Survey: U.S. insurers earned $1B in cyber premiums last year
August 26, 2016
U.S. insurers took in almost $1 billion in premiums last year for writing cybersecurity policies, according to new figures from credit analysts at Fitch Ratings.
As part of its ongoing budget tightening, the Navy will eliminate hundreds of civilian jobs across the globe in the coming months.
In total, 745 positions stand to be cut, although how many people actually lose their jobs remains to be seen. The Navy may offer some employees buyout packages or early retirement options. Others could be moved to vacant positions not on the chopping block.
Still, over the next seven months, naval bases in seven of the Navy’s 12 regions, 20 U.S. states, the District of Columbia, Guam, Italy, Greece and Cuba will have positions eliminated.
"This action is not taken lightly, but is part of a conscious, risk-based approach to future shore capabilities that are aligned with the Navy Mission," Vice Adm. William French, commander of the Navy Installations Command, said in the release. "I am committed to ensuring that we do all we can to assist those people directly impacted by this action by providing them access to all tools available under reduction in force rules and assisting them with finding future employment."
While installation services might take a “marginal” hit from the cuts, the Navy said it did not expect the cuts to compromise each command’s core mission — serving the fleet, service members and their families.
Because of the across-the-board cuts known as the sequester, the military services have been dealing with a $4 billion reduction in operations and maintenance funds for the current fiscal year. If the sequester cuts continue into the 2014 budget, the Navy could be burdened with a $14 billion funding shortfall, according to Chief of Naval Operations Adm. Jonathan Greenert’s House testimony in April.
Stars and Stripes reported only three positions will be eliminated from Europe, Africa and Southwest Asia. And of those three positions, only one is currently filled.
“We’re going to try to manage that in a manner that will have the best effect on staff,” Lt. Cmdr. Robert Johnson, with Navy Region Europe, Africa, Southwest Asia, told the publication.