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WTW introduced CyCore Asia, a cyber insurance facility in Singapore and Hong Kong

WTW introduced CyCore Asia, a cyber insurance facility in Singapore and Hong Kong

Willis Towers Watson (WTW) has introduced CyCore Asia, a cyber insurance facility designed for businesses in Singapore and Hong Kong. Underwritten by QBE Insurance Group and AXA XL, it offers primary insurance coverage of up to $15 mn (S$20.59 mn) to address rising cyber security risks.

CyCore Asia is designed for businesses in Hong Kong and Singapore with revenues over $200 mn, across a variety of industries. Whether you’re new to cyber insurance or looking to enhance your coverage, CyCore Asia offers flexibility and protection.

The launch follows WTW’s Emerging and Interconnected Risk survey, which identified cyber threats and technology risks as major concerns for businesses in Asia.

While these risks present immediate and mid-term challenges, they are expected to be the most significant drivers of change over the next decade.

WTW noted that artificial intelligence (AI) is complicating cyber threats by increasing their scale and complexity. CyCore Asia provides general cyber coverage with proprietary policy wording developed through industry expertise.

  • WTW CyCore Asia Wording: Built with industry expertise, CyCore Asia’s proprietary wording provides comprehensive general cyber coverage to help businesses minimise and manage risk effectively.
  • Risk Bursary: Paid by insurers, 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, keeping businesses protected year-round.

A risk bursary of up to $15,000 allows policyholders to access cyber risk management services from S-RM, a specialist in cyber security consultancy. Additionally, CyCore Asia’s restore function enables businesses to maintain coverage throughout the policy term, even after a claim, subject to insurer approval.

Initially available in Hong Kong and Singapore, CyCore Asia plans to expand into other Asian markets later in the year.

WTW’s cyber growth leader for Asia, Conor Keating, emphasized the need for collaboration between IT security teams and the insurance sector to help businesses manage cyber risks. He highlighted that CyCore Asia offers policy benefits beyond those typically found in the open market, providing insured businesses access to leading cyber security consultants for pre-loss services and assessments.

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 says.

CyCore Asia provides general cyber insurance, designed specifically for the evolving needs of businesses based in Hong Kong and Singapore. With flexible coverage options, CyCore Asia addresses regional cyber threats, protecting companies in a rapidly evolving risk landscape.