In honor of the Insurance Commission’s Insurance Consciousness Month, The Philippine Insurers and Reinsurers Association (PIRA), the Insurance Institute for Asia and the Pacific (IIAP), and the Philippine Insurers Club (PIC) organized a closing event on October 30, 2024, at the IIAP Function Hall.
As part of the celebration, Computer Professionals, Inc. (CPI), VSTECS Phils Inc., and Redrock IT Security collaborated with PIRA, IIAP, and PIC to host a session titled “Navigating Cybersecurity in Insurance.”
Expert Discussions on Cybersecurity and Cyber Insurance
The session featured four key segments, each tackling critical aspects of cybersecurity in the insurance sector:
- Safeguarding Organizations Against Cyber Threats – Justin Eric Rivera shared essential strategies for protecting cloud assets, empowering organizations to navigate digital transformation securely.
- Cyberattacks in the Philippines and Cybersecurity Best Practices – Raymond Nuñez provided insights into real-life cyber incidents, offering industry best practices and baseline cybersecurity measures to help mitigate risks.
- Cybersecurity Controls and Guidelines – CJ D. Villapando explored CIS Frameworks and Controls, emphasizing their role in strengthening security postures, identifying gaps, and ensuring effective defense strategies.
- Fireside Chat: The Future of Cybersecurity in Insurance – Industry leaders Carl Anthony Ventura, Michael Rellosa, Francis Papa, Sandy Reyes, Raymond Nuñez, and Justin Eric Rivera engaged in a dynamic discussion on the evolving cyber threat landscape, risk assessment challenges in underwriting cyber insurance, and the importance of regulatory compliance.
Fostering Collaboration and Innovation
The Fireside Chat underscored the growing complexity of cyber threats and the urgent need for the insurance industry to remain proactive. Panelists highlighted the importance of accurate risk assessment and regulatory compliance in developing effective cyber insurance policies.
Beyond discussions, the event also served as a platform for strengthening relationships between technology providers, insurers, and regulatory bodies. It reinforced the importance of collaborative efforts in fortifying cybersecurity defenses while unlocking new opportunities for cyber insurance solutions tailored for the digital era.
By bringing together key players in the industry, the “Cybersecurity in Insurance” discussion paved the way for stronger partnerships, enhanced security strategies, and a more resilient insurance sector in the face of evolving cyber risks.
