Market Trends of Sri Lanka Cyber (Liability) Insurance Industry
Economic Crisis in Sri Lanka is Affecting the Local Cyber-Security
The economic crisis is a double whammy for many banking, industrial, and telecommunications businesses because of poor revenues and depreciating currencies. Cybersecurity poses the prospect of becoming unaffordable for individuals whose security product licenses have expired or are about to do so. For the time being, cyber insurers must refrain from doing business in Sri Lanka. Although cyber insurance is a useful tool for transferring risk, other risk management factors also play a role in the current state of the Sri Lankan cyber market. The crisis has significantly impacted the ability of businesses to invest in cybersecurity.
Majority of Cyber-Attacks in Sri Lanka are Initiated From Outside the Country
Due to the economic downturn, opportunists are being active in Sri Lanka's infrastructure breaches, financial fraud, ransomware assaults, and phishing attacks. Government websites are more frequently the target of online vandalism in this nation. A study into such attacks shows that many were initiated from outside the nation's borders and carried out by individuals with hostile motives rather than organized groups. Small-time independent hackers are developing their abilities or testing their luck. Students or photography studios are frequently victims of ransomware in Sri Lanka. Phishing attacks are prevalent in the manufacturing, education, and healthcare industries.
