SINGAPORE, January 13, 2025 — WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today launched a new cyber insurance facility, CyCore Asia, aimed at companies in Singapore and Hong Kong. Underwritten by QBE Insurance Group and AXA XL, the solution is designed to address the evolving cyber security concerns of organisations by offering unique client benefits, alongside the primary insurance capacity of up to USD15,000,000 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. Whilst 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 10 years. 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 ranked AI, jointly with cyber, as a top five emerging risk.
“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.”
Luke Ware | Head of Corporate Risk & Broking, Asia WTW
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.”
“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.”
Conor Keating | Cyber Growth Leader, Asia WTW
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 cyber security consultants who can support with pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.”
Key benefits of CyCore Asia include:
“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 Conor.
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.
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