Etiqa Elevates Cyber Security for Individuals with New Personal Cyber Insurance Amidst Singapore’s Digital Drive

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Singapore, 30 August 2018 – In response to the escalating concerns surrounding interconnectivity risks in the era of digitalization, Etiqa, a frontrunner in the digital insurance landscape of Singapore, has introduced a groundbreaking solution – Personal Cyber Insurance. This timely release caters to the discerning needs of individuals and families, offering them comprehensive and affordable protection against the burgeoning threats in cyberspace. This initiative aligns seamlessly with Singapore’s relentless pursuit of digital advancement and its Smart Nation vision.

The essence of Etiqa’s Personal Cyber Insurance lies in its capacity to shield against four pivotal cyber threats, with coverage extending up to S$25,000. The highlighted threats encompass cyber fraud, cyber extortion, restoration costs, and identity theft. Initial market reception during the soft launch, where the cyber protection plan was integrated with Tiq Home Insurance, has been notably positive. Etiqa Insurance Singapore now looks to expand this digital risk solution as an independent plan, catering to a broader audience.

A pertinent backdrop to this unveiling is the Cyber Security Agency of Singapore’s report on the Cyber Landscape of 2017, revealing approximately 1,960 cases of e-commerce scams. These incidents amounted to a staggering S$1.4 million in losses, primarily stemming from payments for undelivered online purchases.

Mr. Sue Chi Kong, the Chief Executive Officer of Etiqa Insurance Pte. Ltd., emphasized, “There is increasing awareness of cyber risks, but many are still unaware of the extent of vulnerability when one is connected to the Internet. Technology has brought us forward, but it comes with risks that we must manage with care. Etiqa understands these risks and aims to provide individuals protection and assurance in the event of a cyber breach or attack without compromising on the lifestyle and convenience they have been accustomed to.”

Key Features of Etiqa’s Personal Cyber Insurance Policy:

• Safeguarding against financial losses arising from cyber fraud.
• Compensation for extortion payments in the event of cyber extortion.
• Reimbursement for restoration costs following a cyber security breach.
• Shielding against financial losses incurred due to identity theft.

Etiqa Insurance stands as one of the few companies providing cyber risk protection tailored for individuals in Singapore. Sue further commented, “By extending a comprehensive cyber protection plan to individuals and households at an affordable rate, we aim to cultivate a heightened consciousness and receptiveness towards personal cyber security.”