Incident response plans were found to have underperformed in response to the recent CrowdStrike outage. According to a snap poll of risk professionals conducted by Aon, 83% of risk professionals said their organisation had an incident response plan in place, of which 24% said these plans underperformed.

The number of successful cyber attacks against UK utilities companies rose 586% to 48 in 2023, while data breaches increased by 714% over the same period, affecting some 140,000 individuals. Last year, regulator Ofcom said it had faced an average of 30,000 attempted cyber intrusions per week.

Hiscox has gone live with what is thought to be the London insurance market’s first lead underwriting model enhanced by generative AI to provide sabotage and terrorism insurance quotes.

The average probable maximum loss from a cyber event targeting intangible assets is 43% higher than the anticipated PML for tangible assets. This is amongst the findings of Aon’s 2024 Intangible versus Tangible Risks Comparison Report, which points to an insurance gap in EMEA, where 54% of businesses experienced a material security threat or data breach at least once in the past 24 months.

As dozens of countries head to the polls in 2024, political risk is the biggest threat to businesses, according to a survey of 3,500 global business leaders, with 30% voicing their concern about one of the most volatile global political landscapes in decades.

Whitespace has announced the launch of new library and contract builder capabilities. The new functionalities introduce major evolutions to Whitespace’s user interface and allows designated users to create and manage a library of company-specific contract clauses, wording and headings with standardised tagging and formatting. Existing Whitespace templates and contracts can also be added to the library.