Last week, Allianz Commercial Asia had the pleasure of being part of the PARIMA Taipei Risk Management Conference. Horace Gon, FRM, Head of Financial Lines, Hong Kong & Greater China was a panelist in the - Integrating Cyber Security and Cyber Insurance into Your Risk Strategy session which highlighted the urgent need to view cybersecurity as an enterprise-wide issue, requiring collaboration from all departments, including the board and business leaders. Here are some key takeaways: 🔑 Cyber insurance is actually a risk transfer approach that complements risk mitigation measures. Insurance products now often include pre-breach service and other tools that can help a company in proactively addressing their risks. As a risk transfer tool, insurance comes as an addition to cyber mitigation measures and should be considered as an added value in a holistic risk management approach. 🔑 AI-driven attacks make new threat scenarios possible. Fortunately, insurers are in the front line of what’s happening and can counsel companies on how to adapt their position to new risks arising from AI attacks. Training sessions with cybersecurity forensics and pre-breach advice are key elements that insurers offer today. 🔑 Evolving cyber threats and increasing regulatory changes surrounding data breaches and privacy make navigating cyber exposure more complex than ever for risk managers. Partnering with insurers who can adapt their strategies for effective cyber risk management should be considered a critical business function. Find out more - https://lnkd.in/g9Rh_WjW #PARIMA2024 #PARIMATaipei2024Conference #RiskManagement #RiskCommunity #Asia
