More businesses, especially the data-driven ones, should consider cyber insurance cover to strengthen the protection of sensitive customer data, says AIG Philippines, an American non-life insurance company.
The insurer said just a handful of businesses across the various industry sectors have taken the trouble of obtaining risk cover against cyber security breakdowns and breaches that could harm not just individuals and enterprises but also entire industries or even the broad economy, as well, reported Business Mirror.
AIG Philippines President and CEO Mark Lwin said that data-driven industries, such as the business-process outsourcing (BPO) sector, as well as financial institutions, should consider cyber insurance cover to limit the disruptive impact of hacking, among other ills.
“Industries and companies that are highly reliant on server network connections and handle sensitive customer data on a daily basis should consider taking out a cyber insurance policy," he said.
Insurance Commissioner Dennis Funa recently appealed to non-life insurance companies to develop products that would help to mitigate financial losses should a cyber breach occur.
Under the Philippine Data Privacy law, companies are held accountable for the handling of sensitive customer data that further underscores the relevance of cyber insurance cover to businesses.