According to the Allianz Risk Barometer for 2022, the most important business risks, globally, is topped by Cyber Risk at 44%, as opposed to business interruption (42%), natural disasters (25%), and even pandemics (22%), with the cybersecurity market expected to grow to nearly US$250bn in 2023 (Ref: Statista).
On its 22nd year, PhilPacific Insurance Brokers & Managers, Inc. (Philinsure), is moving more and more towards emerging markets that showcase a real need for protection and risk management through financial support. This includes a total approach to cybersecurity insurance to its clients, with the help of its partner insurers, and through an ecosystem approach. CyberSecure by Philinsure is being launched this August with technology and e-commerce platform partner discovermarket from Singapore & Switzterland, and cybersecurity solutions partner, Athesya, from Paris, France.“
“The Philippines is a melting pot for business where 70% of BPOs in the world is located here, employing some 1.3 million Filipinos. Our own government has stepped up regulation in the past year alone with so many incentives to drive foreign direct investments into the country as well. Though spurred initially by COVID-19, our supply chain sector, the government, healthcare, professional services, and other industries, have had to quickly pivot and accelerate digitalization across operations. This means we have an explosion of data online which needs protection and that we have systems that are amidst pivoting and development that, if breached by attackers, can be costly, not just from a financial perspective, but from a social, economic, and even political perspective.” Philinsure Executive Director and SVP Jaybee Baranda indicated that the costs were quite alarming and with the clamor of corporations for better financial support in the event of a cyberattack, CyberSecure was developed. Regardless of company size, cyberattacks average about USD$200,000 according to Group CEO and Founder of discovermarket Patrick Bühler. “As creating technology driven ecosystems is the core element of our business model, discovermarket is happy to be part of this effort to create a marketplace for cyber insurance that is easy and plug-and-play.” Bühler mentioned that the automated price bucketing that happens via CyberSecure makes it easy for customers to input their corporate information safely, easily, and get a quote within minutes. “We also bring in the ability to have real-time scanning of current and potential cyber risks of companies that go on the platform as well as provide support to insurer partners of Philinsure in the event that a cyber insurance claim needs to be assessed.” Philippe Pedron, President and Founder of Athesya, further indicated.
“I’m happy to say that, with partners such as discovermarket and Athesya, and our insurer partners, we have created a milestone online marketplace that showcases Philinsure’s commitment to innovate for its customers and respond to their preferred price points, need for better coverage, cybersecurity and cyber threat prevention support.” Baranda further indicated that CyberSecure by Philinsure is a total approach to providing corporations, large, small or medium-sized, to finding the best solution for their cyber security needs and is unlike other product-focused platforms available.
Philinsure is one of the top five brokers in the country and is Gallagher’s Philippine representative – Gallagher, number 3 insurance broker in the world, and the only broker granted the distinction by Ethisphere as one of the World’s Most Ethical Companies for 11 years in a row since 2012.