Insure against cyber risk with new policy

Insure against cyber risk with new policy

People usually buy insurance to protect themselves against hefty hospital bills, but they can soon also get coverage for the losses incurred from losing their good name online.

French insurer AXA is introducing a new insurance plan in Singapore by the end of this month to help individuals and families mitigate cyber risks, including the damage to one's "electronic reputation".

While corporations here already have access to cyber-risk insurance, observers say the plan is a novel one for individuals and families.

"This is the first such plan for individuals that I have come across in Singapore," said Mr Terence Tang, senior director of consumer business for security software firm Trend Micro Singapore (Asia-Pacific).

Under the cyber-protector indemnity policy, AXA will pay for the losses incurred over things like the loss of one's "e-reputation", identity theft, unauthorised Web transactions, and disputes with online merchants.

This means, for instance, that consumers can get compensation for damaged or undelivered goods bought online or if excess funds had been deducted from their bank accounts as a result of online theft.

It also covers things such as psychological assistance and even "information removal service" in cases of online defamation.

Said Ms Irene Ang, who heads artist agency Fly Entertainment: "It's about time something like this became available, we spend so much time online these days... For more well-known people, such as my artists, e-reputation is important."

The cyber-protector policy will cost $148 a year per person, and Singapore is the first country outside of France to be offered the product, said AXA.

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