Singapore to establish US$1 billion cyber risk poolOctober 30 2018 by InsuranceAsia News Staff
Singapore’s finance minister Heng Swee Keat said the country is helping set-up the world’s first commercial cyber risk pool.
The pool will commit up to US$1 billion in capacity, and bring together both traditional insurance and insurance-linked securities markets to provide bespoke cyber coverage.
Speaking at the 15th Singapore International Reinsurance Conference on 29 October, Heng said there had been a healthy amount of interest in the scheme: “20 insurance firms have indicated their interest to participate in this pool, which would allow corporates in Aseans and Asia to be protected against cyber-related losses.”
Cybercrime was estimated to cost the global economy about US$3 trillion in 2015, a figure that is expected to double by 2021.
Heng said hackers are 80% more likely to target organisations in the region, yet 60% of Asian companies don’t have sufficient monitoring systems.
- February 8
Governments in the region need to step up their efforts to encourage mitigation and make cyber risks more insurable.
- January 22
Exploring the cyber security of an interconnected world full of billions of digital devices.
- January 18
Cyber insurance remains a tough sell among small and medium enterprises in Asia.
- January 17
Connected economies are leading to a more complex risk environment according to Allianz's Risk Barometer.