“ Today the biggest cyber threat to businesses is cyber extortion or ransomware . The exposure for your customers and as a business are significantly higher ”
LASITH LANSAKARA VICE PRESIDENT , CLIENT SOLUTIONS AND INNOVATION , HSB CANADA
“ From an insurer ’ s perspective , it ’ s allowed us to create new products and assess risks better . I think those changes in technology , and even an evolution in consumer habits , are shifting the nature of risk . So if you take cyber insurance for example , a couple of years ago a hacking incident would have meant business interruption for a couple of days . Today that has evolved , and now there is the risk of extortion due to stolen data .
“ It ’ s that evolution of the nature of risk that has created the need for these new products and requires insurers to be a bit more agile ,” he says .
The way that consumers transact has also changed – not just in terms of the
42 September 2023