WTW launches new cyber facility in Singapore and Hong Kong

WTW has launched CyCore Asia, a new primary cyber insurance solution for businesses in Singapore and Hong. The broker said that it will offer the facility to wider Asian markets later this year. CyCore Asia is underwritten by QBE Insurance Group and AXA XL. The broker said that the solution is designed to address the evolving cybersecurity concerns of organisations by offering unique client benefits, alongside the primary insurance capacity of up to $15m or currency equivalent. According to the latest WTW Emerging and Interconnected Risk survey, technology dominated the emerging risks agenda for companies in Asia and globally. While these concerns are impacting businesses in the short to medium term, organisations are also seeing cyber risks as the greatest driver of change expected in the next ten years, said the broker. WTW says that Artificial intelligence (AI) in particular is amplifying the scale and sophistication of cyber threats, and was a top-ranking concern among key executives in surveyed organisations across Asia. More than a quarter of companies that took part in the survey ranked AI, jointly with cyber, as a top five emerging risk. Luke Ware, head of corporate risk & broking, Asia, at WTW commented: “The advancement of cyber threats from the use of AI and poorly developed or inadequately governed AI solutions were major concerns of companies. The expanding use of AI for malicious purposes could lead to an increase in the frequency and severity of cyber incidents. “While organisations in Asia race to adopt new technologies such as generative AI, a basic understanding is needed of the immediate, mid-term and long-term implications of these technologies for their cyber-resilience posture. Simply having a cyber insurance policy in place does not guarantee protection from all cyber risks. Organisations need to also develop a deep understanding of policy details to ensure a smooth recovery.” Conor Keating, cyber growth leader, Asia, at WTW added: “As cyber threats continue to evolve, ongoing collaboration between IT security teams and the cyber insurance industry in Asia is imperative to ensure businesses can navigate the complex cyber risk landscape with greater confidence. It is for this reason that we have decided to launch CyCore Asia, which offers businesses in Singapore and Hong Kong wider policy benefits that are not typically available on an open market basis. Under this new facility, clients are given the ability to engage with leading cybersecurity consultants who can support with pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.” WTW said that the CyCore Asia wording has been built with industry expertise. The proprietary wording provides comprehensive general cyber coverage to help businesses minimise and manage risk effectively, said the broker. It includes a risk bursary that is paid by insurers capped at $15,000. Through this, insureds can receive cyber risk management services provided by S-RM, a specialist cyber security consultant. The facility also includes a restore function. The option to secure continued coverage throughout the policy period, even after a claim, keeps businesses protected year-round. This is subjected to the insurer’s acceptance and suitability review, explained WTW. “As companies in Asia increase their reliance on new technologies to generate growth and automate production, business processes are opening up new threats and vulnerabilities. Companies must prepare for the next inevitable outage as cyber risks evolve. With insurance coverage, proactive risk management and a clear recovery plan, organisations can navigate outages with minimal disruptions and emerge more resilient to meet their critical operational requirements,” said Keating. “CyCore Asia is available for companies across industries in Hong Kong and Singapore in the first stage of its launch. The insurance facility will be expanded to other Asian markets in the latter part of the year,” concluded WTW.

WTW launches new cyber facility in Singapore and Hong Kong

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