Cyber liability insurance to grow

MARSH Singapore, the largest insurance broker by market share here, expects demand for cyber liability insurance to grow as companies become more concerned over reputational damage from a cyber attack.

A survey it conducted showed that significantly more companies (65 per cent) this year said reputational damage was their top concern following a cyber attack or data breach, compared to last year (44 per cent).

In spite of this, the take-up of cyber liability insurance has been gradual, said Iris Teo, CEO of Marsh Singapore, in an interview with The Business Times.