Cyber-insurance pushed as threats emerge

REINSURANCE BROKER Jardin Lloyd Thompson (JLT) Philippines emphasized the need for companies to insure themselves versus cyber attacks amid escalated threats worldwide.
In a chance interview with ����ý, JLT Philippines President and Chief Executive Officer Raul B. Tan said that by availing of a cyber-insurance policy, firms will be able to gauge the risks and impact on their businesses should a cyber attack occur.
“Cyber-insurance will give companies true blue awareness of what potential risks are, what the gaps maybe and what financial, operational and reputational impact may be should a cyber-attack occur and should they be a victim of this,” Mr. Tan said.
Mr. Tan noted a lot of firms do not fully comprehend the possible risks they may face.
“They know there’s a product out there, but they don’t necessarily relate to what exactly they need for their operations,” he said.
“Some people will say that they will never be attacked from a cyber perspective, but in this day and age where we are interconnected, we find that the risks outpace our understanding of what we need in order to mitigate it.”
Mr. Tan cited the 2016 US presidential elections where the Russian government were accused of meddling in the polls, bolstering the candidacy of now US President Donald J. Trump.
“The fact that one is able to influence the election of the leader of the free world says that [cyber-attackers] can do anything,” Mr. Tan said.
Aside from this, JLT Philippines also cited in a recent seminar incidents wherein Philippine firms and government agencies were involved in cyber attacks.
In April, Wendy’s Philippines told its customers that there has been a security breach on its website, compromising personal details. National Privacy Commission said that an estimated 82,150 records were exposed.
In 2016, hackers under the name LulzSec Pilipinas leaked the “whole database” of the Commission on Elections, exposing voters’ registration data.
“What [JLT] brings to the table is an understanding that…this is supposed to be a highly interactive discussion with our clients in order to arrive to an appropriate and proper solution that will mitigate and address all the risks and exposures in their businesses,” Mr. Tan added.
JLT Philippines said it is one of the leading reinsurance brokerages in the Philippines. It has clients involved in business processing and outsourcing, managing hotels, manufacturing, mining, power and transportation among others. — Karl Angelo N. Vidal