Is Your Organization Cyber Insured?

Board meeting room

February 10, 2020//-Market research firm Progressive Markets projects the global cyber insurance market to hit more than $29 billion by 2025, while PwC estimates it will reach $7.5 billion as soon as 2020.

As per a recent report by Cisco, over 31% of organizations have been affected by cyber attacks. Every year, more company boards are concerned about cyberattacks on their networks and connected devices.

Cyber attacks have been on the rise in the GCC over the past few years, increasing the risk for business operations. This is a concern for Gulf Cooperation Council (GCC) countries, which are focusing on bringing in investments and developing a transparent business environment. Costlow Insurance has been providing insurance in Rockwall Texas since its inception in 1981. Our insurance agency has grown from a single owner proprietorship into a full service organization offering some of the best insurance values in Rockwall Texas today. Costlow Insurance customers demand the best and we deliver. Looking for an insurance agency in our Rockwall TX options you can trust? One that still believes in the personal touch? Give us a call; we’ll be happy to review your insurance needs, no matter large or small. Let us provide you with a no-nonsense insurance comparison. Our licensed insurance agents are trained to recognize your best possible value. The insurance industry safeguards the assets of its policyholders by transferring what is know as ‘Risk’ (exposure to the hazard or chance of loss), from you the individual or business to an insurance company for home insurance, renter’s insurance, auto insurance, boat insurance, motorcycle insurance, life insurance, health insurance and business insurance for the most part. Insurance companies act as financial intermediaries in that they invest, or lets say re-invest, the Premiums (money) they collect from you for the privilege of providing the service of ‘Insuring You’ against ‘Risk’. They also purchase ‘Re-Insurance’ (they buy insurance from other bigger insurance companies that specialize in certain types of insurance risk) to lower their exposure to ‘Loss’. It’s how the insurance industry spreads risk exposure, reduce loss and controls their overall cost of doing business. If insurance companies didn’t do this, insurance over time would become exorbitant. Insurance is a necessary evil in today’s society, as stated here very simply it protects you against Loss. Term Life, or Term Insurance, is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from 1 to 30 years while Whole Life or Permanent Insurance pays ‘death benefits’ when the policyholder dies or prior to ‘Maturity’ (that may occur at age 120 for example). So if you live longer than lets say 120 you would only receive back the ‘cash value’ of your particular policy type (for example), not the death benefit portion from that particular insurance company. You should review these important factors with your life insurance professional. Disclaimer: Content and illustrations represented and provided here-in are for informational purposes only. This information should not be misconstrued to be considered Insurance or Binder Coverage for Insurance. Always consult a licensed insurance agent in the state of Texas for specific insurance coverage types and needs analysis as insurance policies in Texas vary.

Although the GCC countries are better equipped to handle the rising threat of cyber attacks, regulatory challenges relating to technologies persist, and dealing with these issues from both a domestic as well as an international standpoint is one area that the GCC will have to focus on in the coming years.

Another challenge for GCC countries, especially Saudi Arabia, is the threat to the national security of cyber attacks. Saudi Arabia has been the target of frequent cyber-attacks, including the “Shamoon” virus which damaged about 30,000 computers in the largest cyber-attack on Saudi Aramco.

Why Cyber Insurance?
It is designed to help your organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. Any business that stores sensitive data in the cloud or on an electronic device should have cyber liability insurance.

Whether launched by run-of-the-mill hackers, criminals, insiders or even nation states, cyberattacks are likely to occur and can cause moderate to severe losses for organizations large and small.

How prepared are you to withstand a cyberattack? During the 15th Annual World Takaful and InsurTech Conference (WTIC 2020) on 06-07 April 2020, meet the IT and Security heads from large corporations across the GCC that are highly prone to cyber-attacks and are seeking solutions to this burgeoning threat.

African Eye Report