Extreme Cyber-Attack Could Cost As Much As Superstorm Sandy

The report, “Counting the cost: Cyber exposure decoded”, reveals the potential economic impact of two scenarios: a malicious hack that takes down a cloud service provider with estimated losses of $53 billion, and attacks on computer operating systems run by a large number of businesses around the world which could…

Cyber Attacks Show Importance of IT Security to Servicers

The recent global ransomware attacks highlight the importance of robust information technology (IT) security in loan servicers' operational risk frameworks, Fitch Ratings says. Because servicers rely on technology, the robustness of IT security, disaster recovery and business resumption plans are an important part of Fitch's servicer assessments.

FedEx Files 10-K with Additional Disclosure on Cyber-Attack Affecting TNT Express Systems

FedEx Corp. (NYSE: FDX) (“FedEx”) filed its annual report on Form 10-K for fiscal year 2017 with the Securities and Exchange Commission. The filing includes additional information regarding the June 2017 cyber-attack on the worldwide information systems of TNT Express B.V. (“TNT”), the international express transportation, small-package ground delivery and…

“Perfect Storm” of Cyber Security, Regulation and Cost Cutting Impacts Global Shipping, According to Allianz Safety & Shipping Review 2017

Large shipping losses have declined by 50% over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. There were 85 total shipping losses reported in 2016,…
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