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Asia: Addressing cyber risks beyond just insurance

Source: Asia Insurance Review | May 2017

One reads about cyber attacks all the time now, yet they continue to surprise us with the unique forms that they can take. 
 
   Earlier this year, an upscale Austrian alpine resort hit world headlines when its computer systems were hacked, which prevented it from programming room keycards correctly. The hotel eventually had to pay a ransom in Bitcoin worth thousands of euros to restore access and has decided to switch back to old-fashioned keys. It reportedly has not been able to claim from insurance because the culprits could not be identified.
 
   While cyber risk cannot, and should not prevent most other businesses from implementing new technology, the example shows just one facet of cyber risk—ransomware, the potential impact that they can take, especially when it crosses e-boundaries to impact physical infrastructure, and the fact that no one is spared. 
 
   While insurers have been pushing to provide cyber coverage, cyber liability remains an extremely complex problem that they cannot manage alone. There is the need for partnerships and dialogues with governments, business sectors and security specialists to tackle the increasing complexity of cyber risks, which Lloyd’s honcho Inga Beale has said is larger than Nat CATs. 
 
   How can insurers protect themselves and at the same time provide a safety net for their clients? The 2nd Asia Cyber Risk Summit aims to discuss the latest developments in cyber threats in the business world and the responses from the insurance industry and beyond.
 
For more information, visit www.asiainsurancereview.com/Conferences  A 
 
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