25 July 2018

It’s rare for a week to pass without a cyber incident hitting the headlines. Last week was no different. On Friday one of the two Singaporean government health databases was breached with 1.5 million patient names and addresses being compromised. The hackers infected a SingHealth computer with malware granting access to the database’s contents. No medical records are thought to have been stolen but the event again highlighted that even well-resourced government organizations are not immune to cyber-attacks.

The healthcare sector, with a huge concentration of personally identifiable information, is a prized target for cyber criminals. Unlike credit card data, which can be destroyed and reissued, healthcare data belongs to an individual for life – you can’t change your blood type! On average it remains by far the most valuable data type to steal due to its’ resalable value on the black market. It is therefore of little surprise that the BBC reported, “The data of Prime Minister Lee Hsien Loong, including information on his outpatient dispensed medicines, was specifically and repeatedly targeted.” 

Over the past three years, the number of JLT clients purchasing cyber insurance protection has more than doubled and average policy limits, amongst our top 5 clients, have increased from USD 5m to USD 15m in Singapore. So what has prompted this explosive growth in an industry where traditional classes of insurance classes grow on average at 3-4% in a good year?

Today, most sustainable organizations are built around reliance on technology and the ability to harvest, analyze and securely retain data. Cyber insurance has evolved to provide effective cover for these two main risk areas: non-damage business interruption and data privacy and security. Taking Friday’s incident as an example a well drafted policy would have provided indemnification for the following:

Cyber Breach

Cyber insurance remains a relatively new product and the lack of true industry wide expertise in this area has often led to client confusion and skepticism in the product. At JLT we have invested to position ourselves as thought leaders in this area, constantly innovating with new covers and structuring some of the most complex insurance programmes in the region.

Our aim is simple, creating 

Cyber Breach 

Should you wish to discuss your cyber risks further, our FLG team would be keen to hear from you. Please email us at