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N EWS Updated rehabilitation code 2015 An updated version of the Rehabilitation code has been published and became operational 1 December 2015. The objective of the code is to ensure that injured people receive the rehabilitation they need to restore quality of life and earning capacity as soon as possible. Although the code is voluntary, it is part of the pre-action protocol prior to the start of legal proceedings. The 2015 revision of the code recognises there are differences in the handling of claims values and now includes a section for lower-value claims (less than £25k). The publication recommends that for these, a more streamlined process is put in place. It also includes for the first time, a separate guide for rehab case managers and people who commission them. To view the 2015 Rehabilitation Code and Case Management Guide, please visit the International Underwriting Associations webpage. Construction Part 1: Market Outlook and Issues After a tough recession, the construction sector is showing strong signs of recovery. As activity increases, insurance has an important part to play in its future success and it will be essential for our industry to understand the issues affecting the construction market. Cyber Risk – a major threat to business Cyber risk connected: The many ways in which a business can be exposed Public and Fiscal Authorities Have access to offices, networks and systems including critical access rights. Are these rights set correctly? Can the business monitor their activities? Professional Hackers Espionage Professional hackers target businesses to make money. Hacktivists attack interfaces resulting in damage. Espionage of intellectual property rights is common. Telecommunications Service Provider If a communication line goes down this can impact customers, partners, supply chain management and remote maintenance. Customers Banks and Insurers Data Center Possess confidential information about a business’ strengths and weaknesses. If a cyber incident occurs such information could fall into the wrong hands. Administration Businesses depend on their customers and must protect IT facilities where sensitive and confidential data is located. CONNECTED Direct Purchase / Sale Global Repairs Factory Many machines can be repaired online today. During repairs access to facilities can be hard to restrict. This could be abused to gain access to IT networks. Logistics and Suppliers A factory can face a number of potential perils stemming from IT, growing use of cloud computing and increasing interconnectivity. Critical in today’s just-in-time business. This is mostly managed by internet-connected interfaces which can be easily attacked. Can the business send out a product if this happens? Company Private Supply Chain Supply chain management is critical but it’s also interconnected via public-accessible interfaces, with hackers looking for vulnerabilities 24/7. What happens if a denial of service attack paralyzes the supply chain? Credit Card Provider Employees Service Providers Accidental In partnership with Euler Hermes, we have published the first of our two part white paper series on Construction. The paper provides: Hacktivists Deliberate Cyber risk is a major threat to clients’ businesses. Companies increasingly face new exposures including first and third-party damage, business interruption (BI) and regulatory consequences. Allianz Global Corporate & Specialty has published ‘A Guide to Cyber Risk’, which examines global trends and developments in cyber, while also identifying the emerging risks that will significantly impact the industry in the near future. Electronic Payment Process Cyber incidents can be caused by service providers. Over-dependency can result in an inability to monitor actions. - a market outlook including housing, commercial and civil sectors - an overview and analysis of market issues. Employees can easily create outages (intended or unintended) or cause data leakages. Improving employee awareness of the risks involved is crucial. Gaining access to credit card data is a quick win for cyber criminals. Businesses are liable for the non-disclosure of such data. Visit Allianz Global Corporate & Specialty’s website to download the full report, executive summary and the cyber risk exposure infographic. ACOM6588 01.16 To view a copy of our construction white paper please click here. Part 2 of the Construction white paper, will examine some of the associated regulatory changes and risk management topics, highlighting the insurance related issues. Available from February 2016, please contact your insurance advisor to view a copy. Property and Casualty Newsletter 20 Allianz Insurance plc. Registered in England number 84638. Registered office: 57 Ladymead, Guildford, Surrey, GU1 1DB, United Kingdom. Allianz Insurance plc. Registered in Englandof number 84638. Registered office: 57plc Ladymead, Guildford, GU1Regulation 1DB, United Kingdom. Allianz Insurance plc is a member of the Association of British Insurers. Allianz Insurance plc is a member of the Association British Insurers. Allianz Insurance is authorised by the Surrey, Prudential Insurance authorised by theAuthority Prudentialand Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 121849. AuthorityAllianz and regulated byplc theisFinancial Conduct the Prudential Regulation Authority. Financial Services Register number 121849. 21