Sie Liang Lau, Gallagher Re, previews his IFoA Asia Conference 2023 presentation, exploring the critical importance of cyber insurance in Asia
Asia, with its rapidly expanding digital footprint and economic dynamism, is becoming a hotbed for cybersecurity risks. From the bustling tech hubs of Bangalore and Shenzhen to the financial centres of Tokyo and Singapore, Asia is digitally interconnected like never before. This digital growth, while promising, has attracted a plethora of cyber threats. In 2020 alone, Asia recorded a significant spike in cyber-attacks, with ransomware and data breaches leading the charge.
The increasing digital complexity in Asia, characterised by widespread adoption of ‘Internet of Things’ devices, rapid digitalisation of businesses, and a burgeoning e-commerce landscape, has expanded the attack surface for cyber adversaries. Moreover, regulatory landscapes around data privacy are still maturing in many Asian countries, adding another layer of vulnerability.
This underscores the critical importance of cyber insurance. As cyber threats escalate in both frequency and severity, the potential financial impact on businesses can be devastating. Cyber insurance not only provides a financial safety net in the aftermath of an attack but also encourages organisations to adopt proactive cybersecurity measures. It’s an essential tool in the modern enterprise’s risk management toolkit.
So, why is the IFoA Asia Conference the prime spot to discuss this? Simply put, the conference gathers the best actuarial minds from across the region. Actuaries play an instrumental role in shaping the contours of cyber insurance products, pricing the risks, and ensuring that the insurance industry remains resilient amidst these evolving threats. This actuarial conference provides an unmatched platform to showcase innovations, share insights, and craft the future roadmap for cyber insurance in the region.
In summary, as Asia grapples with mounting cybersecurity challenges, the role of cyber insurance becomes paramount. And there’s no better place to dive deep into this topic than at the IFoA Asia Conference, where industry thought leaders converge to shape the future. Don’t miss it!
Don’t miss Sie Liang Lau at the IFoA Asia Conference 2023 on 26 September, in Kuala Lumpur. Book your place before 15 September. Book your place before 15 September.
