data breach notifications have increased fivefold!

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 a data breach.  In this post, we look at the first quarterly report issued by the Office of the Australian Information … 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

Game of Drones – what does the rise of the drone mean for insurers?

Unmanned aerial vehicles (UAVs), remotely piloted aircraft (RPAs) or drones – however you choose to refer to them, are big business. They’re being used increasingly in the commercial world – from mining and agriculture, to tourism, sports and entertainment. But that’s not all. Your ten year old niece or nephew probably has one which they … Continue reading

Class Action Risk – Is Your Board Prepared?

Outside of North America, Australian companies are more likely to face a class action than anywhere else in the world.  And aside from the legal issues, class actions have the potential to significantly impact a company’s reputation and share price. Data shows that class actions are a key issue for Australian boards, directors and senior … Continue reading
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