Since its debut in 1989, the Internet has revolutionised commerce, communication, military actions, governance, healthcare, banking and the list just goes on and on and on. In fact, much of the modern world today is simple inconceivable without the Internet. This however, this so-called revolution, has not come without a price. The annual cost of cybercrime has now climbed to more than 1 trillion US dollars. And the cost was only half just a few years back. That rapid increase is only just the beginning. So with that in mind, we’re now seeing Cyber Insurance policies being offered, also referred to as a cyber risk insurance or cyber liability insurance coverage, to help organisation mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach. Does this even work and if so, how? To answer these questions, we speak to Paul Davis, Regional Chief Financial Officer for Allianz Global Corporate & Speciality.

<p>Since its debut in 1989, the Internet has revolutionised commerce, communication, military actions, governance, healthcare, banking and the list just goes on and on and on. In fact, much of the modern world today is simple inconceivable without the Internet. This however, this so-called revolution, has not come without a price. The annual cost of cybercrime has now climbed to more than 1 trillion US dollars. And the cost was only half just a few years back. That rapid increase is only just the beginning.&nbsp;So with that in mind, we&rsquo;re now seeing Cyber Insurance policies being offered, also referred to as a cyber risk insurance or cyber liability insurance coverage, to help organisation mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach. Does this even work and if so, how? To answer these questions, we speak to Paul Davis, Regional Chief Financial Officer for Allianz Global Corporate &amp; Speciality.</p>

The flagship entrepreneurship show on BFM, featuring personal business stories from early stage start-ups, all the way to billionaire octogenarians in Malaysia and abroad. Notable guests include Martin Cooper (father of the mobile phone), Julian Assange (founder of WikiLeaks), Ralph Henry Baer (father of video games), Tony Buzan (Mindmap Guru), Isaac Tigrett (Hard Rock Cafe founder), Robert Kiyosaki (Financial Guru), Nick Vujicic (motivational speaker) and more. Tap into this valuable resource of shared experiences for the SME industry, which also touches on news, issues and trends affecting the business community and beyond.

Open For Business

The essential toolkit for business, all in one place: from learning what to do and what not to do to the intricacies of keeping it all humming together nicely. Freda Liu, Jeff Sandhu, Audrey Raj, Richard Bradbury, Arvindh Yuvaraj and Christine Wong meld management with tech to keep you ahead of the trends that might vault productivity to another level.

Advertisement