WTW has rolled out a new cyber insurance offering, CyCore Asia, tailored for businesses in Singapore and Hong Kong.
A recent WTW survey on Emerging and Interconnected Risks identified cyber concerns, including artificial intelligence (AI), as a leading priority for companies in Asia.
More than 25% of respondents ranked AI and cyber risks among their top five emerging threats. As businesses increasingly integrate technologies like generative AI, they face heightened exposure to complex and sophisticated cyber threats.
Luke Ware, head of corporate risk and broking for WTW in Asia, said that the misuse of AI and inadequate governance of these technologies are significant concerns.
“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,” he said.
Conor Keating, cyber growth leader for WTW Asia, highlighted the need for collaboration between IT security teams and insurers to navigate the challenges of a dynamic cyber risk landscape.
“As cyber threats continue to evolve, ongoing collaboration between IT security teams and the cyber insurance industry in Asia is imperative to ensure businesses can navigate the complex cyber risk landscape with greater confidence. 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,” he said.
CyCore Asia’s main features are:
Currently available in Singapore and Hong Kong, the CyCore Asia facility is set to expand to additional markets in the region later this year.