Charles Taylor sets up intelligence-led anti-fraud division

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Charles Taylor has launched its Specialist Investigation Services (SIS) division, which will provide an intelligence-led approach to countering fraud.

SIS is a multi-sector investigation division, which draws on Charles Taylor’s experience handling complex cases globally alongside technology to develop counter-fraud identification and investigation tools.

Bobby Gracey, recently appointed global head of fraud at Charles Taylor, will lead the new division.

“As the impact of COVID-19 is felt across the world, the conditions are there for an increase in both organised and opportunistic fraud,” he said. “Charles Taylor has unrivalled expertise in claims across multiple markets and a leading technology arm

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Samsung vice chairman sentenced to 30 months’ prison

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Samsung is the country’s largest conglomerate, locally known as Chaebol, with businesses in electronics, insurance, construction, and many other industries. Chaebol were behind the country’s rapid economic recovery from the Korean War, resulting in what critics say is undue influence due to their close relationships with many politicians.

Lee had served one year in prison for bribing an associate of former president Park Geun-hye, but an appeals court suspended the sentence in 2018, the report said. In 2019, the Supreme Court ordered a retrial. The previous jail term will be considered with the latest sentence.

The Seoul High Court

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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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