Nearly 30% of Ukrainian insurance market hit by recent cyber attack – LIOU

Nearly 30% of Ukrainian insurance market hit by recent cyber attack – LIOU

Around 30% of the Ukrainian insurance market has suffered from a recent cyber attack, director of the information policy department of the League of Insurance Organizations of Ukraine (LIOU) Iryna Denysova said at the conference devoted to comprehensive solutions for automation of enterprises organized by the Banker international financial club on July 19.

She said that over the vulnerability of the operation system the virus quickly spread and blocked operations of insurance companies.

“In these conditions information safety and data protection at insurance companies dominate. The League of Insurance Organizations of Ukraine is ready to inform league member insurers on the new comprehensive solutions for business allowing to solve and prevent these problems,” she said.

According to a press release of the LIOU, conference participants discussed best alternatives on the Ukrainian and western market in the sphere of automation of companies, banks, agricultural companies and the issues of business security in part of the introduction of new solutions. They discussed types and methods for assessing existing resources, hierarchy of risks, likelihood of threats and knowledge. They also discussed the problem of assessing the cost of data lost after the cyber attack on June 27, 2017, the cost of restoring this data and reputation risks linked to it.