Only 10% of Asian firms prepared for cyberattacks

July 25 2017 by InsuranceAsia News Staff

Businesses in Asia are ill-equipped against, and not covered for cyber attacks, a survey by QBE showed.

Only one in 10 firms in Hong Kong and three other Asian markets turned out to have a cover against losses arising from cyber attacks.

Those without insurance cover cited the high costs and complexity of the product.

But Marcelo Teixeira, global head of bancassurance for QBE, is positive that this trend will change in the coming years after a spate of high-profile hacking attacks on computers that saw many companies at the losing end.

QBE polled 1,200 executives in four markets, including Hong Kong, Malaysia, Singapore and Indonesia between March and May.

The results showed that 95% have bought general insurance products, but only for traditional risks like damages on property or fire.

Just 10% said they have purchased liability insurance cover for losses from business interruption or loss of customers’ data due to cyberattacks.