The Minister of Economy and Finance, Ms Nadia Fettah, has announced the insurance industry was developing an insurance offering against cyber risks.
The National Anti-Scam Centre's latest Targeting Scams Report found scam losses reported to organisations fell by 25.9% to $2bn in 2024, showing the efforts by government, industry, law enforcement and community organisations are reducing the financial impact of scams on Australians.
Asia and Oceania are expected to increase their share of global cyber premiums to 8% by 2027 from 6.8% in 2024, according to a new report by global reinsurer Munich Re.
InsurTechs could ensure the security of sensitive policyholder data on their digital platforms by starting with end-to-end encryption, locking down data both at rest and in transit using industry-leading encryption, according to eSanad Insurance CEO Mr Anas Mistareehi.
Machine identity-related security incidents are on the rise, as the volume and complexity of machine identities continue to multiply, according to a report by cyber and identity security firm CyberArk.
Standard Chartered Bank Singapore has become the first bank in Singapore to offer complimentary digital scam protection insurance to its clients.
Marsh Specialty has appointed Mr Andrew George as president. He will also join the Marsh Executive Committee.
The Federation of Egyptian Insurance Companies has sounded the need for insurers to cooperate with real estate developers and technology providers to create insurance products for smart homes.
The rapid growth of cyber insurance has prompted insurers to be cautious about overexposing themselves to high-risk areas.
The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to develop and introduce cyber insurance products in response to increasing digital risks.