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Union Insurance holds cyber risk insurance conference

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Union Insurance Company has held the first educational seminar in the UAE on insurance for cyber risks.

Highlighting the threats of the widespread cybercrimes and the associated financial losses, the seminar brought together world renowned reinsurers and distinguished experts to raise awareness of the different types, frequency and sophistication of cyber exposures.

“In the current business digital transformation era, organizations become more vulnerable to cyberattacks that pose risk to their financial stability,” said Abdul Muttaleb Al Jaedi, Managing Director & Chief Executive Officer, Union Insurance Company. “We aim through this seminar to stress on the importance of achieving cyber resilience.”

The seminar addressed the three types of cyber coverage ; damage to digital assets, business interruption and liability towards third parties including remediation cost incurred by the company; and it also covered various regional and global claims.

“The seminar provides an open platform for exchanging knowledge and sharing best practices for developing a cyber risk management strategy that protects cyber assets and critical data,” said Usman Khadmi, President of General Insurance, Union Insurance Company. “With the nature of cybercrimes changing by the day, organisations need to ensure that their assets are protected from all threats throughout the entire life cycle of a cyberattack.”

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