Insurance Commission urges firms to get cyber insurance
The Insurance Commission is encouraging companies to get cyber insurance coverage as the threats of privacy breach and cyber attacks are real. While the country’s Data Privacy Act of 2012 and the Cybercrime Prevention Act of 2012 could benefit businesses in terms of protecting against cyber security crimes, insurance commissioner Dennis B. Funa said averting data privacy infringement and cyber attacks should be part of a company’s risk management.
Funa particularly pointed out the BPO industry, saying that it is one of the sectors in greatest need of cyber insurance protection, as it deals primarily with data. According to Michael F. Rellosa, executive director of Philippine Insurers and Reinsurers Association (PIRA), cyber insurance is a new kind of coverage that covers everything related to cyber crimes.
PIRA said cyber insurance has become a need, citing local and international surveys identifying cyber threats as a major concern for business owners. Funa, however, said that only a few companies are taking out cyber insurance policies.
Related news
- Insurers given guidelines on outsourcing by Philippines regulator · 1 Feb
- Philippine businesses are most optimistic in ASEAN · 4 Jul
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
