According to recent posts on social media, the Hungarian lowcost airline WizzAir indicates a possible data breach. In the past few hours WizzAir’s customers got an email letter warning them about the issues they are facing and calling them to get higher safety on their account.
Wizzair operates in Eastern European countries where unlike US Visa and Mastercard do not provide travel insurance if you purchase using them. So a common practice is to purchase a travel insurance policy for each trip.
In almost most all cases in Eastern Europe, travel insurance policies don’t include cyber insurance coverages.
The airline insurance policies would most likely have cyber insurance policies though but it is covering the company not the end-users.
Basically cyber insurance nowadays is a necessary and should be taken very seriously.
Lot of the companies don’t realize the enormous risks they’re facing by not getting a cyber insurance policy.
According to SwissRe report cyber risks will top the catastrophic envoromental risks by 2020.
Cyber insurance is a very fast growing market but the insurance simply does not catch up with the even faster increasing treaths.
Recently cyber reinsurance is experiencing a growth that seems hopeful. With the growth of the reinsurance market we can definitely hope that the cyber insurance industry will adapt with the modern world and offer stronger policies. What is the question essntially is should most insurance policies have cyber insurance coverage in the digital age?
We as users constantly provide companies with our personal data, but do we ever check the protection that they provide for our personal information? The digital era is becoming a bigger risk for our personal information with every minute passing. The safety of our data is seriously in danger and companies’ duty is to provide the appropriate protection before they start losing customers because of low safety.
Insurtech entrepreneur. Founder and CEO of systemsforenterprie.com
Experienced Business Developer with a demonstrated history in the insurance software industry. Serial architect of great teams and amazing team dynamics. Generalist with strong skills in: management, business planning, project management, behavioral economics, marketing strategy, training and public speaking. Master focused in Product Life-cycle Management. Digital transformation evangelist.