MANAMA: The importance of cyber insurance, which contributes to protecting the assets of companies and institutions from data-destructive cyber-attacks and ransomware, was highlighted during a forum by Bahrain Kuwait Insurance Company.
The first-of-its-kind forum was held at the Gulf Hotel Bahrain Convention and Spa.
Several strategic partners, including experts and specialists in the field of cyber-security and insurance, participated in the forum.
Experts who spoke included Ilya Leonov, head of practice – information security at NGN International; Rebekah Jones, associate at Clyde & Co; Simon Bell financial and professional risks practice leader and senior vice-president for Mena at Marsh Middle East, and Manoj Badoni, the chief underwriting officer at Bahrain Kuwait Insurance Company.
The forum was attended by many representatives from government agencies, and representatives from various sectors such manufacturing industry, trades, telecommunications, and hospitality sectors, in addition to many technology and information security companies.
During the forum, the speakers discussed the need to spread culture and awareness of the importance of cyber-security and the risks facing various companies and institutions through cyber and electronic attacks, and ways to deal with these increasingly devastating attacks on various companies and individuals.
A detailed explanation of global variables in the field of insurance and methods of dealing with cyber-attacks from a legal point of view were also discussed, in addition to presenting a set of examples related to claims and ways to deal with them.
Bahrain Kuwait Insurance Company CEO Dr Abdulla Sultan said that according to the latest reports issued for 2021, ransom attacks increased by about 150 per cent on an annual basis, noting that “this huge increase in cyber-attacks costs companies millions of dollars in payments. It sometimes even destroys companies’ operations and data.”
He added: “The insurance industry has developed pricing trends in providing cybersecurity services, through data analysis, and has drawn technical steps that institutions can take to build their electronic resilience and enhance their capabilities to quickly restore their activity, and to mitigate negative consequences in their institutions and other parties.”
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