WTW, a global advisory, broking, and solutions firm, has launched CyCore Asia, a cyber insurance facility aimed at businesses in Singapore and Hong Kong. The new offering, underwritten by QBE Insurance Group and AXA XL, provides primary insurance coverage of up to US$15 million (S$20.58 million; HK$7.78 million) or the equivalent in local currency, alongside additional client-focused benefits.
This launch follows findings from WTW’s latest Emerging and Interconnected Risk Survey, which identifies technology, particularly cyber risks amplified by artificial intelligence (AI), as the top emerging threat for companies across Asia. The survey underscores AI’s growing role in escalating cyber incidents, with AI-driven risks being considered a major force of change over the next decade.
Luke Ware, head of Corporate Risk & Broking in Asia at WTW, commented on the evolving threat landscape, noting that companies are particularly concerned about the advancement of cyber threats linked to AI. “The use of AI in cyberattacks and the risks posed by poorly developed or inadequately governed AI solutions are significant concerns,” Ware said. “The increasing use of AI for malicious purposes could lead to more frequent and severe cyber incidents.”
AI was ranked among the top five emerging risks by more than 25% of the companies surveyed in Asia, with particular worries about the potential misuse of AI and the governance challenges that exacerbate cyber threats.
CyCore Asia is initially available to businesses in Singapore and Hong Kong across various industries, with plans to extend the facility to other Asian markets later this year.
Conor Keating, Cyber Growth leader for Asia at WTW, emphasized the importance of collaboration between IT security teams and the cyber insurance industry in addressing these growing threats. “This is why we launched CyCore Asia, offering businesses in Singapore and Hong Kong broader policy benefits that are typically unavailable in the open market,” Keating explained.
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