Insurance Agency Singapore | Commercial Insurance and Personal Insurance

  • Products
    • Commercial Insurance
      • Work Injury Compensation
      • Public Liability
      • Foreign Worker Medical
      • Foreign Worker Bond
      • Fire/Burglary Insurance
    • Personal Insurance
      • Motor Insurance
      • Travel Insurance
      • Home Insurance
      • Personal Accident
      • Domestic Maid Insurance
  • Support
  • Contact Us
  • Blog
  • About Us

Singapore firms expected to seek cyber insurance according to AIG

28 April 2016 By Digital Curator Leave a Comment

Singapore firms expected to seek cyber insurance according to AIG-credence insurance agency

Image via Flickr user GotCredIt

Singapore’s cyber insurance market is expected to expand 50 percent this year, with finance and healthcare among the top sectors, according to AIG Asia-Pacific Insurance.

Singapore’s cyber insurance industry is expected to expand by 50 percent this year, with healthcare and finance among the top growing sectors.

Demand would be fuelled by businesses looking to mitigate potential damage from cybersecurity breaches on reputation and finances, said AIG Asia-Pacific Insurance, which based its findings on research conducted at the company’s corporate governance events in late-2014. Respondents included CFOs, risk managers, and general counsel from public-listed companies, said the financial services provider.

It added that Singapore’s goal to become a smart nationwould further increase interconnectivity and automation across the nation, hence, drive threats of cyberattacks and corporate sabotage.

AIG Singapore’s head of financial lines, Lai Yen Yen, said: “While cyberattacks grow in size, volume, and sophistication, defensive methods and technologies have not seen a corresponding evolution, potentially costing businesses millions in the event of a cyber breach.”

Market demand was forecast to come from the finance and technology sectors as well as healthcare, with security risks coming from the lack of data encryption, increased malware, and outsourcing to third-party vendors.

Research further revealed that while two-thirds of public-listed companies in Asia said cyber insurance was increasingly important, just 9 percent had such coverage, according to AIG.

by Eileen Yu

See Full Story at zdnet.com

Share this:

  • Facebook
  • Twitter
  • LinkedIn

Filed Under: Industry Tagged With: AIG Singapore, cyber insurance, Singapore firms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Categories

  • Domestic Maids
  • Golf
  • Happenings
  • Health
  • Homepage
  • Industry
  • Interesting Stuff
  • Products
  • Tips
  • Uncategorized

Contact Us

  • 1 Soon Lee Street #02-43, Pioneer Center, Singapore 627605
  • Tel: 68978226
  • Fax 68978086
  • Business Hours:
  • Mon – Fri: 8am – 6pm

Our Location

At the west side of Singapore, our office sits on the second floor of the building.

1 Soon Lee Street
#02-43, Pioneer Center
Singapore 627605

Our Products

  • Fire/Burglary Insurance
  • Foreign Worker Bond
  • Foreign Worker Medical
  • Public Liability
  • Work Injury Compensation
  • Domestic Maid Insurance
  • Home Insurance
  • Motor Insurance
  • Personal Accident
  • Travel Insurance

Find Out More

We would love to hear your insurance needs. Tell us all about it by filling up our contact form.

If not, give us a call at +65 6897 8226
or email us at enquiry@credence.agency

Copyright © 2023 | Credence Agency