DUAL Asia Launches Cyber Offering in Collaboration With MSIG
DUAL Asia has launched a new Cyber Liability and Data Protection insurance product, underwritten exclusively for MSIG Insurance.
The product covers exposures companies face in the event of cyber attacks, security and data breaches, and cyber extortion. In this digital age, companies of all sizes can fall prey to cyber crimes. A recent report showed that in Singapore alone, businesses suffered nearly S$2 billion in losses in 20141.
While major corporations have the financial strength to implement sophisticated technology and risk management systems, often small and medium-sized firms (SMEs) face the challenge in protecting themselves. To cater specifically for these businesses, DUAL's Cyber Liability & Data Protection insurance product is designed to formulate a recovery plan. In the event of a cyber incident, the insured has access to a 24-hour hotline. When contacted, a response team will immediately investigate the cause of the loss. This team comprises of IT forensic investigators, forensic accountants, PR consultants and specialist lawyers. The policy also covers loss of net income, data restoration costs as well as third party claims related to compensation.
"Our value proposition is clear - any one who runs a business will surely own data and client information that requires protection. Premiums start at S$1,000 per annum and are based on revenue and size of indemnity required so it is affordable for SMEs to purchase cyber coverage," said Michael Gourlay, CEO of MSIG Insurance Singapore.
"To add to the ease of application, our pre-priced offering allows brokers and agents to provide instant quotations to small business clients, without the need to complete a long proposal form. With the increasing number of cyber incidents and increasing legislation around data protection in Asia, cyber insurance should be considered essential and part of business continuity planning," Mark Spadaccini, DUAL Asia's Regional Managing Director, added.
About MSIG Insurance
MSIG Insurance Singapore, a member of the MS&AD Insurance Group, is one of Singapore's leading general insurers. With a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. Wholly owned by MSIG Holdings (Asia) Pte Ltd, MSIG Singapore holds an A+/Stable financial rating by Standard & Poor's.
The DUAL Group
The DUAL Group is the specialist underwriting arm of the Hyperion Insurance Group, and is focused on underwriting business critical risks. DUAL has become a well-established and respected leading underwriter with annual gross written premiums of USD1 billion this year employing 400 people in offices across Europe, Asia Pacific and the Americas. The DUAL Group is the world's largest international underwriting agency and Lloyd's largest international coverholder. For more information, please visit www.dualgroup.com
1 The Monetary Authority of Singapore has estimated that in 2014, 66% of businesses have suffered data loss or unplanned downtime due to illicit cyber-activities, costing them an estimated S$1.9 billion - 9 Feb 2015