Matthew Webb

Watch out for cyber criminals ‘going on a (teddy) bear hunt’...

If you’ve been working late recently and relying on sending your children goodnight messages via their own internet-enabled teddy bear (yes...really!), you will probably be disturbed to hear that your voice message as well as your personal details – along with those of millions of other people's – may have been stolen by cyber hackers targeting CloudPets.

So much for the security of the cloud – the CloudPets database is hosted in the cloud by Amazon Web Services, which itself suffered a big outage recently that knocked out a number of websites. And it’s just the latest example of businesses’ vulnerability to cyber-attack, a point emphasised by our own research into cyber readiness, which found 72% of US large companies had experienced one or more cyber-attacks in 2016.

In this month’s Hiscox Global Insight, we ask how ready is business for the cyber threat? And the results reveal that many businesses are not as ready as they should be given the huge publicity each major cyber-attack generates and the potential for financial and reputational ruin.

London Market insurers also recently tested their own readiness for a massive cyber attack on the US energy infrastructure in the dry run exercise. We ask a number of the market’s senior figures what they learned from the experience.

Elsewhere in this edition, we take a look at how Donald Trump’s policies towards the automobile industry might impact the product recall market. Also, we investigate the growing issue of an increasing number of small claims in the aviation industry; we spend 60 seconds with energy underwriter Lorraine Mackey; and pass on some tips from Bobby Read on how to avoid a wine-induced hangover.

I hope you enjoy the read.