Singapore’s Cyber Focus Creates Path for (Re)insurers

Singapore has been ramping up measures to pave a secure cyber path for re(insurers) and other financial institutions, with the cybersecurity focus set to increase further in the post-Covid era.

Speaking with InsuranceAsia News, Marsh Asia’s Head of Cyber Risk Consulting Magda Chelly pointed to new security acts, amendments to privacy laws, and the implementation of awareness initiatives as proof of the increased maturity of Singapore’s cybersecurity regime.

Marsh JLT Specialty’s Asia FINPRO Leader Ali Chaudhry added that the increased use and integration of technology into all aspects of our lives will drive cyber insurance demand – especially if existing conventional insurance products and their providers are unable to evolve their products to these new relevant and evolving perils.

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