Singapore, January 13, 2025 – WTW, an advisory, broking, and solutions firm, has introduced CyCore Asia, a new cyber insurance facility aimed at businesses in Singapore and Hong Kong. This initiative is designed to address the growing concern over cyber risks, particularly those associated with artificial intelligence (AI).
The CyCore Asia facility, underwritten by QBE Insurance Group and AXA XL, offers primary insurance coverage of up to US$15 million (S$20.58 million; HK$7.78 million) along with additional client-focused benefits. The launch coincides with WTW’s latest Emerging and Interconnected Risk Survey, which identifies technology as the top emerging risk for companies in Asia.
According to Luke Ware, head of Corporate Risk & Broking, Asia, at WTW, there are significant concerns regarding the advancement of cyber threats stemming from AI. “The expanding use of AI for malicious purposes could lead to an increase in the frequency and severity of cyber incidents,” he stated. The survey revealed that AI was ranked among the top five emerging risks by more than 25% of surveyed companies in Asia, highlighting the urgency of addressing these challenges.
Initially, CyCore Asia will be available to companies across various industries in Singapore and Hong Kong, with plans to expand into other Asian markets later this year. Conor Keating, Cyber Growth leader, Asia, at WTW, emphasized the importance of collaboration between IT security teams and the cyber insurance industry. “This is why we have decided to launch CyCore Asia, which offers businesses in Singapore and Hong Kong wider policy benefits that are not typically available on an open market basis,” Keating added.
The introduction of CyCore Asia reflects a proactive approach to managing the evolving landscape of cyber risks, particularly those influenced by advancements in AI technology.
