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Strategic analysis of the cyber market in Asia

Research

Publication date:

01 July 2020

Last updated:

18 December 2023

Author(s):

Chia Jie Jun Jeremy

What are the key considerations for the development of a successful cyber risk management portfolio?

Between 12 and 14 June 2018 was the historical North Korea–United States summit which was held in Singapore. In this first-ever summit meeting between the two leaders of the Democratic People’s Republic of Korea (North Korea) and the United States of America (USA); critical talks were held to discuss how they might reduce the military tension in the Korean peninsula and the potential permanent denuclearization of North Korea.

On 12 June alone, “Singapore was the top cyber-attack target around the world during the Trump-Kim summit, with the country experiencing close to 40,000 attacks” and “Singapore also received up to 4.5 times more attacks than the United States or Canada on both days”. (Choo, 2018).

According to a recent study by Lloyd’s and the University of Cambridge, cyber threats are 1 of the 22 major global threats. The threat of a cyber-attack is ranked  fourth in Singapore at approximately 10.130% of Singapore’s Total GDP at Risk ($3.24 billion).

As a Singaporean and underwriter based on Lloyd’s Asia platform, in Singapore, I have no doubt that this would lead to an increase in demand for cyber insurance. This event, being so close to home, has inevitably left me with a greater appreciation of the severity of cyber risk exposure, and also a desire to better understand the cyber insurance market and how insurance companies could develop their own successful cyber risk management portfolio - to reduce the vulnerability of our
economies by increasing the overall market availability of cyber risk capacity. For the reasons stated earlier, I have chosen this particular subject for my dissertation.

This dissertation will be written and discussed from the viewpoint of an insurance company which wants to develop a successful cyber insurance portfolio in the light of recent global events. The following will also be in the context of a division of ABC - the Lloyd’s Syndicate on the Lloyd’s Asia, Singapore platform: ABC Syndicate 1234.

 

Read the dissertation HERE

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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.