CyberCube shares new version of cyber risk modelling platform

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Cyber analytics provider CyberCube has released a new version of its cyber risk modelling platform.

The firm’s Portfolio Manager platform was originally released in 2018 and allows insurers to stress test reinsurance portfolios against a range of systemic cyber-related scenarios, including data breaches, cloud outages, global ransomware attacks, and financial fraud.

The latest version of the platform, Portfolio Manager v.3.0, contains new industry-sponsored threat scenarios including cloud failures, business blackouts, and contagious ransomware.

It also includes structural enhancements to the cyber catastrophe model, advanced contract loss modelling capabilities, and the ability to compare and contrast attritional and large losses impacting

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Major Korean insurers to shun coal projects

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Two other major insurers – NH Property & Casualty Insurance and Samsung Fire & Marine Insurance – announced they will no longer insure the construction of new coal projects, but did not mention anything regarding stopping cover for ongoing operations.

This comes after Guterres called on insurers to stop underwriting fossil fuels during his speech at the Insurance Development Forum earlier this month. Civic network Korea Beyond Coal and international insurance advocacy Insure Our Future contacted the top 11 non-life insurers in South Korea and urged them to stop doing business with coal power firms.

According to data from National

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European Fraud Map – UK winning card fraud loss battle

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2020 was an incredibly challenging year across the globe, with a rapidly changing mix of customer demands, a volatile staffing and servicing model, and a need to drive transformation quicker than ever before.

Despite this ever-changing set of priorities and demands, several countries across Europe significantly improved their fraud prevention performance in 2020, achieving a second consecutive year of reduction in the losses experienced through fraud according to the FICO European Fraud Map.

In a year that presented fraudsters with new opportunities to exploit consumers, UK financial institutions continued to lead the charge across Europe in thwarting the criminals.

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The impact on online retailers and the shift to e-commerce

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European e-commerce had a buoyant year in 2020. Not only did digital retailers see exceptional revenue growth, but they gained exposure to whole new markets and consumers.

It was not all smooth sailing though. 43% of merchants said they weren’t prepared when new markets within Europe wanted to buy their goods, but they didn’t have the necessary payment methods in place to capture that demand and revenue.

This means 50% of merchants spent last year expanding their localised payment offerings and many plan to continue doing so.

It has put the pivotal power of payments directly into the spotlight. But

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