In the event of a cyber breach, it is advisable to notify customers even in the absence of legal obligation to do so. Customers being notified can actually assist in mitigating reputation damage, said speakers at the latest Emergence Insurance webinar for brokers.
Insurance companies in particular and the insurance industry in general need to reassess the role they play in protecting their customers from significant losses to assets such as technology and other intangible assets, according to industry expert Sobhy Abdellatif.
For the second year running, large scale cyber-attacks have emerged as the top risk for corporations across India, according to a joint study conducted by Marsh and RIMS.
The growing interconnectedness of digital networks and the expanded use of technology to deliver government services have increased governments' exposure to cyberattacks, both through direct assaults on their own systems and through the impact of attacks on the broader economy,says Moody's Investors Service.
Insurance experts are advocating new insurance coverage to mitigate emerging risks such as cyber risk.
A single cyber attack in Asia Pacific could cost a substantial $110bn in an extreme scenario in which a computer virus infects 15 ports across Japan, Malaysia, Singapore, South Korea and China. This finding was revealed in a new research report entitled 'Shen attack: Cyber risk in Asia Pacific ports' which has been jointly produced by the Cyber Risk Management (CyRiM) project led by Nanyang Technological University, in collaboration with industry partners and academic experts including Lloyd's, a founding member of CyRiM.
Security technology is becoming increasingly sophisticated to a large extent due to artificial intelligence (AI) and machine learning, but advances in the cybercriminal world are not far behind.
In July 2019, bank holding company Capital One reported that a hacker had gained access to more than 100m Capital One customer accounts and credit card applications, including 140,000 social security numbers, 1m Canadian social insurance numbers, 80,000 bank account numbers and an undisclosed number of names, addresses, credit scores and other personal information.
According to a new research by American University Kogod School of Business, companies interested in protecting themselves and their customers from cyber-attacks need to invest in themselves and the vendors that handle their data.
Seventy-six percent of small and medium enterprises (SMEs) polled in Hong Kong have suffered a cyber attack in the last 12 months, according to a survey on cyber risk for SMEs conducted by Chubb.