Corporate Risk Management News - Singapore: New cyber risk management initiative "CyRiM" launched
Source: Asia Insurance Review | Jul 2016
Singapore’s Nanyang Technological University (NTU), together with the MAS, Cyber Security Agency of Singapore (CSA) and five insurance industry partners launched the Cyber Risk Management (CyRiM) Project at the sidelines of this year’s Asia Cyber Risk Summit. The five industry partners are the Aon Centre for Innovation and Analytics, Lloyd’s, MSIG Insurance, SCOR, and TransRe.
The three-year pioneering project aims to help the public, private and household sectors defend themselves against increasingly sophisticated cyber attacks. With a strong focus on building local data analytics and underwriting expertise, CyRiM will facilitate new areas of research in cyber risk, security and insurance at NTU’s Nanyang Business School (NBS) and will also recommend policies to the Singapore government on advanced cyber risk protection and prevention. It will also offer a global perspective through its partnerships with insurers and academia in North America and Europe.
Key growth opportunity
The CyRiM Project aims to benefit corporations and consumers with more affordable and effective cyber insurance products. The project will also engage academics, insurance professionals and IT security experts who will drive cyber-security improvements through research and development. Some focus areas include security data analytics, infrastructure and strategies to improve protection of corporate assets and data.
Professor Ravi Kumar, Dean of NTU’s Nanyang Business School said: “Cyber insurance is currently under-represented and presents a key growth opportunity for the global insurance industry, especially in Singapore’s wired economy and the rapidly developing Asian region. The CyRiM Project is in a unique position to spearhead Singapore’s growth as a leading centre of excellence on cyber risk. It can also act as a catalyst to grow the cyber risk insurance market by promoting both the demand and supply of insurance coverage.”
CyRiM will enhance underwriting expertise in Singapore to help bridge the market gap between buyers and sellers. The project will also promote wider industry awareness and encourage insurers and risk managers to jointly develop innovative solutions and tools to address the complexities of cyber risk, such as testbeds to prepare and bolster defences against cyber attacks.