Articles
Growing need for cyber insurance in the Philippines
The Philippines has seen an increase in internet users, with the figure doubling from 48 million in 2018 to 69 million by 2023. This rapid growth, combined with Filipinos spending an average of nine hours online each day, has resulted in a robust digital landscape.
July 26, 2024
Despite its high digital penetration rate, the Philippines has the lowest level of digital literacy in the world, according to the United Nations. As a result, the country remains an epicenter for digital threats incidents, ranking fifth among Southeast Asian countries in terms of the number of phishing cyberattacks in 2022.
Despite the government's efforts to make the cyber landscape safer for Filipinos, the persistent threat highlights the critical need for cyber insurance.
Think of health insurance as a safety net. You pay a regular premium (monthly, quarterly, anually), and in return, your insurance company helps you manage medical costs . They will pay you a lump sum if you get sick that ca n cover a significant portion, or sometimes all, of your bills depending on your plan and sum assured.
Cyber insurance has emerged as a critical safeguard for both individuals and businesses. It is an important part of risk management because it protects against the devastating consequences of cyberattacks such as data breaches, identity theft, and financial loss. Policyholders can recover expenses for incident response, legal counsel, public relations, and business interruption, reducing the financial impact and enabling a quick recovery.
Furthermore, cyber insurance can help improve a company's reputation and customer trust. In the event of a data breach, a comprehensive insurance policy shows a proactive approach to cybersecurity and can help restore stakeholder trust.
Given the Philippines' unique digital landscape and the escalating cyber threat, cyber insurance has become a necessity rather than a luxury.
Individuals and businesses that invest in this protection can significantly reduce their exposure to financial risks while also building resilience in the face of cyberattacks. Contact AC Prime Brokers, Inc. today for a free consultation, and let us help you secure the right cyber insurance plan for your business. Protect your digital assets and ensure your company's continuity with AC Prime's expert guidance and support.
