Singapore developing cyber security insurance

A Singaporean university is helping to develop insurance schemes to protect citizens and businesses against cyber attacks.

The Nanyang Technological University is working with the Monetary Authority of Singapore , Cyber Security Agency and five industry partners, it announced on Monday.

It will research cyber risk, security and insurance, with a “strong focus on building local data analytics and underwriting expertise in the area of cyber risk”, the university said. While insurance markets for accidents and fires are competitive, there is little protection against online attacks.

“Cyber insurance is currently under-represented and presents a key growth opportunity for the global insurance industry”, said Professor Ravi Kumar, Dean of NTU’s Business School.

The three-year project hopes to encourage insurers and risk managers to develop schemes for digital security through test-beds.

The university will also advise the Singapore Government on protection and prevention measures, and promote wider industry awareness.

Anticipating higher demand for talent in cyber insurance, NTU has launched a new degree programme starting in August. It will produce 50 graduates a year starting from 2018.