Singapore announced the launch of the world’s first commercial cyber risk pool, a facility for providing cyber insurance to corporate buyers, as cyber attacks become more pervasive.
The pool, which will allow companies in Asean and Asia to be protected against cyber-related losses, was created with the Singapore Reinsurers’ Association and cyber specialist Peter Hacker, Minister of Finance Heng Swee Keat announced at the 15th Singapore International Reinsurance Conference on 29 October.
“On the insurance front, insurance coverage of cyber risks remains very low globally, due to a lack of historical data and intelligence to support risk assessment, underwriting and pricing,” said Heng. The minister also announced the setting up of the Global-Asia Insurance Partnership, a platform to bring together global insurance industry regulators and academia, to collaborate in risk management and insurance.
The Asean region’s growing strategic relevance and expanding digitalisation make it a prime target for cyberattacks, according to a report by ATKearney. Cyber resilience is generally low in these countries, which have varying levels of cyber readiness, it said. The top 1,000 Asean…
