The growth of the cyber insurance sector has created a market for related services such as cyber forensics and ethical hacking, with Singapore acting as an industry hub.
Anup Dhingra, senior vice president for financial and professional liability at Marsh, said that there is a growth in demand for cyber security and forensics services as these are required after cyber insurance policyholders make a claim. These firms usually engage the services of ethical hackers in order to test security protocols and point out possible weak points where breaches might occur.
“80% of these forensics are usually outsourced as per the requirement,” Dhingra told the Economic Times, adding that Singapore is the preferred location of such firms.
“When a company pay millions, they expect the best talent to review it who understands the nitty-gritties of such an instance.”
Bryce Boland, Asia-Pacific chief technology officer of cyber security firm FireEye, said that his company assists clients in several areas such as risk underwriting, investigation, and forensics.
“The US is, at the moment, leading in this sector but Asia-Pacific contributes a major share as well,” Boland said.
Meanwhile, Saket Modi, CEO and co-founder of India-based cyber security company Lucideus, predicted that, in the next three years, cyber insurance will become mandatory for corporations across various sectors, further fuelling the growth of cyber forensics.