As per the news reported on 30 May, two local state-owned websites were hacked. This was after five other websites were hacked in a similar manner within the same month. Worldwide the number of hacking and cyber-attacks has jumped. As reported by the Insurance Business Asia Magazine, the Cybersecurity market is to be worth in excess of $ 430 billion by 2027.
Thus, while the digital transformation of our financial, economic and even social and education activities has created significant opportunities for innovation, convenience and efficiency, it is also exposing us to new risks including unauthorised entities to compromise and exploit data privacy.
Fairfirst Insurance is the market leader in cyber-insurance. They launched this product last year and already have some leading banks and financial institutions as their client. This cyber-insurance from Fairfirst, is designed to help not only large corporates but also the SME’s and even individuals. For corporates and SMEs, Fairfirst insurance covers losses that would range from network security breaches, loss of privacy, indemnification from lawsuits related to data breaches and even business interruption losses following a cyber-attack.
This insurance not only covers the insured but also third parties by offsetting costs involved with the recovery of cyber losses. For the individual, Fairfirst insurance covers losses including unauthorised entities compromising individual funds to perform fraudulent transactions or gaining of illegal access to personal devices to steal data.
General Manager Underwriting, Portfolio and Reinsurance Priyantha Perera stated, “The use of digital technologies in financial and economic activities creates significant benefits in terms of convenience, productivity and efficiency but also leads to significant risks. In order to address these digital security risks, we provide a comprehensive suite of insurance solutions that offer a range of covers to individuals and corporate entities across this beautiful island.”
Among the top General Insurance companies of Sri Lanka, Fairfirst serves individuals, businesses and institutions across this beautiful island through a versatile workforce spread across a comprehensive branch network, affinity partners and leading brokers in the market. Fairfirst Insurance is also part of the Canadian based Fairfax Group. Fairfax, through its subsidiaries, has an international insurance and reinsurance business with a global underwriting reach, longstanding relationships and a broad product range. Fairfax has a strong foothold in the growing insurance and reinsurance markets of Southeast Asia, Eastern Europe, the Middle East, and Brazil.