Cyber insurance - de rigueur but poorly understood

IN TODAY'S digital age, cyber threats are very real business risks that companies must actively manage to minimise potential exposure and long-term damage.

Despite the growing digital risks however, businesses in Singapore are still underinsured. When it comes to obtaining cyber protection, most don't know where to begin, and evolving risks are difficult to understand and mitigate.

A cyberattack will give rise to a wide range of risks, which insurers categorise broadly into two types of exposures: first-party and third-party exposures. Understanding the difference between the two is crucial to adequately protecting a business.