Chubb Expects LA Wildfires to Cost It $1.5 Billion This Quarter
Chubb Ltd estimates that the wildfires that ravaged swaths of Los Angeles earlier this month will cost the insurer $1.5 billion in the first quarter.
The Zurich-based firm revealed the expected cost in a statement Tuesday that detailed its fourth-quarter 2024 results, making it the first insurer to provide an estimate of wildfires' financial impact.
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Business of Fashion
an hour ago
- Business of Fashion
Explainer: How Retailers Can Fight a New Wave of Cyberattacks
Last week, Victoria's Secret went dark. On May 28, the lingerie giant shut down its website following a 'security incident,' the company said in a statement. (It did not confirm what caused the disruption). While the site was only down for two days, it likely cost Victoria's Secret millions in sales, adding another hurdle to its ongoing turnaround plan under new leader Hillary Super. The company's stock dropped as much as 8 percent the day it closed its site. It was just the latest technological dustup in a wave of cyberattacks on some of fashion's biggest brands and retailers. Bloomberg reported that in January hackers accessed some of Dior's customer data, then in April, UK-based high street retailer Marks & Spencer was forced to stop taking online orders after a security breach and in May, Harrods briefly restricted website access after hackers attempted to break into its systems. For years, the threat of security breaches — where individuals and organisations hack systems to access customer data such as contact information and credit card details — have haunted companies across industries, from Target to MGM Resorts. The frequency of these attacks is only growing: In 2024, the number of individuals and groups targeting companies' systems that cybersecurity consultancy S-RM engaged with across 600 incidents grew 96 percent year over year. These attacks can be extremely detrimental to a company's bottom line: Marks & Spencer still hasn't reopened its e-commerce operations, and doesn't expect to do so until July. The incident will likely end up costing the company as much as £300 million ($404 million) in lost profits. But the impact can be even further-reaching. Many cyber criminals require companies to pay multi-million dollar ransoms to regain access to their networks and even once the attack is over, retailers must work to avoid sustaining lasting reputational damage. The recent uptick in activity puts an extra burden on retailers to tighten existing cybersecurity processes or invest in additional tools that could chip away at profits. 'From a business perspective, it's nothing if not unfair [to the companies impacted by it],' said Simeon Siegel, managing director and senior analyst of retail and e-commerce at BMO Capital Markets. In the event of a cyber attack, companies have 'to balance short term fixes, while ensuring they don't have [long-term] implications,' he added. BoF breaks down what leaves fashion businesses vulnerable to cyberattacks and how they can protect themselves. How does this happen? Cyberattacks are typically orchestrated by groups that find and exploit a company's technological shortcomings. The culprit can often be difficult to trace, because even when law enforcement tracks them down, individuals can splinter into other smaller organisations. Criminals can also act individually by finding hacking tools on the dark web, said Christian Beckner, vice president of retail technology and cybersecurity at NRF. The tactics range in their level of sophistication. One of the common ways hackers infiltrate a company's systems is through 'phishing' — the dreaded emails where, posing as a company executive, they encourage employees to click a link that, if opened, can give them access to an organisation's entire data network. They can also use employee voice impersonation tools to target a company's customer service call centres, Beckner said. 'If one employee accidentally clicks a link in an email, it may not matter how protected and up-to-date your technology is,' Siegel said. 'Human error can supersede the most advanced technology.' Cyberattackers will target any industry with high transaction volumes, making fashion an appealing target. Plus, because most retail giants operate their e-commerce storefronts on years-old custom platforms that are likely outdated, they are particularly vulnerable, said Juan Pellerano-Rendón, chief marketing officer at e-commerce software start-up Swap. 'A lot of times these larger conglomerates have IT teams, and they're updating their website regularly, but security might not always be at the top of their list,' Pellerano-Rendón added. Retailers that operate with thin margins have historically been slower to invest in cybersecurity over tools like a website redesign that can immediately drive revenue, said Sam Rubin, senior vice president of consulting and threat intelligence for Unit 42 at cybersecurity firm Palo Alto Networks. 'You could spend several million dollars on cybersecurity and feel safer and be safer, but what's going to show up on your P&L is greater operating expenses without a necessarily highly visible tangible benefit,' Rubin said. 