Cybersecurity Concerns in Asia: A New Era of Protection
The cybersecurity landscape in Asia is evolving rapidly, and businesses are facing unprecedented threats. In response, global broking and advisory firm Willis Towers Watson (WTW) has launched CyCore Asia, a cutting-edge cyber insurance facility designed to address the growing concerns of companies in Singapore and Hong Kong.
A Comprehensive Solution
Underwritten by QBE Insurance Group and AXA XL, CyCore Asia offers primary insurance capacity of up to $15 million (S$20.59 million), providing businesses with a robust shield against cyber threats. This innovative facility is built on proprietary wording developed with industry expertise, ensuring that clients receive comprehensive coverage tailored to their needs.
The Rise of AI-Powered Threats
According to WTW’s Emerging and Interconnected Risk survey, technology and cyber risks are top concerns for businesses in Asia. The increasing complexity and scale of cyber threats, fueled by artificial intelligence (AI), are driving change in the industry. As AI-powered attacks become more sophisticated, businesses must adapt to stay ahead of the curve.
Expert Support and Risk Management
CyCore Asia goes beyond traditional insurance coverage by offering a risk bursary, capped at $15,000, allowing insured businesses to access cyber risk management services from S-RM, a leading specialist in cyber security consultancy. This collaborative approach enables companies to proactively address vulnerabilities and strengthen their defenses.
Seamless Coverage and Restoration
The facility’s restore function ensures that companies can secure coverage throughout the policy period, even after a claim, subject to the insurer’s acceptance and suitability review. This feature provides businesses with uninterrupted protection, giving them the confidence to navigate the complex cyber risk landscape.
Regional Expansion and Industry Impact
Initially available to various industries in Hong Kong and Singapore, CyCore Asia is poised to expand to other Asian markets later in the year. This strategic move is expected to have a significant impact on the region’s cybersecurity landscape, as businesses gain access to innovative solutions and expertise.
Industry Leaders Weigh In
Conor Keating, WTW’s cyber growth leader of Asia, emphasized the importance of collaboration between IT security teams and the cyber insurance industry in Asia. “By launching CyCore Asia, we’re providing businesses with wider policy benefits that are not typically available on an open market basis. This facility enables clients to engage with leading cyber security consultants, supporting them with pre-loss services and assessments,” Keating said.
WTW’s Commitment to Innovation
In December 2024, WTW enhanced its RiskAgility Financial Modeller (RiskAgility FM) with AI capabilities, demonstrating its commitment to driving innovation in the industry. This move underscores the company’s dedication to staying at the forefront of cybersecurity and risk management solutions.
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