AIG Philippines has advised that more businesses, especially the data driven ones, should consider cyber insurance cover in order to bolster the protection of sensitive customer data.
Across the various industry sectors, there are only a small number of businesses who have taken the time to acquire risk cover against cyber security breakdowns and breaches that could harm individuals, enterprises and also entire industries or even the broad economy, reported Business Mirror.
Mark Lwin, president and CEO at AIG Philippines 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 take place.
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.