, Ir Prof Frank CHAN, Vice President cum Advisor of the Working Group (3rd right), Ir Wilson KWOK, Chairman of the Working Group (3rd left), Ir Norman CHAN, Member of Working Group (2nd right), Ir Kelvin TANG, Member of Working Group (2nd left), Ir ZHOU Yan, Member of Working Group (1st right), and Ir Prof Alfred SIT, Chief Executive and Secret)
Media-OutReach Newswire
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, receiving the prize from Dennis Jang, President, Samsung Electronics Singapore (right), as the grand winner of Samsung Solve for Tomorrow 2024 in Singapore)
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SINGAPORE - Media OutReach - 30 August 2018 - Etiqa,Singapore's leading digital insurer, launched its new Personal Cyber Insurancethat offers individuals and families in Singapore comprehensive yet affordableprotection from cyber threats -- a timely product amid growing concerns oninterconnectivity risks as Singapore strives towards digitalisation and herSmart Nation vision.
The Personal Cyber Insurance addresses onlinerisks with coverage of up to S$25,000 for four main cyber threats, namely cyberfraud, cyber extortion, restoration costs, and identity theft. Etiqa InsuranceSingapore expressed a positive reception since their product soft launch, wherethe cyber protection plan was introduced as a supplement to Tiq Home Insurance.The innovative digital insurer has been looking forward to extend this onlinerisk solution as an independent plan to the masses.
Last year, the Cyber Security Agency ofSingapore released a report on Singapore Cyber Landscape 2017 detailingapproximately 1,960 cases of e-commerce scams, amounting to a loss of S$1.4million,typically from making payment for online purchases that were not delivered tobuyers.
Mr. Sue Chi Kong, Chief Executive Officer ofEtiqa Insurance Pte. Ltd. commented, "There is increasing awareness on cyberrisks, but many are still unaware of the extent of vulnerability when one isconnected to the Internet. Technology has brought us forward, but it comes withrisks that we must manage with care. Etiqa understands these risks and aims toprovide individuals protection and assurance in the event of a cyber breach orattack without compromising on the lifestyle and convenience they have beenaccustomed to."
Key benefits of Etiqa's Personal CyberInsurance policy include:
- Protection against financial losses thatderive from cyber fraud
- Compensation for the extortion payment in theevent of cyber extortion
- Reimbursement for restoration costs in theevent of a cyber security breach
- Protection against financial losses incurreddue to an identity theft
At present, Etiqa Insurance is one of the fewcompanies that offers cyber risks protection for individuals in Singapore. Sueadded, "By extending comprehensive cyber protection plan to individuals andhouseholds at an affordable rate, we hope that more people will be consciousand receptive toward personal cyber security".
A one-year Personal Cyber Insurance is nowavailable at S$80.25 as a standalone policy, and at a special rate of S$53.50when purchased as an add-on to Tiq Home Insurance.
For more information, please visit:https://tiq.com.sg/personal-cyber-insurance
Etiqa Insurance-- A Singapore Insurance Company with Asian and International Expertise
Etiqa Insurance Pte. Ltd. isa licensed life and general insurance company registered in the Republic ofSingapore and regulated by the Monetary Authority of Singapore (MAS). In July 2017, Fitch affirmed the company's "A-" rating for itsfinancial strength and stable outlook.
Etiqa is owned by Maybank Ageas Holdings Berhad, ajoint venture company that combines local market knowledge with internationalinsurance expertise. The company is 69% owned by Maybank, one of Asia's leadingbanking groups with more than 22 million customers worldwide in 20 countries;and 31% by Ageas, an international insurance group with 33 million customers across16 countries and a heritage that spans over 180 years, with a focus to provideworld class insurance solutions to consumers in Europe and Asia through marketleading joint ventures.
At Etiqa, we believe in our brand promise ofhumanising insurance, by placing people over policies in everything we do. Weare passionate about helping Singaporeans protect themselves and their lovedones today and helping them plan for a financially secure tomorrow.
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