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 unauthorized entities to compromise and exploit data privacy. As such, last year, news highlighted that two local state-owned websites were hacked – this was after many other websites being hacked in a similar manner in the same month. And around the globe, 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 US$430 billion by 2027.
Although shifting towards online transactions is the sensible behavioural change in the new normal, it also exposes individuals as well as organisations to many vulnerabilities arising as a result of data breaches. Meanwhile, as remote work arrangements such as “Working from Home” has become a necessity for modern organisations, these work arrangements too, increases the vulnerability for an attack as most remote work environments may have lower security standards compared to a well secured office environment.
As such, there is an emerging need to examine and bridge the protection gap in terms of cyber security in day-to-day business operations in the new normal. In understanding this growing concern, Fairfirst Insurance launched Cyber Insurance and have already become the market leaders in this segment by insuring a number of leading financial as well as non-financial organisations as their clients. Cyber Insurance from Fairfirst, is designed to help not only large corporates but also the SME’s and even individuals. For Corporates and SME’s, 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 also covers legal liability claims arising from third parties to the insured due to a breach of privacy as a result of a cyber-attack.
Sanjay Siriwardena, Chief Sales Officer, Fairfirst Insurance mentioned, “The use of digital technologies in financial & 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. The successful delivery as well as the comprehensiveness of this product, has resulted in great demand and trust amongst many top brands across financial and non-financial industries at a rapid pace. And when focusing on the economy as a whole, I believe that Fairfirst Cyber Insurance provides the perfect safety net for corporates and individuals alike to thrive in the new normal whilst transforming their businesses and lifestyles.”
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.