In a recent study by Arthur J. Gallagher, cyber breaches have impacted on industries with 38% of those in healthcare, 16% in professional services, and 12% in technology, globally.
PR Digital Services firm, Reboot, indicated that the situation is further aggravated in the Philippines by the fact that the country remains 9th in the Asian region as the least cybersecure, having an average of 200 phishing sites and 880 malware hosting sites per 100,000 URLs the country hosts.
“With the data explosion we have been experiencing and are set to experience in the next 10 years, expectedly twelve times the data we are presently churning, cybersecurity and financial protection to respond to cyberattacks are of utmost priority for us.” Jaybee Baranda, Executive Director & SVP at Philinsure, Gallagher’s Philippine representative and one of the top 5 insurance broking firms in the country today, indicated that Philinsure had roadmapped how their company is innovating to respond to emerging markets such as the cyber insurance market, given the growing need of corporations for better coverage.
On its 22nd year, Philinsure is one of the few brokers that have moved more and more into emerging markets that may be difficult to place at this time, primarily because of the expressed and real need for protection and risk management through financial support of its customers. Adopting an ecosystem approach to responding to customer’s needs, Philinsure’s CyberSecure platform is being launched this August with technology and e-commerce platform partner discovermarket from Singapore & Switzerland, and cybersecurity solutions partner, Athesya, from Paris, France.
“Everyone deserves insurance, everyone needs it, but not everyone can always afford it,” Group CEO and Founder of discovermarket Patrick Bühler further emphasized that having a marketplace hosted by Philinsure through their platform was an ideal solution to corporates scrambling to find the best option for their cyber protection needs. He also pointed out that the ones most at risk are the small-medium enterprises which have limited capacity to purchase expensive cyber security insurance compared to conglomerates and large enterprises. Fortunately, Philinsure is working with insurers to give the lowest prices especially to SMBs for as low as the cost of a motorcar insurance with ample cyber security coverage for a year.
CyberSecure is a total approach to providing corporations, large, small or medium-sized, to finding the best solution for their cyber security needs. This is a milestone platform, unlike other product-focused platforms out there. “The platform provides customers the ability to get a quote suited to the reality of their corporation in real-time, subject to specific parameters, and be issued their certification of coverage within minutes. CyberSecure also helps provide an immediate opportunity to speak with a cyber risk adviser from Philinsure for any technical and policy-related concerns.” Baranda pointed out that working with discovermarket and Athesya makes the platform more versatile as opposed to the tedious, often stressful process of accessing traditional cyber insurance. “We bring in the ability to have real-time scanning of current and potential cyber risks of companies that go on the platform as well as provide support to insurer partners of Philinsure in the event that a cyber insurance claim needs to be assessed.” Philippe Pedron, President and Founder of Athesya, further indicated that he has been working with the Philippine market for close to three decades. Having close affinity to the Philippines, he expressed Athesya’s desire to help future-proof Philippine companies, especially in the aspect of cyber security.