CYBER INSURANCE

Regardless of the size of your business, you are an attractive target for hackers. Don’t ever say “It won’t happen to me” and don’t underestimate how clever cyber criminals can be.

Cyber-attacks are global in nature; anyone with the knowledge potentially can launch an attack on the Worldwide Web against any target. The person initiating the attack can be half a world away in the café or office. Examples of cyber-attacks are hacking, denial of service, virus/malware, phishing and cyber-crime.

The objective of the attack may not always be for financial gain. An upcoming trend of cyber-attacks is “hacktivism” that is, people who hack a system not for financial gain but to prove a point or to engage others in their cause.

Another rising trend is “virtual network to reality attacks”. The promulgation of electronic systems and the economy’s reliance on these systems have resulted in viruses/malware that are developed to specifically target industrial equipment.

We see several high profile attacks including attack on Sony’s PlayStation Network (PSN), the US Central Intelligence Agency, the US Senate and the Hong Kong bourse. Locally, a report by Symantec revealed that the costs of cyber-crimes in Singapore amounted to about SGD1 billion in 2010.

Organizations in Asia Pacific had experienced cyber-attacks. Victims can range from commercial entities, not-for-profit organizations and even government or government-linked entities.

We offer solutions through the Cyber Security Policy to protect against corporate cyber-attacks that lead to:

  • Loss of confidential data
  • Loss of intellectual property
  • Loss of value of fund/ property due to fraudulent transfer input of data
  • Systems breakdown
  • Costs of systems reinstatement
  • Unauthorized, contamination, disclosures of third party/ clients information
  • Harm to third party’s system
  • Clients’ system being affected