As BIBA begins to wind down and the goody bags are raided for much needed snacks on the trains home, IE takes a look at some news items from across the web, so you don’t have to search `em out.
M&S CYBER BREACH COULD MEAN A £100 CLAIM
Retail Gazette are reporting that the recent M&S cyber attack could mean a hefty insurance claim payout. But then, maybe we should read the small print in the policy regarding staff training, email security, password changes etc before getting carried away. Here’s the word;
The M&S insurance pay out following its cyber attack could be worth up to £100m, people familiar with the matter told The Financial Times.
The food and fashion specialist is preparing to file an insurance claim after confirming that personal customer data was stolen as part of the ongoing attack yesterday (13 May). More here at RG.
BIBA CELEBRATES FIRST BROKER SECTOR AD CAMPAIGN
Keynote speech yesterday from Graeme Trudgill had some food for thought on AI, new world order in politics and an ad campaign for brokers aimed at SME companies. It’s got people talking in Manchester at the show for sure. Here’s an extract;
“Now today, I am delighted to launch our FIRST national Advertising campaign promoting insurance brokers to SME’s. You may have seen it in today’s papers! This is something that in my living memory has NEVER been done before in the UK.”
There were also some thoughts on the FCA consultation on retiring some regulations;
“We have made detailed submissions to the FCA on a number of key issues including:
- Reducing the scope of the consumer duty.
- Speeding up Authorisations.
- Streamlining Reporting.
- Helping with market issues in Northern Ireland.
- Feeding into its Thematic review of Claims.
- A submission on how brokers provide fair value with Premium Finance.
- And – which FCA rules we want to clear out of the garage and retire.”
ID VERIFICATION IS BECOMING ESSENTIAL IN SOUTH AFRICA
The latest report on insurance fraud in South Africa highlights the value of checking the ID of claimants. According to local media this is one of the key ways that fraudsters game the system, by impersonating someone else. More here.
Interestingly the report states that social media is used to gain personal details, or hacking, and then that impersonation is more convincing. Something that could arise after the M&S cyber attack potentially too?
WEFOX ITALIAN JOB
wefox has reportedly sold its Italian operations to a private equity firm, for an undisclosed sum. wefox seems likely to focus on its core business going forward as it completes its restructuring process. More here.
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