Cyber Attacks: Better Safe than Sorry
Malayan Insurance, the leading non-life insurer in the Philippines, recently concluded the 2017 Cyber Forum. Held at the Fairmont Hotel in Makati, City, the two-day event featured discussions by experts in information technology (IT) and cyber security. 2017 marks the second run of the Malayan Insurance Cyber Forum, following its successful pilot last year.
The forum centered on the growing cyber threats faced by Filipino enterprises, and the innovations that will allow them to brace against attacks and minimise losses. Key speakers such as Ms. Shan Sagoo, Director of Financial Solutions, Director of Asia Reinsurance Brokers, and Mr. Stephen Cheong, Director of Asia Reinsurance Brokers stressed the need to be proactive with protection by securing cyber insurance.
Over 200 IT professionals, key decision makers, and business leaders in aviation, retail, real estate, and other industries attended the forum.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies. Malayan Insurance is the only Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry.
Cyber security and tech experts emphasized the need for Filipino businesses to invest in reliable cyber insurance in the recently concluded 2017 Cyber Forum. The event, held at Fairmont Hotel, Makati, featured discussions on the consequences of being caught unprepared by a cyber attack.
“Businesses have become increasingly reliant on IT systems to get things done, and threats to these systems, or errors in the use of these systems result in the paralysis of operations,” said Ms. Yvonne S. Yuchengco, President of Malayan Insurance, the country’s leading non-life insurer. “Clearly, the need for protection of a business organization’s data, its systems, and the added layer of cyber insurance cover, is becoming apparent.”
However, many local businesses remain on the fence. Whether in small- to medium-sized enterprises (SME) to conglomerates, misconceptions surrounding cyber insurance still prevail. Many companies continue to assume that cyber insurance is not essential to their operations. Business owners tend to reason that they have minimal exposure to risks or that they can manage a breach by themselves.
According to Stephen Cheong, Director of Asia Reinsurance Brokers, these misconceptions hamper the successful recovery of an enterprise after a breach. Profits can take a hit due to reputational damage, data loss, and business disruption.
The speakers urged corporate leaders to be proactive and beef up their cyber security management programs. With cyber insurance, institutions have a safety net against risks e-business, the Internet, networks, and information assets.
Cyber insurance by Malayan Insurance shields corporations and institutions against both liability and first party losses that may result when they engage in various electronic activities. This includes selling products or services on the Internet or collecting data within its internal electronic network.
“Cyber crime is a prolific industry- it is a real and present threat and it is here to stay,” said Ms. Shan Sagoo, Director of Financial Solutions, Director of Asia Reinsurance Brokers. “IT professionals need to be ahead of the curve.”
To learn more about Malayan’s cyber insurance, visit the nearest Malayan Insurance branch or visit www.malayan.com.
Founded in 1930, Malayan Insurance is a member of the Yuchengco Group of Companies. Malayan Insurance is the leading non-life insurer of the Philippines.