Singapore launches cyber risk pool at SIRC
Singapore has launched what it calls the world’s first commercial cyber risk pool during the 15th Singapore International Reinsurance Conference (SIRC).
The pool will commit up to $1 billion in capacity, and bring together both traditional insurance and insurance-linked securities (ILS) markets to provide bespoke cyber coverage.
To date, 20 insurance firms have indicated their interest to participate in the pool, which would allow corporates in ASEAN to be protected against cyber-related losses.
The cyber risk pool was initiated by Singapore’s government in collaboration with the Singapore Reinsurers’ Association and cyber specialist Peter Hacker.
Cybercrime was estimated to cost the global economy approximately $3 trillion in 2015, and this is expected to double to $6 trillion by 2021. Asia appears to be the world’s most targeted area for cyberattacks. Hackers are 80 percent more likely to target organisations in Asia, yet Asian organisations take 1.7 times longer than the global average to discover cyber breaches. More than 60 percent of Asian companies do not have proper cyber threat monitoring systems.
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