THERE’S a ghost in your machine; and it’s far from Gilbert Ryle’s interpretation of Descartes’s work. However, there’s nothing philosophical about cyber threats as these are costing businesses billions.
Indeed, according to a report
by Microsoft Philippines last year, the potential cost of cyber threats would
hit about $3.5 billion annually.
The Insurance Commission (IC)
even emphasized that a breach in data privacy and cyber security poses real
risks for insurers and their policyholders, which is why the IC encourages
businesses to be covered by cyber insurance.
“Looking out for data privacy
infringement and cyber-attacks should both be part of a company’s risk
management,” Insurance Commissioner Dennis B. Funa said. “The threats of
privacy breach and cyber-attacks are all too real.”
Funa cited the
business-process outsourcing (BPO) industry as an example.
“The BPO sector is one
industry with greatest need for cyber insurance protection as it deals
primarily with data,” he added. “[However,] there is, as of now, a low take-up
of cyber insurance policies.”
Bangladesh, costs
Citing data, Funa pointed out that malware—or…
