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Asia Pacific cyber security insurance market is booming.

 

Asia Pacific Security News .- Photo Credit to Anthea Russo/Sydney Morning Herald

Asia Pacific Security News .- Photo Credit to Anthea Russo/Sydney Morning Herald

Interest from Asia Pacific companies in cyber insurance is growing in the whole region. The reason behind this booming business are the constant cases and reports of security breaches. However, getting an insurance policy should only be a complementary component of a wider risk management strategy.

 

CYBER security has moved beyond the domain of chief information officers (CIOs) and IT departments and on to other parts of an organisation, alongside the growing acknowledgement that data breaches have serious financial consequences.

In Ponemon Institute’s 2013 Cost of Data Breach Study, the average cost of a data breach was found to be US$188 for each lost or stolen record. The findings also showed that the average financial impact to companies for one or more incidents was US$9.4 million.

Survey respondents estimate that the average potential financial risk of future incidents is estimated to be US$163 million. Most involved the loss of business confidential information.

In addition, the study found that protecting against the financial impact of cyber security risks rank as high as or higher than other insurable risks (natural disaster, fire, etc.) Of those that have experienced a security exploit, 76% think they are greater to or equal to a natural disaster, business interruption, fire, etc.

Also, 31% of companies in the study said they currently have a policy while 39% said their organisation plans to purchase a policy.

The Ponemon study also found that risk managers are most often responsible for the decision-making process when it comes to cyber insurance.

According to 40% of respondents, risk management is most responsible for evaluating and selecting the insurance provider followed by compliance (17%) and the chief information security officer (16%).

However, the report found that most influential in making the case for the purchase is business unit leaders, followed by risk managers. The chief information officer and chief information security officer seem to have very little influence, with IT security also having very little involvement in determining the adequacy of coverage. – See more at: http://www.digitalnewsasia.com/security/interest-in-cyber-insurance-on-the-rise-in-asia-pacific-aig#sthash.GlCprMaR.dpuf


While insurance policies for cyber-threats have been available in markets such as Europe and the United States for many years, they remain a relatively new offering in Asia. However, this is changing and some major players are now offering convenient insurance products in the Asia Pacific market.


 

 

CYBER security has moved beyond the domain of chief information officers (CIOs) and IT departments and on to other parts of an organisation, alongside the growing acknowledgement that data breaches have serious financial consequences. – See more at: http://www.digitalnewsasia.com/security/interest-in-cyber-insurance-on-the-rise-in-asia-pacific-aig#sthash.GlCprMaR.dpuf

CYBER security has moved beyond the domain of chief information officers (CIOs) and IT departments and on to other parts of an organisation, alongside the growing acknowledgement that data breaches have serious financial consequences.

In Ponemon Institute’s 2013 Cost of Data Breach Study, the average cost of a data breach was found to be US$188 for each lost or stolen record. The findings also showed that the average financial impact to companies for one or more incidents was US$9.4 million.

Survey respondents estimate that the average potential financial risk of future incidents is estimated to be US$163 million. Most involved the loss of business confidential information.

In addition, the study found that protecting against the financial impact of cyber security risks rank as high as or higher than other insurable risks (natural disaster, fire, etc.) Of those that have experienced a security exploit, 76% think they are greater to or equal to a natural disaster, business interruption, fire, etc.

Also, 31% of companies in the study said they currently have a policy while 39% said their organisation plans to purchase a policy.

While insurance policies for cyber-threats have been available in markets such as Europe and the United States for many years, they remain a relatively new offering in Asia.
– See more at: http://www.digitalnewsasia.com/security/interest-in-cyber-insurance-on-the-rise-in-asia-pacific-aig#sthash.GlCprMaR.dpuf

CYBER security has moved beyond the domain of chief information officers (CIOs) and IT departments and on to other parts of an organisation, alongside the growing acknowledgement that data breaches have serious financial consequences.

In Ponemon Institute’s 2013 Cost of Data Breach Study, the average cost of a data breach was found to be US$188 for each lost or stolen record. The findings also showed that the average financial impact to companies for one or more incidents was US$9.4 million.

Survey respondents estimate that the average potential financial risk of future incidents is estimated to be US$163 million. Most involved the loss of business confidential information.

In addition, the study found that protecting against the financial impact of cyber security risks rank as high as or higher than other insurable risks (natural disaster, fire, etc.) Of those that have experienced a security exploit, 76% think they are greater to or equal to a natural disaster, business interruption, fire, etc.

Also, 31% of companies in the study said they currently have a policy while 39% said their organisation plans to purchase a policy.

While insurance policies for cyber-threats have been available in markets such as Europe and the United States for many years, they remain a relatively new offering in Asia.
– See more at: http://www.digitalnewsasia.com/security/interest-in-cyber-insurance-on-the-rise-in-asia-pacific-aig#sthash.GlCprMaR.dpuf

CYBER security has moved beyond the domain of chief information officers (CIOs) and IT departments and on to other parts of an organisation, alongside the growing acknowledgement that data breaches have serious financial consequences.

In Ponemon Institute’s 2013 Cost of Data Breach Study, the average cost of a data breach was found to be US$188 for each lost or stolen record. The findings also showed that the average financial impact to companies for one or more incidents was US$9.4 million.

Survey respondents estimate that the average potential financial risk of future incidents is estimated to be US$163 million. Most involved the loss of business confidential information.

In addition, the study found that protecting against the financial impact of cyber security risks rank as high as or higher than other insurable risks (natural disaster, fire, etc.) Of those that have experienced a security exploit, 76% think they are greater to or equal to a natural disaster, business interruption, fire, etc.

Also, 31% of companies in the study said they currently have a policy while 39% said their organisation plans to purchase a policy.

While insurance policies for cyber-threats have been available in markets such as Europe and the United States for many years, they remain a relatively new offering in Asia.
– See more at: http://www.digitalnewsasia.com/security/interest-in-cyber-insurance-on-the-rise-in-asia-pacific-aig#sthash.GlCprMaR.dpuf