While cyber insurance is increasingly seen as a must-buy for businesses, individuals are also greatly exposed to cyber risks, as the internet is now a major part of life for most people.
As a result, Etiqa Insurance Singapore has launched a personal cyber insurance offering that addresses online risks for individuals and families, with a maximum coverage of SG$25,000 for four main cyber threats: namely cyber fraud, cyber extortion, restoration costs, and identity theft.
The product provides protection against financial losses caused by cyber fraud, compensation for the extortion payment in the event of cyber extortion, reimbursement for restoration costs in the event of a cyber security breach, and protection against financial losses incurred due to identity theft.
According to Etiqa, the product comes at the right time, amid growing concerns on interconnectivity risks as Singapore embarks on its Smart Nation vision. It has received a positive reception since its soft launch, where the cyber protection plan was introduced as a supplement to its Tiq Home Insurance product. And now, the insurer has extended this online risk solution as a stand-alone product.
A report from the Cyber Security Agency of Singapore detailed approximately 1,960 cases of e-commerce scams, amounting to a loss of SG$1.4million, typically from making payment for online purchases that were not delivered to buyers.
“There is increasing awareness on cyber risks, but many are still unaware of the extent of vulnerability when one is connected to the internet,” said Sue Chi Kong, CEO of Etiqa Insurance Singapore. “Technology has brought us forward, but it comes with risks that we must manage with care. Etiqa understands these risks and aims to provide individuals protection and assurance in the event of a cyber breach or attack without compromising on the lifestyle and convenience they have been accustomed to.”
The personal cyber insurance product has an annual premium of SG$80.25 as a stand-alone policy, while it costs SG$53.50 as an add-on to Tiq Home Insurance.
“By extending a comprehensive cyber protection plan to individuals and households at an affordable rate, we hope that more people will be conscious and receptive toward personal cyber security,” Sue added.