The relevance of cyber insurance is increasing as major companies around the world face huge Internet-based risks, says Doha Insurance Group president Bassam Hussein.
“Recently, a major European company’s IT system was attacked by cyber criminals. No matter how big or efficient your systems are, you can still be targeted by cyber criminals,” Hussein said in an interview with Gulf Times yesterday.
“Cyber insurance is fairly new. It has been around for only a few years now. But it is gradually gaining ground in view of increasing Internet-based risks,” Hussein pointed out.
Cyber insurance is used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
Asked how popular cyber insurance was in Qatar and the region as a whole, the DIG president said, “Young people are certainly aware of the risks involved. But many seem to think their IT systems and teams are good and can handle cyber threats. Probably they are. But as cyber criminals have done in many parts of the world, they can still penetrate into what many consider ‘highly secure’ systems. These can be very dangerous and often too costly.”
On the notion that cyber insurance is expensive, Hussein said, “Actually it is not. It is worth the investment if you take into account the losses that can be inflicted upon by cyber criminals.”
“Even if someone is not buying a cyber insurance cover, it makes sense to assess one’s systems and find out the vulnerabilities. Cyber insurance experts can certainly highlight issues involved in one’s IT systems,” Hussein pointed out.
He said DIG will certainly focus on capacity building in cyber insurance as it gradually gains ground in view of increasing Internet-based risks. With IT now driving the industry, the cyber risk exposure has also gone up.
On DIG’s performance in 2018, Hussein said, “We have done well by posting a nearly 43% increase in net profits and a substantial growth in written insurance premiums. We have also seen promising underwriting results in reinsurance including various liabilities, life and health insurance. We hope to maintain our performance this year as well.”
He thanked the Government, Qatar Central Bank and Doha Insurance board of directors who wholeheartedly supported the group, which helped it “maintain its strength and resilience” in overcoming the negative effects of the unjustified blockade on the country.
Bassam Hussein
