New cyber risk insurance solution launched in Asia Pacific

Specialist insurance provider Delta Insurance has launched a new cyber-protection and insurance solution in Asia Pacific, in partnership with London-based cybersecurity company DynaRisk.

The new product will be managed and marketed from Delta’s New Zealand and Singapore offices. It has been designed for businesses, but is applicable to their customers, their employees or their family members.

Organisations that take up the offering will receive a cybersecurity scorecard that outlines how well-protected (or not) they are, a step-by-step action plan to tighten security and monitoring of multiple devices, and a personal dashboard that sends alerts in case of a threat.

The scorecard will also enable businesses to identify if employees’ data is on the dark web, which can increase company exposure to cyber-attack.

According to Delta Insurance Group managing director Ian Pollard, the cyber-risk product is a first for the Asia-Pacific region.

"While cyber-insurance isn’t new, the combination of insurance and risk mitigation in this part of the world is," said Pollard. “We’ve been involved in cyber-insurance for some time, but we’ve been concerned there hasn’t been much in the way of proactive and user-friendly, upfront protection against cyber-crime available."

Delta Insurance New Zealand chief executive officer Craig Kirk, added: “In addition to SMEs, we’re keen to work with banks, life insurers, telecommunications and technology companies and corporates in general to build this product into what they offer their customers and employees – and the response so far has been enthusiastic. But this is a package that can benefit anyone who is exposed to the internet’s cyber-dangers and we’ll be exploring how it may be possible to take this offering to an even wider audience.”

DynaRisk founder and CEO Andrew Martin, said: “We are thrilled to join with Delta and bundle our Cyber Security Score into consumer and small business policies. Together, we can now offer insureds a comprehensive prevention, monitoring and response solution backed by insurance.”

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