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.
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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.
