SINGAPORE: Advisory, broking, and solutions firm WTW has unveiled CyCore Asia, a specialized cyber insurance facility aimed at businesses in Singapore and Hong Kong.
The initiative addresses growing concerns over cyber risks, particularly those exacerbated by advancements in artificial intelligence (AI).
CyCore Asia, 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) or its currency equivalent.
In addition to comprehensive coverage, the facility provides tailored client benefits, positioning itself as a key resource for businesses managing complex cyber risks.
The launch of CyCore Asia aligns with findings from WTW’s recent Emerging and Interconnected Risk Survey, which identifies technology as the top emerging risk for companies in Asia.
The report highlights the potential for AI-driven cyber threats to escalate both the frequency and severity of cyber incidents.
“The advancement of cyber threats from the use of AI and poorly developed or inadequately governed AI solutions were major concerns of companies,” noted Luke Ware, head of Corporate Risk & Broking, Asia, at WTW. He warned that the misuse of AI could significantly amplify cyber risks over the next decade.
According to the survey, over 25% of Asian companies ranked AI among their top five emerging risks, citing concerns about its potential for malicious use and weak governance frameworks.
Initially available to businesses in Singapore and Hong Kong, CyCore Asia is designed to support organizations across diverse industries. WTW plans to extend the facility to other Asian markets later this year, ensuring broader access to enhanced cyber insurance solutions.
Conor Keating, Cyber Growth Leader for Asia at WTW, also highlighted the importance of collaboration between IT security teams and the cyber insurance industry.
“It is for this reason that 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,” he explained.
As cyber threats continue to evolve, CyCore Asia aims to provide businesses with the tools and support needed to navigate a rapidly changing digital landscape.
By combining robust coverage with client-focused solutions, WTW seeks to strengthen the region’s resilience against the growing tide of cyber risks.