RHB and Delta Insurance Singapore have tied up to offer a cyber insurance policy for the bank’s commercial and corporate customers.
Malaysia-based RHB claims this is the first-such product offered by a bank in Singapore. It comes with free risk assessment and consultation, as well as other value-added services such as business continuity planning, server monitoring, ICT policy consultation and legal advice regarding data privacy.
The premium for the cyber insurance policy will range between SG$500 to SG$5,000, depending on the complexity of services provided, reported Malaysian national news agency Bernama.
According to Daniel Yeo, RHB Bank Singapore’s head of small and medium enterprises and regional sales department, while technology boosts companies’ productivity and facilitates their businesses’ expansion, exposure to cyber risk has also increased correspondingly. Cybercrimes cost an estimated US$1 trillion globally and over SG$2 billion in Singapore annually.
“Over and above our existing product and service offerings, we hope to help customers identify potential cyber risks and put in place appropriate protection against them,” Yeo said in a statement. “We go the extra mile to strengthen the relationship with our customers, offering a holistic suite of solutions to cater to their needs more effectively”
