Source: PIAM, 24 July 2019
Persatuan Insurans Am Malaysia (PIAM) successfully organised its General Insurance Knowledge Seminar (GIKS) at Aloft Kuala Lumpur Sentral on 24 July 2019. With the theme “Cyber Risks”, this seminar was attended by 137 participants from the financial services industry in Malaysia.
PIAM Convenor of Fire, Marine & Engineering Sub-Committee, Mr. Kong Shu Yin, in his opening speech emphasized that due to our dependence on Internet of Things (IoT), we are inadvertently exposed to the various cyber risks in the cyber space. When cyber-attack happens, it leads to extra works and costs for everyone. “Insuring against cyber risks can be a complex and expensive business, yet it is a necessary step to take.” he said.
The first session was a presentation by Mr. Devakumaran Palnisamy from Marsh Insurance Brokers (Malaysia) Sdn Bhd entitled “Cyber Security Insurance Solutions”. He shared an overview of cyber risks, the solutions and proven approaches that were undertaken by Marsh, as well as some useful policies’ terms and conditions. Some interesting case studies were also discussed.
Mr. James Ong of Sedgwick Singapore Pte Ltd then took to the stage to speak on “Cyber Claims”. He explained the various types of cyber-attacks and shared Sedgwick’s claims experience as well as some case studies.
The next topic was “Cyber Risk – Implications for the Insurance Industry” by Mr. Lee Han Ther from KPMG PLT. Participants learned about some of the world’s biggest cases on cyber-attacks and the impact they left behind.
The last session was by Mr. Sivanathan Subramaniam from Bank Negara Malaysia (BNM) who focused on “Cyber Risk Landscape, Cyber Threat Intelligence and fostering Inter-Agency Information Sharing”. He provided insights into cyber-risks, the modus operandi called Advance Persistent Threat (APT) and the importance of building cybersecurity in any organisation. Participants felt the seminar was beneficial and rewarding as they gained more information and knowledge on Cyber Risks.