Cyber Risk in the Maldives:  An Industry Perspective by Trust Edge Risk Solutions - MATI

Digital systems are now at the core of almost every organization in the Maldives from finance and logistics to healthcare, education, retail, and tourism. Daily operations rely on online payments, cloud platforms, email communication, and stored customer data. While this digital dependence increases efficiency, it also exposes organizations to cyber threats such as ransomware, phishing, data breaches, and payment fraud.

Many organizations still underestimate cyber risk or assume that basic IT security is enough. In reality, even strong cybersecurity measures cannot prevent all attacks, nor do they address the financial, legal, and reputational impact that follows a cyber incident.

Cyber insurance provides essential support when a breach occurs. Coverage typically includes investigation and recovery of cybercrime, system and data restoration, business interruption losses, cyber extortion, notification costs, and reputation management. It also offers protection against third-party claims, including legal defense costs, damages, and regulatory investigations.

As cyber incidents continue to rise globally, Maldivian organizations must view cyber insurance as a critical part of modern risk management, not as a replacement for cybersecurity, but as a necessary layer of resilience to ensure business continuity and long-term stability.

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