Insurers tighten cyber cover terms, raise premiums amid cyber attacks
Firms with inadequate risk management protocols may find their cover reduced or withdrawn altogether, particularly in terms of ransomware risk
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
THE onslaught of cyber attacks, as Covid-19 intensified digitalisation and offices embraced remote working, is taking a toll on the cyber insurance market.
According to sources, insurers are tightening capacity for cyber cover in Singapore and the rest of Asia, in line with the global trend. Companies will have to brace for significantly higher premiums - as much 50 per cent more - and tighter underwriting requirements.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
