Willis Towers Watson, WTW (NASDAQ: WTW), has unveiled CyCore Asia. This new cyber insurance solution is tailored for businesses in Singapore and Hong Kong. Collaborating with underwriters QBE Insurance Group and AXA XL, WTW offers primary insurance capacity of up to USD 15 million, addressing growing cybersecurity concerns.
The initiative responds to findings from WTW’s Emerging and Interconnected Risk survey. That survey highlights cyber threats and artificial intelligence (AI) as top business risks. With AI driving the complexity of cyberattacks, businesses face increasing challenges in managing their cyber resilience.
Luke Ware, WTW’s Head of Corporate Risk & Broking, Asia, emphasized the critical need for organizations to understand the implications of emerging technologies and ensure comprehensive policy coverage. “Simply having a cyber insurance policy does not guarantee complete protection,” Ware remarked, urging businesses to focus on policy details and proactive planning for seamless recovery.
CyCore Asia offers significant benefits, including:
- Tailored Cyber Coverage: Proprietary policy wording to address evolving risks.
- Risk Bursary: Up to USD 15,000 for cyber risk management services from S-RM, a specialist cybersecurity consultant.
- Restore Functionality: Continued coverage after claims, subject to insurer approval.
Conor Keating, WTW’s Cyber Growth Leader, Asia, highlighted the importance of collaboration between IT security teams and insurers. “CyCore Asia bridges the gap by providing businesses access to cyber risk consultants and wider policy benefits not typically available on the open market,” Keating stated.
Initially available in Singapore and Hong Kong, CyCore Asia will expand to other Asian markets later this year.
Other News: WTW Appoints Cybersecurity Leader Sean Plankey to Lead Innovative Solutions (Opens in a new browser tab)
