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Firms with inadequate risk management protocols may find their cover reduced or withdrawn altogether, particularly in terms of ransomware risk
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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.
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