Asian companies are still playing catch-up when it comes to cyber risk management, with many not having the fundamentals in place, said Lloyd’s CEO Inga Beale at the recent Lloyd’s Asia Cyber Risk Seminar held in Singapore.
Insurance demand to accelerate
The region’s risk managers understand tangible risks well enough but evaluating threats like business interruption and reputation impact, which come with cyber breaches, is much more difficult. At the same time, pressure on companies to deal with cyber threats is intensifying.
“One of the things that’s holding companies back from purchasing cyber insurance isn’t not recognising that cyber is a risk for them, but not recognising what insurance can do,” she said. However, she noted that APAC is seeing growth in cyber insurance purchase. While it was from a low base, Lloyd’s cyber business tripled last year. She expects demand to accelerate.
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