Cy­ber Risks: An in­surance per­spec­tive

Both so­cially and in busi­ness, we are in­creas­ingly us­ing IT sys­tems to in­ter­act with one an­other and to buy things.

Insurance - - CONTENTS -

So­cially and pro­fes­sion­ally, we are in­creas­ingly us­ing mo­bile in­ter­net de­vices and IT sys­tems to in­ter­act with one an­other. Jil­lian Raw points out how ex­posed we are to cy­ber risks and how in­sur­ers can step in to pro­vide some form of pro­tec­tion to in­di­vid­u­als and cor­po­ra­tions.

The rapid devel­op­ment and grow­ing range of mo­bile in­ter­net de­vices – from smart­phones to tablets – has fur­ther in­creased our use of on­line sys­tems. Although the in­ter­net with its in­cred­i­ble con­nec­tive power has cre­ated op­por­tu­nity on a vast scale, there is a darker side to cy­berspace. The va­ri­ety and so­phis­ti­ca­tion of cy­ber risks have in­creased to such an ex­tent that, in 2011, the World Eco­nomic Fo­rum named cy­ber at­tacks as one of the top five threats fac­ing the world.

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