Cybercrime surge in Brazil calls for new insurance products
Insurers operating in Brazil are developing more products to deal with cybercrime, as the country increasingly becomes a target of cyberattacks, according to Marcio Coriolano (pictured), president of insurance confederation CNSeg.
"Brazilians lost around US$22bn due to cyberattacks last year and insurers are developing products to address this problem," Coriolano said on CNSeg Radio.
Brazil has emerged as a main target of cyberattacks amid growing use of the internet and mobile phones, facilitating financial transactions.
"Insurers can play a key role in this scenario, helping people and companies to prevent such crimes and also, if this is the case, to pay claims," said Coriolano.
The executive highlighted that Brazilian authorities and legislators are evaluating several measures to combat and punish cybercrime.
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