MAS revises cyber risk guidelines

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The Monetary Authority of Singapore (MAS) has revised its Technology Risk Management guidelines amid heightened cyber risk.

According to the regulator, the revised guidelines focus on addressing technology and cyber risks as financial institutions (FIs) increasingly employ the likes of cloud technologies, application programming interfaces, and rapid software development. These guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies.

The revision comes after a spate of cyberattacks on supply chains, targeting multiple IT service providers through the exploitation of widely-used network management software.

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Is insurtech still attracting interest among investors?

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While global insurtech investment did experience a lull in the first quarter of 2020 due to the COVID-19 pandemic and related economic uncertainties, activity rebounded by the second quarter and continued through the rest of the year, according to Clyde & Co – an insurance-focused global law firm with 440 partners, 1,800 lawyers, 2,500 legal professionals and 4,000 staff in over 50 offices and associated offices worldwide.

Investment interest in insurtech is coming from multiple angles, explained Vikram Sidhu, partner at Clyde & Co. He told Insurance Business: “The large, incumbent insurers and reinsurers are fully in that space

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AXIS Capital won’t offer insurance for oil exploration in Arctic National Wildlife Refuge

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“We believe climate-related risks are among the most serious issues facing the world today,” Conrad Brooks, general counsel and corporate secretary for AXIS Capital, wrote in the letter. “We also recognise the importance of the Arctic National Wildlife Refuge to the [Gwich’in] and your families, as well as our planet.”

The news comes in the wake of what the Gwich’in Steering Committee called a “flawed, rushed and unlawful lease sale” in the wildlife refuge. While there was some interest from the oil and gas industry, the state of Alaska spent more than US$12 million to purchase leases on the refuge.

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Turkish banks collaborate to launch single ATM network

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Turkish banks and state owned lenders are reported to be cooperating to create an ATM network that will put all Turkish ATMs under one joint brand.

Turkish banks collaborate to launch single ATM network

ING Turkey, the Dutch banking group’s Turkish subsidiary, has signed agreements with private lenders İşbank and Akbank to allow its customers to use their ATMs, said Yücel Ölçer, ING Turkey’s operations executive vice president.

“With these two agreements, more than 12,000 ATMs have been put into limitless service for ING customers,” he said.

Bank customers will be able to carry out all transactions, including balance inquiry,

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