WTW launches cyber insurance facility in Singapore, Hong Kong

AI was ranked amongst the top five emerging risks in Asia.

Advisory, broking, and solutions firm, WTW, introduced CyCore Asia, a new cyber insurance facility targeting businesses in Singapore and Hong Kong. 

Underwritten by QBE Insurance Group and AXA XL, CyCore Asia offers primary insurance coverage of up to US$15m (S$20.58m; HK$7.78m)  or currency equivalent, alongside additional client-focused benefits.  

The launch comes as WTW’s latest Emerging and Interconnected Risk Survey highlights technology as the top emerging risk for companies in Asia. 

Cyber risks, particularly those amplified by artificial intelligence (AI), are seen as the primary driver of change over the next decade. 

“The advancement of cyber threats from the use of AI and poorly developed or inadequately governed AI solutions were major concerns of companies. The expanding use of AI for malicious purposes could lead to an increase in the frequency and severity of cyber incidents,” Luke Ware, head of Corporate Risk & Broking, Asia, at WTW, said in a statement.

AI was ranked amongst the top five emerging risks by more than 25% of surveyed companies in Asia, with concerns about its potential use for malicious purposes and poorly governed AI solutions increasing the frequency and severity of cyber incidents.  

CyCore Asia is initially available to companies in Singapore and Hong Kong across various industries, with plans to expand to other Asian markets later this year.  

Conor Keating, Cyber Growth leader, Asia, at WTW, emphasised the importance of collaboration amongst IT security teams and the cyber insurance industry.

“It is for this reason that we have decided to launch CyCore Asia, which offers businesses in Singapore and Hong Kong wider policy benefits that are not typically available on an open market basis,” Keating added.