WTW introduces cyber cover for power & utilities firms

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Willis Towers Watson has introduced CyNat, a cyber insurance product designed specifically for companies in the power and utilities industries.

According to the broking giant, CyNat has been developed to cover the key industry exposures rather than trying to modify pre-existing generic cyber products. Power and utilities companies are among the most lucrative targets for cyber criminals due to the strategic importance of the sector. Also, due to the industry’s massive reliance on technology, an effective cyberattack can lead to significant financial damage.

CyNat includes the following key features:

  • Cover for crisis management costs in the event of ransomware attacks
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Rejected: Chubb mega deal turned down by P&C rival

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News of the mammoth takeover bid, which would have been one of the industry’s biggest deals in years, first broke on March 18. Bloomberg reported that Chubb had offered US$65 a share for the longstanding P&C insurer, which has roots tracing back more than 200 years.

The Hartford confirmed it had received an “unsolicited” non-binding takeover proposal from Chubb, which its board of directors was “carefully considering … with the assistance of its financial and legal advisors”.

While the Hartford’s rejection is a knockback for Chubb CEO Evan Greenberg, who is seeking to expand Chubb’s capabilities in the market for

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Who are banks competing against in payments now?

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For several decades, incumbent banks have held a comfortable leadership position in payments. But the rapid growth of digital payments has signalled opportunity for new market entrants to attack this status quo.

Who are banks competing against in payments now?

To develop effective strategies to stay ahead, incumbents must understand who their competitors are now, and assess how their strengths and weaknesses compare in the key competitive battlegrounds of data, trust, cost, innovation, scale and alternative payment methods – writes Simon Wilson, Co-Head, Payments at Icon Solutions.

Who are incumbent banks competing against?

Incumbents are facing increasing competition from

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Digital currencies take centre stage

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Since 2008, there has been much speculation about the role of digital currencies in global payments, and the application of the software engineering behind cryptocurrencies built with blockchain.

Digital & Payment Card Yearbooks: Digital currencies take centre stage

While speculation continues unabated, there are growing signs that cryptocurrencies are becoming accepted as part of the mainstream payments mix, as detailed in the 2020-2021 editions of the PCM Digital & Payment Card Yearbooks.

The regulatory framework relating to blockchain is still emerging, but the presence of a variety of industry/government working groups in Europe and North America adds further weight

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