Keep up with what has been happening this week in our latest actuary news round-up…

Pandemic reveals lack of cyber security in businesses

New research has found that nearly 50% of businesses do not have good enough cyber security measures; in order to keep the business model of working remotely 100% of the time. The researchers found that 44% of the public won’t trust; or use a brand if they know that their data can be breached; this can cost UK companies an average of £2.4m if they have had a successful data breach.

FCA found over £30m lost to pension scams

The Financial Conduct Authority (FCA) have reported that over £30 million has been lost to pension scams since 2017. Gary Crockford, Head of Knowledge Resource Centre at Buck UK has said that there is a lack of engagement amongst people when it comes to their pensions; which has been highlighted by the “…FCA’s findings showing that 76% of savers approaching retirement know the cost of items related to their football team, but only 43% understand the value of their pension pot”

Companies torn on whether they should use emerging technology

A recent survey from KPMG has uncovered that 59% of the world’s largest companies believe that the coronavirus pandemic has created the need to look into new digital technological plans for their business. After surveying 900 technology executives at Global 2000 companies, they found that around 4 in 10 said they will stop investment in emerging technologies such as 5G because of the pandemic.

European stocks lower ahead of Jackson Hole Summit

European stocks were lower before the major speech by the chair of the US Federal Reserve at the Jackson Hole summit of central bankers. London’s FTSE 100 opened 0.4% lower with other European stocks losing up to 0.4% also in the past few days.

EU pays €336 million for potential COVID-19 vaccine

A spokesman from The European Commission has said that they have paid €336 million to make sure they have at least 300 million doses of a potential COVID-19 vaccine developed by AstraZeneca.

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