Pandamatics Underwriting has launched as the first pure cyber insurance coverholder in Asia, with the support of Lloyd’s of London syndicate Hiscox.
According to a statement by Pandamatics, it will provide cyber insurance coverage up to US$5 million (SG$6.73 million) across a range of industries. The policies will cover the full spectrum of cyber risks, from human error to cyber-attacks, financial losses, and reputational damage.
“While many insurers provide elements of cyber insurance coverage under other policy types and extensions, we understand that cyber security poses an existential risk to modern businesses that must be addressed directly, through comprehensive coverage and holistic cyber risk management solutions”, said Struan Todd, Pandamatics vice president of underwriting.
Areas covered include extortion and ransom negotiations, digital forensics expenses, data recovery costs, legal counsel, PR consultancy, and third-party liabilities.
It will initially be available in Hong Kong, with approval from the Insurance Authority granted on March 10.
Alongside the launch of the coverholder, Pandamatics also partnered with cybersecurity firm Blackpanda to provide digital forensics and cyber incident response services for its policyholders.
“This strategic partnership with Pandamatics allows us to offer the most cost-effective support to businesses across Asia that fall victim to cyberattacks,” said Blackpanda co-founder and CEO Gene Yu. “With more remote businesses and people working from home, this ‘new normal’ has exponentially increased the risk to data rich companies. Regretfully, 100% prevention can never be guaranteed, so it is imperative to have in place robust incident response measures and, to transfer any residual risk, a comprehensive cyber insurance policy.”
