WTW launches CyCore Asia
WTW launched a new cyber insurance facility, CyCore Asia, aimed at companies in Singapore and Hong Kong.
Underwritten by QBE Insurance Group and AXA XL, the solution is designed to address the evolving cyber security concerns of organizations by offering unique client benefits, alongside the primary insurance capacity of up to $15,000,000 or currency equivalent.
Key benefits of CyCore Asia include:
- WTW CyCore Asia wording: Built with industry expertise, CyCore Asia’s proprietary wording provides comprehensive general cyber coverage to help businesses minimize and manage risk effectively.
- Risk bursary: Paid by insurers (capped at $15,000), insureds can receive cyber risk management services provided by S-RM, a specialist cyber security consultant.
- Restore function: The option to secure continued coverage throughout the policy period, even after a claim, keeps businesses protected year-round. This is subjected to the insurer’s acceptance and suitability review.
“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. While organisations in Asia race to adopt new technologies such as generative AI, a basic understanding is needed of the immediate, mid-term and long-term implications of these technologies for their cyber-resilience posture. Simply having a cyber insurance policy in place does not guarantee protection from all cyber risks. Organisations need to also develop a deep understanding of policy details to ensure a smooth recovery.” – Luke Ware, Head of Corporate Risk & Broking, Asia, at WTW.
“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. Under this new facility, clients are given the ability to engage with leading cyber security consultants who can support with pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.” – Conor Keating, Cyber Growth Leader, Asia, at WTW.
