Cyber Risk Increases During Covid-19 Pandemic ~ Insurance Academy

Everyone who works in cyber insurance knows that the industry is never static. Business risks are changing all the time.

Justin Herring, deputy executive supervisor at the New York State Department of Financial Services (DFS) said that the game changer for cyber insurance is ransomware. Ransomware attacks accounted for nearly a quarter of all cyber incidents globally last year, according to software company Bitdefender.

In 2017 the US was hit by ransomware that affected 966 government agencies, education and healthcare providers with a potential loss of more than USD 7.5 billion.

Along with its interdependence with

Several bad cases of data theft experienced by Tokopedia in March 2020, the General Election Commission in May 2020, Lazada and Cermati at the end of 2020, BPJS Health in May 2021, and BRI life in June/July 2021 are a series of sad cases related to cyber insurance. .

technology, especially during the COVID-19 pandemic, is making companies and organizations more vulnerable to any type of cyber attack that can have a systematic effect.

All of this has resulted in greater public awareness of cyber incidents, with more companies seeking to strengthen their cybersecurity posture. Organizations should carefully examine the cyber risk exposures they face.

Cyber attacks are not an insurmountable risk. Using complex passwords, restricting employee access to company data, conducting periodic checks on cyber security systems, and so on can always be done by organizations to secure data.

However, cyber insurance is something that you must buy. Cyber insurance gives you the assurance that even if a cyber attack does occur, you will not suffer more losses than you would if you did not have insurance. You can read about cyber insurance in more detail here. (ABP)