OCT - DEC 2021TELECOM BUSINESS REVIEW8With digital platform convergence trends accelerating, business enterprises and the insurance industry have become increasingly proficient at identifying, mitigating, and transferring digital risks, including risks related to data protection and privacy issues. Telecommunication companies are early adopters of digital platform convergence, and the industry must remain vigilant to new risks that will continue to emerge with the growth of digital technology and e-commerce.Insurance covering property, professional liability, errors &omissions (E&O), and other conventional exposures has proven flexible enough to accommodate certain digital risks. As new risks surface, coverages have also developed to include non-damage business interruption and cyber incidents. However, insurance coverage gaps remain, and these gaps may grow as digital platforms become more intertwined and complex.Medical and healthcareIn recent years, the advancement in computing and telecommunications technology has led to the growth of a new wave of global digital health innovations. One key transformation in this instance is the growth of telemedicine when patients and doctors are geographically apart. With the arrival of the Internet and 4G/5G network provided by telecommunications companies, advances in telemedicine now include features such as audio and video consultation, real-time accessibility to medical records, and in the future, possibly Augmented Reality.The current COVID-19crisis has accelerated the growth of telemedicine in the Asia Pacific, according to a healthcare survey by Bain & Company. It is gaining further interest among beleaguered physicians and other medical professionals to discourage patients and others from further crowding medical facilities. In some Asian countries where full coverage of essential health services could not be extended to every community, telemedicine can help bring basic healthcare to rural communities and low resource regions.Telemedicine is a game-changer, but the promise is not without risk. Cybersecurity is a huge concern in healthcare, and telemedicine is no exception. Complex circumstances add challenges to risk managers and insurers alike in determining the liabilities of respective parties in the supply chain, including professional liability and cyber liability.Disruption to financial servicesDigital platform convergence is also showing up in other industries, ranging from banking to driverless cars. Potential disruption to the financial system seems highly likely as consumers in many countries, particularly in Africa and Asia, turn to their smartphones instead of walking into bank branches or drawing cash from an automated teller.HOW THE CONVERGE OF DIGITAL PLATFORMS IS REDEFINING RISKSLay See Ong, Divisional Director­TMT Asia, Corporate Risk & Broking, Willis Towers WatsonByIN MY OPINION
< Page 7 | Page 9 >