WTW has launched CyCore Asia, a new cyber insurance facility for companies in Singapore and Hong Kong, with plans to expand to other Asian markets later this year.
The facility, underwritten by QBE Insurance Group and AXA XL, offers an insurance capacity of up to US$15 million, and provides access to cybersecurity consultants for pre-loss services and assessments.
Key features of CyCore Asia include comprehensive proprietary wording, a risk bursary for cyber risk services, and the restore function for uninterrupted coverage.
Luke Ware, head of Corporate Risk & Broking, Asia, at WTW, comments: “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.”
Conor Keating, cyber growth leader, Asia, at WTW, adds: “CyCore Asia 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 pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.”
