MALAYAN Insurance Co., Inc., the leading non-life insurer in the country, has recognized intensified calls for greater cyber security in Philippine business.
Answering this demand, Malayan Insurance recently gathered together various industry leaders for a Forum in Makati City to discuss the importance of cyber security insurance.
Malayan’s Forum on Cyber Insurance provided a broad overview on the different risks on a corporation’s information technology systems and database, and the latest preventive measures against cybercrimes.
The event was attended by 200 high-profile guests from banking and finance, engineering, education, aviation, IT and other industries.
“With threats devised through ‘hacktivism’ and cybercriminals, among others, we at Malayan Insurance recognize the need to protect your business systems and data through cyber insurance,” said Malayan Insurance President Yvonne S. Yuchengco.
The Forum featured field experts from Munich Re, one of the world’s leading reinsurance companies, and Ultimate Risk Solutions, an independent financial modeling and predictive analytics company. The speakers gave insights on cyber insurance as a vital component of businesses’ IT infrastructure.
As businesses become more digitally-connected, they become more vulnerable to cyber attacks such as hacking and malware. Reports say that cybercrimes account for approximately $300 billion of total losses to businesses worldwide in the past 12 months.
According to Wan Shahrezal, Casualty Underwriter of Munich Re, cyber-related losses have quadrupled from 2013 to 2015, and are expected to quadruple again from 2016 to 2019.
The Philippines’ disturbing state of cyber security has been highlighted in the past months alone with a series of data breaches and defaced websites. Malayan Insurance urged corporate leaders to seize the opportunities for cyber protection and further improve their cyber security management programs with cyber insurance.
Cyber insurance intends to protect corporations and institutions from risks associated with the Internet, e-business, networks, and information assets.
“High profile cyber attacks on business are fuelling the sharp rise in demand for cyber insurance,” said David Piesse, Managing Director of Ultimate Risk Solutions. “Insurance submissions in the [global] cyber market reportedly rose by 50% in the first quarter of 2015.”
For more information about Malayan’s cyber insurance, visit the nearest Malayan Insurance branch, call (02) 628-8738/628-8849, e-mail malayan@malayan.com/kpanganiban@malayan.com/acalimag@malayan.com, or visit www.malayan.com.