Cyber security and threats
The article above shows that our government Agencies are very poised to tackle cyber threats, and they will do so aggressively. I’m sure many of you are aware that when govt agencies come together, usually they will end up implementing additions or changes to existing legislation, which also means changes in mandatory GI coverages.
Based on a estimation, less than 5% of all business entities have a comprehensive Cyber coverage, and there is a high probability that 90% of them are not even aware of Cyber coverage.
I am of the opinion that in the foreseeable future, it may be mandatory to purchase a cyber insurance, as long as your business keeps a database, very much like how a motor insurance is compulsory.
Before that time arrives, how many of you are onboard?
Chubb’s SME Survey Reveals Significant Perception Gap in Cyber Awareness and Preparedness in Singapore