In recent months, there has been an increasing number of enquiries on Cyber Insurance as we came across reports of the hacking of various websites (Singapore Hospitals, Singapore Government related, commercial entities’ websites, local schools, accounts of a Singapore entertainer, etc) and these reports illustrate that cyber-attack can happen to any type of entity (Governmental/ Commercial/ Financial Institution).In December 2013, there was a serious theft of data of private banking clients of a foreign bank in Singapore who had outsourced their printing function to a service provider whose server was hacked.
In 2 July 2014, Personal Data Protection Act 2012 (PDPA) was implemented and a fine of up to S$1 million will be imposed on companies that fail to comply with the Act. AIG has handled many Cyber claims on a global scale and they see the risk exposures companies face in light of the reliance on web domains and it is vital that companies review their risk management framework and protect themselves with AIG CyberEdge with the following key considerations:
1. Legal Obligation
2. Full Cost of a Breach
3. Reputational Crisis
4. Risk Exposure of the Company
5. Gaps in the Company’s Insurance Cover in relation to Data Breaches
CyberEdge is a holistic approach to mitigate the cyber exposures faced by companies in an
ever changing environment. One unique selling point for CyberEdge is the dedicated Data
Crisis Response Service hotline where Policyholders have access to specialized legal and
public relations advisers in the event of a loss.
Main coverage
- Personal Data Liability – Breach of personal information/data
protection laws - Corporate Data Liability – Breach of
corporate information - Outsourcing Liability – Breach of
personal or corporate information by an external vendor where the
company remains legally liable - Data Security Liability
- Defence Costs
Other benefits
- Data Administrative Investigation
- Data Administrative Fines
- Notification & Monitoring Costs
- Repair of the Company’s and Individual’s Reputation
- Electronic Data
- Pro Active Forensic Services
- Data Crisis Response Services
Optional Extension
- Media content
- Cyber Extortion
- Network
Interruption Insurance
Still Not convinced? Maybe this video will help:
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