NTU launches project to enhance cyber security
Singapore
AMID escalating cyber incidents worldwide, Nanyang Technological University (NTU) has collaborated with industry players to launch the Cyber Risk Management (CyRiM) Project in an effort to enhance the nation's cyber security.
The three-year-long initiative, which was launched on Sunday, is aimed at helping businesses and institutions defend themselves against cyber attacks, and will facilitate new areas of research in cyber risk, security and insurance, and recommend policies to the Singapore government on advanced cyber risk protection and prevention.
Shaun Wang, director of the Insurance Risk and Finance Research Centre that is steering the project, said: "Cyber risk is a global issue that has continued to magnify in scope, impact and diversity and is perpetrated by terrorism, hacktivism, cyber espionage and organised crime."
According to NTU, as the lack of cyber security knowledge puts Singapore and Asian companies at risk, the project will help enhance underwriting expertise to help bridge the market gap between buyers and sellers.
The university also added that corporations and consumers will benefit from more affordable and effective cyber insurance products, and the project will encourage insurers and risk managers to jointly develop innovative solutions and tools, such as testbeds, to address the complexities of cyber risks.
Looking forward, Ravi Kumar, Dean of NTU's Nanyang Business School, said: "The CyRiM Project is in a unique position to spearhead Singapore's growth as a leading centre of excellence on cyber risk. It can also act as a catalyst to grow the cyber risk insurance market by promoting both the demand and supply of insurance coverage."
In anticipation of a growing and evolving insurance industry, the business school has also launched a new Risk Management and Insurance major, where incoming undergradutes will be trained with skills and in-depth knowledge to tackle cyber security challenges.
The CyRiM project is jointly supported by the Monetary Authority of Singapore, Cyber Security Agency of Singapore (CAS) and five industry partners, namely, Aon Centre for Innovation and Analytics (ACIA), Lloyd's, MSIG Insurance, SCOR and TransRe.