'Sometimes that does get neglected in favor of driving top line growth in business.' How should retailers respond? When a company is hacked, they often have no choice but to shut down services until they can find the culprit and boot them out of their network. Preventing an initial cyberattack can be a near impossible task as cyber criminals' tools become more advanced and accessible. Many retailers have increased cybersecurity measures in recent years, specifically around payment processing, Beckner said. Customers' financial information wasn't compromised in many of the recent attacks, which is the scariest violation for many customers and therefore a natural priority for companies to prevent. To lower the risk of repeat offenses, retailers have to 'assess where there might be existing vulnerabilities in your IT systems and services, and patch and upgrade those where they existed,' Beckner added, including adding multi-step authentications for company log-ins and conducting additional training for employees across the organisation. The latest run of cybersecurity hiccups could also push major retailers to make big personnel changes such as hiring heads of security (if they don't have them already), according to Pellerano-Rendón. They might also consider using more e-commerce services from software giants like Shopify that routinely update their software, making it more difficult to infiltrate, he added. Companies can institute drills where they work with third party firms to simulate an attack to better assess the strength of their existing systems and what additional processes they need to implement, said Steve Ross, director of cybersecurity, Americas at S-RM. In the aftermath of an attack, retailers also must do damage control in order to make sure their customers feel safe buying from them again. Shoppers today are aware that technology violations occur and are outside of a company's control, 'and not necessarily that Victoria's Secret or Marks & Spencer has betrayed their trust in any way,' Pellerano-Rendón said. Still, retailers need to tell customers whose personal information may have been compromised exactly which steps they've taken to protect their data down the line. 'It really comes down to making sure you're communicating … and having that plan in place to quickly bounce back,' Beckner said.
Business Insider
4 hours ago
- Business Insider
AstraZeneca announces results from MATTERHORN Phase III trial of IMFINZI
Positive results from the MATTERHORN Phase III trial showed perioperative treatment with AstraZeneca's (AZN) IMFINZI in combination with standard-of-care FLOT chemotherapy demonstrated a statistically significant and clinically meaningful improvement in the primary endpoint of event-free survival, EFS, versus chemotherapy alone. Patients were treated with neoadjuvant IMFINZI in combination with chemotherapy before surgery, followed by adjuvant IMFINZI in combination with chemotherapy, then IMFINZI monotherapy. The trial evaluated this regimen versus perioperative chemotherapy alone for patients with resectable, early-stage and locally advanced gastric and gastroesophageal junction, GEJ, cancers. In a planned interim analysis, patients treated with the IMFINZI-based perioperative regimen showed a 29% reduction in the risk of disease progression, recurrence or death versus chemotherapy alone. Estimated median EFS was not yet reached for the IMFINZI arm versus 32.8 months for the comparator arm. For the secondary endpoint of overall survival, a strong trend was observed in favor of the IMFINZI-based perioperative regimen. The trial will continue to follow OS, which will be formally assessed at the final analysis. Confident Investing Starts Here:
Yahoo
5 hours ago
- Yahoo
Ex-Manchester United coach Mitchell van der Gaag named new head coach of FC Zurich
Erik ten Hag's former assistant at Manchester United, Mitchell van der Gaag, has been appointed head coach of Swiss club FC Zurich. Van der Gaag left United 10 months ago in search of new opportunities. He had joined the club in the summer of 2022, arriving from Ajax together with Ten Hag. Advertisement During his time at Old Trafford, Van der Gaag helped the Red Devils to win the Carabao Cup and FA Cup. FC Zurich have now confirmed that the Dutchman will take charge of the team, succeeding Ricardo Moniz, who stepped down after a disappointing season. An FC Zurich statement read, 'FC Zurich is pleased to announce that 53-year-old Dutchman Mitchell van der Gaag will succeed Ricardo Moniz as head coach of the first team.' 'The long-time assistant to Erik ten Hag at Ajax Amsterdam and Manchester United has signed a two-year contract with the city club until 2027.' The statement concluded, 'FC Zurich warmly welcomes Mitchell van der Gaag and wishes him luck and success during his time at the city club.' FC Zurich president Ancillo Canepa said about the appointment, 'Mitchell was our absolute dream candidate!' Advertisement 'We are therefore very happy that we have been able to sign such an experienced and competent head coach who can continue on our chosen path.' Van der Gaag remarked, 'The goal is clear, we want to finish in the top six and play for the European places.' 'FCZ became Swiss champions a few years ago, so anything is possible.' It's understood Van der Gaag will be presented to the public at a press conference on Monday, June 16. He will then commence work with his players. Follow us on Bluesky: @
