With the recent spate of cyber attacks resulting in devastating consequences for many organisations worldwide, the importance of having a proper cyber security plan has been thrust into the spotlight for many government bodies and organisations alike. The average cost of recovering from a cyber attack is skyrocketing, and will likely continue to do so as stricter legislation is announced.
As the cyber threat landscape and digital climate evolves rapidly, preventative cyber security measures are no longer enough for organisations to fully protect themselves from inevitable cyber attacks.
“To expect the unexpected shows a thoroughly modern intellect.” - Oscar Wilde
Instead, organisations should now focus on a comprehensive cyber risk management strategy, that also includes a pre-breach and post-breach cyber security plan.
Standalone cyber policies are a great starting point for organisations looking to mitigate any basic information technology risks, by covering the costs associated with recovery following a cyber related security incident.
As Asia’s first and only pure cyber insurance coverholder, we believe that we can do more.
Locally focused cyber insurance providers truly understand market conditions, especially when dealing with associated costs of third party liabilities, notification, legal counsel, and reputational damage. Most cyber insurance policies in the market come from multi-line insurers, headquartered in territories outside the APAC region–predominantly Europe and the USA. These underwriters’ policy offerings are based on their portfolio experience outside of APAC rather than the local markets which can often be detrimental to businesses when it comes to pricing or coverage wording.
When a data breach occurs, many affected parties often take swift regulatory action against the compromised organisation. As such, affected organisations often find themselves embroiled in a long and tedious litigation process in addition to mounting financial losses. In these common instances, it is important for underwriters to be well-versed in regulatory frameworks and country-specific legislation, which is constantly being updated in response to the increasing frequency of cyber attacks in the APAC region. This is in contrast to non-specialist underwriters, who can be slow to update their policy wordings, resulting in grey areas and uncertainty in situations where time is of crucial importance post-breach.
Hyper-specialisation on cyber threats and a deep understanding of the specific needs of local businesses gives Pandamatics Underwriting the ability to serve clients in a tailored and cost effective way, whilst providing best in class cyber security services.
In addition to covering the full spectrum of cyber risks, Pandamatics Underwriting policies also include privileged access to trusted cyber risk management partners, as well as a world-class response panel spanning across the most respected organisations in cyber breach management, cyber legal counsel, and crisis public relations management.
Pandamatics Underwriting also provides the following complimentary services for all our policyholders to proactively help manage organisational risk as well as to facilitate fast and efficient response in the event of a breach.
Blackpanda’s Care Package A specially curated toolkit designed to educate your company on cyber security best practices, as well as the essential things you should know that facilitate your organisation’s response to an attack.
Unlimited Access to Blackpanda’s IR-1 Platform A direct 24/7 incident support line, so that you can notify our digital forensics and incident response specialists as soon as you discover a cyber breach. Our clients also get access to the exclusive IR-1 web platform–which serves as a dedicated system to host all cyber security notifications and e-resources from Blackpanda.
Attack Surface and Darknet Scanning Report A proactive form of threat intelligence that will identify your organisation’s unique vulnerability and grant policyholders the opportunity to address these cyber security weaknesses before binding coverage, affording both parties better risk decisions and pricing solutions.
Complimentary consultation with cyber risk experts Exclusive cyber security posture consultations led by Blackpanda cyber security specialists.
Access to on-demand webinars and seminars in both English and Cantonese Learning tools for your employees, on-demand.
Discounted add-on services Accelerating incident response in the event of a cyber breach is imperative to getting your organisation back on its feet and limiting the damage. The following services are available at a significantly reduced price as a proactive decision for all policyholders to build a trusted relationship with your incident response team early and set the foundation for a professional, swift, and smooth future incident response.
We believe cyber risk can be accurately measured and fairly priced. With boots-on-the-ground in the APAC region, our local expertise makes us the preferred choice when it comes to safeguarding local businesses’ cyber risk. We know cyber insurance.
Contact us to find out about your tailored cyber risk management strategy today.