WTW launches CyCore Asia, a cyber insurance facility for Hong Kong and Singapore

WTW, an advisory, broking, and solutions company, has introduced CyCore Asia, a new cyber insurance facility tailored for companies in Singapore and Hong Kong.

Underwritten by QBE Insurance Group and AXA XL, CyCore Asia provides up to USD 15 million in primary insurance capacity (or the currency equivalent) and is designed to address the shifting cybersecurity challenges faced by organisations.

The latest WTW Emerging and Interconnected Risk survey reveals that technology remains the dominant emerging risk for companies across Asia and globally.

While these concerns significantly impact businesses in the short to medium term, cyber risks are identified as the primary driver of change anticipated over the next decade.

Among these, artificial intelligence (AI) is amplifying the scale and complexity of cyber threats, ranking as a top concern for executives in surveyed organisations across Asia. Over a quarter of companies listed AI, alongside cyber threats, among their top five emerging risks.

Luke Ware, Head of Corporate Risk & Broking, Asia, at WTW added: “The advancement of cyber threats from the use of AI and poorly developed or inadequately governed AI solutions were major concerns of companies. The expanding use of AI for malicious purposes could lead to an increase in the frequency and severity of cyber incidents.

“While organisations in Asia race to adopt new technologies such as generative AI, a basic understanding is needed of the immediate, mid-term and long-term implications of these technologies for their cyber-resilience posture. Simply having a cyber insurance policy in place does not guarantee protection from all cyber risks. Organisations need to also develop a deep understanding of policy details to ensure a smooth recovery.”

Conor Keating, Cyber Growth Leader, Asia, at WTW said: “As cyber threats continue to evolve, ongoing collaboration between IT security teams and the cyber insurance industry in Asia is imperative to ensure businesses can navigate the complex cyber risk landscape with greater confidence.

“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. Under this new facility, clients are given the ability to engage with leading cyber security consultants who can support with pre-loss services and assessments, expanding the collaboration and engagement from the insurance market further.”

The CyCore Asia facility offers several notable advantages for businesses seeking comprehensive cyber risk protection.

Its proprietary policy wording, developed with extensive industry expertise, delivers broad general cyber coverage designed to help organisations effectively manage and minimise risks. In addition, the facility includes a risk bursary funded by insurers (up to USD 15,000), enabling insured businesses to access specialised cyber risk management services provided by S-RM, a leading cybersecurity consultancy.

Another key feature is the restore function, which allows businesses to maintain uninterrupted coverage throughout the policy period, even after a claim has been filed. This continued protection is subject to the insurer’s approval and a suitability review, ensuring businesses remain safeguarded year-round.

“As companies in Asia increase their reliance on new technologies to generate growth and automate production, business processes are opening up new threats and vulnerabilities. Companies must prepare for the next inevitable outage as cyber risks evolve. With insurance coverage, proactive risk management and a clear recovery plan, organisations can navigate outages with minimal disruptions and emerge more resilient to meet their critical operational requirements,” continued Keating.

CyCore Asia is initially available to companies across various industries in Hong Kong and Singapore. Plans are underway to extend the insurance facility to other Asian markets later this year.

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