L&g Cyber Discussion Threads

[la forge] 13/6/2018 16:40

AXA chooses SecurityScorecard to reduce risk in cyber insurance
Published 07 June 2018

French insurance giant AXA has selected SecurityScorecard to provide security ratings as part of the underwriting process for its cybersecurity business.

The SecurityScorecard platform will provide AXA's underwriters with an overall risk rating and detailed view into the cyberhealth of their insureds. AXA will use the ratings to determine insurability, as well as evaluate premiums for new policies and renewals.

AXA cyber global chief underwriting officer Scott Sayce said: "Cybersecurity threats present a serious risk to businesses of all types and sizes.

"Cyber Insurance is a rapidly growing business for AXA because it helps reduce the financial losses that businesses incur should they become a victim of a cyber-attack. Forward looking businesses seek cyber insurance products because they understand modern day risks or need to carry a policy in order to conduct business with their customers.

“The SecurityScorecard platform will help us rapidly evaluate companies to understand their cyberhealth and provide our underwriters with crucial information needed to evaluate an insured's risk."

AXA Risk Consulting CEO Corinne Vitrac said: "AXA has the ambition to develop Cyber Risk Consulting services for Commercial Lines clients.

"This partnership with SecurityScorecard is an important step in the development of our cyber services platform."

SecurityScorecard continually monitors over 200,000 businesses across the world and rates them on an easy to understand A-F scale. Companies that rate as a D or F are 5.4 times more likely to be breached than companies that rate as an A or a B.

The platform also provides ratings across 10 risk factors, which gives deeper insights into the company's security. SecurityScorecard's cyber insurance offering utilizes the platform's automation and security analytics capabilities to rapidly deliver ratings to underwriters for any company and analyze risk, a unique differentiator in the marketplace.

SecurityScorecard CEO and co-founder Aleksandr Yampolskiy said: "AXA and SecurityScorecard are pioneering the cyber insurance industry.

"It is a privilege to work with such a visionary brand. This partnership demonstrates the value of the SecurityScorecard platform and the trust top business leaders have in our score. Our vision is to create a ubiquitous language for cybersecurity that facilitates collaboration and communication between business partners."

AXA Venture Partners, the venture capital fund backed by AXA, participated in October 2017 to the $27.5m Series C funding round and has been instrumental in the implementation of this global agreement with AXA.

Source: Company Press Release

[suetballs] 17/3/2018 14:06

These are doing much better than my holding in soph.
Suet

[grupo] 16/2/2018 09:51

Siemens AG (SIE.XE) and eight other companies have signed a joint charter on cybersecurity that sets out 10 principles aimed at mitigating risks from malicious attacks, the German industrial conglomerate said Friday.

The charter, which Siemens said is the first of its kind, calls for businesses, regulators and government to designate specific departments within their organizations to take responsibility for cybersecurity.

Other signatories to the charter include Airbus SE (AIR.FR) Allianz SE (ALV.XE) International Business Machines Corp. (IBM) and Daimler AG (DAI.XE), Siemens said in a statement.

"Confidence that the security of data and networked systems is guaranteed is a key element of the digital transformation," Siemens Chief Executive Joe Kaeser said.

The document calls for companies to establish mandatory, independent certification for software and hardware that will be used in critical infrastructure, particularly in situations when humans interact directly with machines.



Write to Nathan Allen at [e-mail]



(END) Dow Jones Newswires

February 16, 2018 04:07 ET (09:07 GMT)

[grupo] 16/2/2018 09:49

Siemens AG (SIE.XE) and eight other companies have signed a joint charter on cybersecurity that sets out 10 principles aimed at mitigating risks from malicious attacks, the German industrial conglomerate said Friday.

The charter, which Siemens said is the first of its kind, calls for businesses, regulators and government to designate specific departments within their organizations to take responsibility for cybersecurity.

Other signatories to the charter include Airbus SE (AIR.FR) Allianz SE (ALV.XE) International Business Machines Corp. (IBM) and Daimler AG (DAI.XE), Siemens said in a statement.

"Confidence that the security of data and networked systems is guaranteed is a key element of the digital transformation," Siemens Chief Executive Joe Kaeser said.

The document calls for companies to establish mandatory, independent certification for software and hardware that will be used in critical infrastructure, particularly in situations when humans interact directly with machines.



Write to Nathan Allen at [e-mail]



(END) Dow Jones Newswires

February 16, 2018 04:07 ET (09:07 GMT)

[suetballs] 08/10/2017 08:10

Now in profit - I can see this scaling the heights of IH2O where I have now almost doubled my money.
Suet

[suetballs] 27/9/2017 09:50

Not much share price movement since my first purchase but took a few more this am.
Suet

[suetballs] 15/5/2017 14:11

The growth has started now I think.
Suet

[suetballs] 26/2/2017 14:12

I'm in recently.
I think this will be a big growth area in the years to come.
Suet

[ifthecapfits] 18/1/2017 09:10

Not taken a position yet but sorely tempted.

[la forge] 07/1/2017 09:29

Taxman unleashes its 'snooper computer': what information does its have on you?

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Reminder letter from HMRC for filing of self-assessment tax return
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7 January 2017 • 7:37am

HM Revenue & Customs has spent years and £100m or more on a super-computer designed to identify those who may have paid too little tax. And now – with the deadline for filing 2015-16 tax returns just weeks away – the system is being fully deployed for the first time.

Instead of relying solely on information provided by taxpayers via their returns, HMRC’s powerful “Connect”; system now draws on information from myriad government and corporate sources to create a profile of each taxpayer’s total income. Where this varies from the information provided by the taxpayer, the account is flagged and could be subject to further investigation.

For the first time, HMRC is also using these powers to warn individuals to check that they have not underpaid.

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"We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend"George Bull, RSM

Last month it sent letters to 10,000 individuals who had submitted their 2014-15 tax return without a complete declaration of savings interest received.

HMRC said it had used information gathered from banks, peer-to-peer lenders such as Zopa and other financial institutions and then checked it against individuals’ tax returns. It sent letters to those with discrepancies.

A spokesman said: “We have written to customers who appear to have under-declared untaxed interest.”
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Home-sharing website Airbnb is used by many to rent out rooms or their whole property, and earn additional income Credit: AP

The Connect system’s data-hoarding does not stop at the income people have received from work and investment.

“Connect broadly deals with information spontaneously available in government departments or as part of the digital footprint that people leave when they use the internet,” said George Bull, senior tax partner at RSM, the auditing and consulting firm.

“We all leave a massive electronic footprint of where we are, when we are away, what we do and what we spend.”

The Connect system crunches data from Airbnb, the rental platform, for instance, or eBay. It can also access Land Registry records to see houses purchased and ensure the correct tax has been paid. From there, further sources enable it to determine if properties are being rented out and whether that income has been declared.

It can also determine if someone is likely to be able to afford such properties, or whether they are suspected of having used previously undeclared income or savings.

HMRC gains anonymised information on all Visa and Mastercard transactions, enabling it to identify areas of likely underpayments which it can then target further, seeking details of individuals’ transactions where necessary.

As of September last year, HMRC can now get information from banks and financial organisations in British overseas territories, such as the Channel Islands, while from this year it can gather this information from 60 more countries.

“This is the tipping of the scales,” said Richard Morley of accountant BDO. “Five years ago those making minor tax errors would feel fairly safe. But HMRC now has more information and more access to information.”

HMRC will also be one of the government bodies to gain access to information under new laws known commonly as the “snoopers̵7; charter”. The legislation means telecom providers store customers’ web browsing and email records for at least a year; it can then be accessed by the Government.