UK businesses are increasingly concerned about cyber attacks and artificial intelligence disrupting their supply chains, with both risks reaching their highest recorded levels in the latest Office for National Statistics survey.

Cyber incidents cost UK financial services firms an average of £726,000 over the past year, potentially representing total industry losses of more than £1bn, according to research by cyber security company ESET. A survey of 500 businesses found that 97% had experienced at least one cyber incident in the previous 12 months, with 62% reporting multiple attacks.

Insurance technology company tigerlab has launched a new broker management system for marine cargo insurance, developed to manage the high volume of shipment declarations and financial transactions associated with open cargo policies.

The Financial Conduct Authority is to establish a new industry group to explore how quantum computing could be used to detect financial crime, initially focusing on money laundering and fraud. The Quantum Experimentation Group will bring together financial services firms, quantum technology providers and national research laboratories and is due to launch in Q1 2027.

Half of organisations have limited or no formal strategy for managing critical events, leaving them potentially unprepared to respond to cyber attacks, geopolitical disruption and extreme weather, according to a new report from Everbridge.

Marsh intends to expand its operations in Bahrain to include captive insurance, making it the first international broker to provide the service in the Kingdom.