Clema Risk Solutions Clema Risk Solutions
Get a Quote
  • Business Insurance
    • Business Interruption Insurance
    • Business Owner’s Policy
    • Cargo Insurance
    • Commercial General Liability Insurance
    • Credit Insurance
    • Cyber Insurance
    • Directors and Officers Liability Insurance
    • Employee Compensation Insurance
    • Medical Malpractice Insurance
    • Product Liability Insurance
    • Professional Indemnity Insurance
    • Property Damage
    • Public Liability Insurance
  • Employee Benefits
    • Accidental Death and Dismemberment Insurance
    • Critical Illness Insurance
    • International Health Insurance
    • Term Life Insurance
    • Travel Insurance
  • Industry Solutions
    • Asset Management and Funds Insurance
    • Online Seller’s Insurance
    • Schools and Educational Institutions’ Insurance
    • Veterinary Clinic Insurance
  • About Us
  • Resources
  • Contact Us
  • Cargo Insurance
Clema Risk Solutions Clema Risk Solutions
  • Business Insurance
    • Business Interruption Insurance
    • Business Owner’s Policy
    • Cargo Insurance
    • Commercial General Liability Insurance
    • Cyber Insurance
    • Directors and Officers Liability Insurance
    • Employee’s Compensation Insurance
    • Medical Malpractice Insurance
    • Product Liability Insurance
    • Professional Indemnity Insurance
    • Property Damage
    • Public Liability Insurance
  • Employee Benefits
    • Accidental Death and Dismemberment Insurance
    • Critical Illness Insurance
    • International Health Insurance
    • Term Life Insurance
    • Travel Insurance
  • Industry Solutions
    • Asset Management and Funds Insurance
    • Online Seller’s Insurance
    • Schools and Educational Institutions’ Insurance
    • Veterinary Clinic Insurance
  • About Us
  • Resources
  • Contact Us
  • Get a quote
Nov 17

Are SMEs exposed to cyber risks in Asia?

A recent study published by global consulting firm Grant Thornton estimated that in 2015, cyber-attacks have represented a loss of USD 81 billion for businesses in Asia Pacific. Majority of the loss was experienced by China itself, which was as much losses experienced by businesses in Europe and United States. Financial hubs like Singapore and Hong Kong are also facing a great threat. In that context, it is not surprising that insurers are pushing cyber security insurances to cover these risks.

The reason behind companies’ increased exposure to cyber security liabilities is simple: data is becoming the backbone of modern business and these data are stored in the company’s server or on the cloud, which are vulnerable from piracy. Small and medium companies (SMEs) that are more and more involved in e-commerce are, of course, facing increasing liabilities.

The main cyber risk faced by companies is the loss of private data. It could be due to malicious break of network security or to wrong configuration of the system or unintended or accidental damages/lost. It is important to note that cyber breach is not only due to hackers or malicious criminal, it is mostly due to human errors or system problems. Its consequences for businesses are the breach of confidentiality agreement signed with client & loss of professional confidence and reputations, thus leading to financial compensation or loss of income.

 Most companies do not have a contingency plan in case of piracy thus are more exposed to large scale damages. Actually, incident response plan (IRP) will help to significantly reduce the costs of collecting the data back.

 To avoid possible liability lawsuit, Cyber insurance is necessary and will cover mainly two aspects:

1.        Damage to equipment, loss of profit and expenses engaged following threats or extortion;

2.        The liability toward third party following loss or destruction of private data, breach of confidentiality agreement following collect, usage of transfer of private data.

 None of these risks are covered by public or commercial general liability so it is important to buy a specific insurance for that. Premium rates vary of course depending on nature and size of the business.

Find out more about cyber insurance and please contact our team in China, Hong Kong or Singapore if you need to review your risk exposure and business insurances.

To learn more about our various insurance solutions for SMEs in Hong Kong, please visit our website. 

  • Facebook
  • Twitter
  • Tumblr
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

Leave a reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent posts

  • The 3 levels of liability insurance for technology companies
  • Can I insure my cryptocurrencies?
  • How do I calculate the value of my contents and stocks for my business insurance in Hong Kong?
  • Does your employees’ compensation insurance covers your company when your employees are working from home?
  • Do Startups need business insurance?

Categories

  • Business Insurance (42)
  • Business insurance package (3)
  • Business Interruption (3)
  • Business Owner's Policy (2)
  • Credit insurance (1)
  • Cyber Insurance (5)
  • Directors and Officers Liability Insurance (3)
  • Employee Benefits (6)
  • Employer's Liability (4)
  • Health Insurance (2)
  • Marine Cargo Insurance (1)
  • Online Sellers Insurance (2)
  • Product Liability (4)
  • Professional Indemnity (6)
  • Property damage Insurance (1)
  • Public Liability (5)
  • Service Insurance (2)
  • Term Life Insurance (2)
  • Travel Insurance (1)
  • Uncategorized (1)
  • Business Insurance
  • Employee Benefits
  • About Us
  • Resources
  • Manage your Policy
  • Contact Us
  • Privacy Policy

Subscribe to our newsletter

Offices

Singapore
883 North Bridge road,
#0604 Softbank,
Singapore 198785
T: +65.6493.2428
hello@clema-rs.com
www.clema-rs.com

Shanghai
Room 608, No.1900 Tian Shan Road, Changning District, Shanghai,China
T: +86.21.3251.5535
hello@clema-rs.com
www.clema-rs.cn

 

Hong Kong
99 Hennessy Road
Bayfield Building, Room 2301, 23F
Wanchai HK
T: +852.5508.8017
hello.hk@clema-rs.com
www.clema-rs.com.hk

France
4 Rue des Orphelines
77160 Provins,
France
hello@clema-rs.com

Linkedin
Made by Them You & Me
Thank you

Thank you for your interest in Clema Risk Solutions. We will respond to your inquiry in the next 24hrs.

What are you looking for?

Business Insurance OR  Employee benefits

Enter your details to proceed

 

Enter your details to proceed

 

 

Enter your details to proceed

 

You are a resident in:

Singapore

You need insurance for

An Individual OR  A Group