From distributed denial of service (DDoS) attacks on banks to phishing attacks affecting 80 per cent of businesses, it is clear that entities in the UAE are becoming a growing target for cybercriminals. This rise in cyber threats underscores the importance of incorporating cyber insurance into risk management strategies.
This would offer organizations financial protection against losses resulting from cyberattacks and data breaches. These losses can be substantial, particularly in sectors such as banking that handle significant volumes of sensitive data. In the event of a cyberattack, insurance can cover expenses related to investigation, data recovery, legal liability, and customer notification, among others.
Additionally, insurance policies often provide access to specialized cyber incident response teams, helping the organization recover swiftly and effectively.
A recent study revealed that 44 per cent of companies in the UAE that fell victim to at least one successful attack experienced direct financial losses. Over 72 per cent of organizations have suffered data loss due to internal actions. Given these stats, it’s clear that the…
