DBS launches new cyber insurance policy

DBS, an Asian financial services platform, has released a new cyber insurance product to help protect its customers from increasing threats online.

CyberOne will be underwritten by Chubb Insurance and will cost from as low as HKD $1 ($0.13) a day. The insurance policy will cover against cyberbullying, online privacy invasion and identity theft.

A 24-hour support hotline will be available to policyholders, as well as a team of trauma counselling specialists, legal experts and tech support, the bank stated.

This service is part of DBS’ new microinsurance offering which also has policies available for medical coverage and compensation, travel and online shopping.

DBS Bank Hong Kong executive director Terry Li said, “The more people, especially young people, connect, communicate and consume digitally, the more opportunities there are for cybercrimes to proliferate.

“Knowing how to protect against cyber threats is the first line of defence, and we believe CyberOne can equip those who are vulnerable with the means to protect themselves for a more safe and smart online experience.”

DBS is the latest institution to get involved within the cyber insurance space, after a recent flurry of activity in the space.

Earlier this month, Swiss Re Corporate Solutions developed a new cyber insurance product in conjunction with French cybersecurity company OZON. The solution combines insurance with cybersecurity by offering cover for cyberattacks and losses it causes as well as an integrated cybersecurity able to detect threats.

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