Lockton featured in Asia Insurance Review on Cyber Risks

SINGAPORE - We are featured in Asia Insurance Review's article today on "Personal Cyber Insurance - An Inevitable Reality?" with a commentary from Jessica Wright (opens a new window).

The article is behind paywall: https://bit.ly/3rFEf9u (opens a new window) .

Jessica's comment reads:

"The rise of remote working means it has become difficult for companies to ensure that employees are taking the correct steps to protect sensitive company information. For example, many employees struggled to remote into their company network via a VPN, resulting in confidential or sensitive information often being stored on the easily accessible local hard drive of their individual devices, rather than in secure servers or cloud storage.

When it comes to the personal user, phishing remains common across the globe, the intention being to steal personal information or passwords or to lock devices until a ransom is paid. In addition, e-commerce type scams continued to be the #1 scam type in Singapore, with 2,809 cases recorded in 2019 with more than S$2.3M lost in total. Unsuspecting victims continue to be enticed by online deals, such as electronic gadgets and event tickets, which are often too good to be true.

Cyber insurance is a relatively new product for our industry, representing about 0.1% of the world’s total insurance premiums. Despite this, premiums have grown to more than USD$7Bn in 2020.

As a result, we are seeing coverage restrictions for social engineering and ransomware in particular, limiting further losses and ensuring the long-term viability of the cyber insurance market."