Cyber Risks on the Rise

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Cyber Risk Insurance

Cyber Risks on the Rise

Development of technology has boosted economic growth immensely. Be it education sector, media
sector, health sector, aviation sector or even hotel management sector; we can see the use of technology in almost every industry at present. However, we also notice some hostile effects affecting technology due to cyber breaches.

UAE is one of the few countries to have strong cyber laws in place. UAE government has put in all the effort to keep a strong check on any cyber-related breaches and this is indeed commendable. It is important for corporates to ensure they have a fool-proof cybersecurity measure in place to ensure a safe and secure protection is extended to their technology and data. Be it for an online banking transaction, usage of credit/debit cards to make any payments or even the data maintained by corporates, it is very important to ensure an appropriate cybersecurity measure is in place.

One of the strong means of mitigating cyber risks could be by having a secured cyber insurance.
Insurance companies have stepped in to extend coverage for your cyber needs by introducing customized policies so that in case of any data breach or ransomware, Insurance companies can help counterbalance the financial burden incurred by the company. A coverage can be extended to any product or service ranging from personal devices used by employees to large databases maintained by corporates. Insurance brokers can additionally help corporates to undertake the right measures against cyber risks by advising and devising the best policy and exhibiting the right expertise.

As we look at an enormous economic growth, we should ensure we take appropriate measures and help beat challenges faced at present and the anticipated impacts of cyber risks as suitable measures undertaken today will help us mitigate and protect data from all cyber risks and threats in the future.

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