In the modern world it is a simple fact of life that, no matter how well protected, a computer network or company Information Technology system will eventually be compromised at some point during its existence.

With the range of global regulations being drafted in countries worldwide specifically to address the issues posed by cyber-risks, the losses a company will face in the aftermath of a cyber-incident can be extreme – merely due to the extensive reporting requirements mandated by local governments! This does not even factor the reputational risks of having a “secure” network exposed, or the data-privacy and liability concerns presented to the end-using customer in the wake of a systems breach.

With traditional business insurance products not catering to new IT and technology developments, and change occurring ever faster in the digital sphere, the potential for a catastrophic loss resulting from a digital risk is very real.

From Online Retailers (or brick-and-mortar retailers with an online presence), Financial institutions, NGO’s, and Manufacturers, through to Entertainment organizations and F&B companies and IT providers, any company which uses the internet or computers to conduct business (in any way, shape, or form) is at risk for a Cyber-Incident. As such, CCW Global recommends that all Hong Kong companies strongly consider the purchase of a Cyber Insurance policy.