Your’re never far from a GDPR story these days. I came across one today about the growth in the market for insurance against cyber attacks.
It’s expected to balloon to about $10 billion by 2020. A good analysis by the FT says that cyber cover has become one of the fastest growing parts of the global insurance sector.
The analysis concludes that the introduction of the GDPR is expected to trigger even more demand for cover, although it acknowledges that, at the moment, the main focus for companies is on compliance.
However, it quotes Sarah Stephens, head of cyber at brokerage JLT. “We are seeing clients wanting ‘full coverage’ for GDPR, which is wider than traditional cyber insurance policies. For example they want to include things that go wrong in data handling,” she tells the FT.
Big Four break-up call
Big Four Another ‘group’ that is rarely out of the news is the ‘Big Four’ accountants. Today the Financial Reporting Council is joining the debate over whether the group should be broken up. The FRC has called for an inquiry into the case.
Chief executive Stephen Haddrill said that the Competition and Markets Authority (CMA) should look into the possibility of “audit only” firms in a bid to enhance competition in the sector, according to the Financial Times.
“There is a loss of confidence in audit and I think that the industry needs to address that urgently. In some circles, there is a crisis of confidence,” he said.
