Chubb and Singaporean insurtech firm JA Assure have launched Haxsafe, a cyber insurance portal for small and medium enterprises (SMEs) in Asia.
The platform, which is initially available in Hong Kong, Malaysia and Singapore, provides instant quote and policy issuance services.
The coverage is underwritten by Chubb, which has been providing cyber insurance for more than 20 years. The policy being offered on the platform is a comprehensive risk management solution providing clients with pre-loss risk mitigation and incident response services. The pre-loss mitigation services include complimentary access to a password management tool and regular spam tests designed to help keep organisations’ cyber assets safe.
In the event of a cyber incident, clients can access the Chubb Incident Response Platform to help contain the threat and limit potential damage to their businesses. The incident response manager assigned to the client will help triage the issues, develop a plan of action to contain the threat, as well as appoint specialist vendors to assist with loss prevention and business recovery.
“Haxsafe will be a game-changer for SMEs as it simplifies the insurance buying process for small business owners who simply do not have the time and resources to go through lengthy insurance purchase processes,” said Japhire Gopi, CEO of JA Assure. “We are in the business of innovation and I’m excited to make insurance more accessible to those who need it.”
“Our data shows that SMEs, like large organisations, are vulnerable to cyber attacks, despite the popular belief that SMEs are too small to be of interest to threat actors,” said Grant Cairns, regional head of property and casualty, Asia-Pacific at Chubb. “I’m pleased that we are now able to bring Chubb’s cyber risk management solution closer to SMEs, underscoring our commitment to better serve the small commercial segment.”
