Asian News - Asia: Insurers to tackle cyber risk threat
Source: Asia Insurance Review | Apr 2016
Cyber crimes are estimated to cost the global economy US$445 billion. The fears of cyber-related risks ranging from cyber security attacks to data breaches have been coming up tops regularly in risk surveys.
The insurance industry is working hard to fulfil its duty to respond to cybercrimes. As our world grows more interconnected, and as innovation continues to thrive through new products such as driverless cars and wearable devices, it is inevitable that our risk exposures will increase further, given the greater number of devices and opportunities that malevolent entities can access.
The inaugural Asia Cyber Risk Summit to be held from 16-17 May, with the theme “Can insurers offer cyber resilience?”, will address a broad spectrum of cyber risks, regulatory and legal implications, and new trends in underwriting and insurance products. Speakers include security consultants of cyber security firms, academia and major insurers and brokers.