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CYBER HYGIENE & CYBER INSURANCE UPDATE – MAY 2020

by / Friday, 29 May 2020 / Published in Cyber Security
Cyber security singapore

Digital transformation has never been more important now to prepare companies for the future. Remote working is here to stay and digitalisation is changing the landscape across industries, from retail, F&B, education to services sectors. We have seen many retailers and restaurants going digital during this Circuit Breaker (CB) period to keep their business going.

With the announcement of the Fortitude Budget yesterday, more than S$500 million will be allocated to support the digital transformation of businesses, including support for e-payments, adopting digital solutions and deepening digital capabilities. This means that technology will be playing a greater role in the near future and we shall see more businesses relying on technology to operate.

However, have we thought about the following as we going through the digital transformation process?
What are the risks of bringing our business online and go digital?
Are the business processes robust and employees well-trained to ensure data & system are secure?
Do we have a Business Continuity Plan (BCP) to deploy in the event of a cyber attack incident?
What are the resources we have in responding to cyber threats such as ransomware?
Who should we contact and what should we do, if system is hacked and causing customer data breach?
The GOOD NEWS is it is still not too late to strategise and implement a plan to manage the cyber risks. If keen to find out more and discuss further, please contact us.

Also, please find the attached special report from Delta Insurance on IT Security During COVID-19 and take note of the section on “IT Risk Management: Mitigating the risks when working from home” (Page 6 of the report) that is very relevant during this period.

From now till 15 June 2020, Delta Insurance is offering one of the following Cyber Risk Management services for free:

Dark Web Breach Scanning: Check if a company or organisation’s employees have had their information stolen.
Business Continuity Planning: Expert advice and tools on preparing business response to emergency events which could cause disruptions.

Pls let us know if keen to redeem either of the complimentary services above. Thank you.

Note: Besides Delta Insurance, we also offer Cyber Insurance from various insurers including AIG, Allianz, AXA, Berkshire Hathaway, Chubb, MSIG, QBE, Tokio Marine, Zurich, etc.

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