Interesting use of cyber risk insurance to differentiate a banking product. My bank offers free travel insurance, I wonder if I can get them to cover my online risk?…:
[…] Seeking to offer protection from fraudulent cyber activity that results in financial loss, SingSaver has therefore partnered with Allianz Insurance Singapore to provide complimentary online banking protection insurance for three months for all new and existing SingSaver account holders.
“We want to address the growing need for cyber protection. Besides educating consumers on preventive measures, it is also important to acknowledge the consequences of such attacks and how we can mitigate it through protection,” said Singsaver interim country manager and CompareAsiaGroup chief commercial officer Prashant Aggarwal.
The insurance covers incidences such as:
- Unauthorised access to or use of credit card, debit card or bank account issued by a financial institution in Singapore in electronic device(s)
- Transmission or introduction of computer virus or harmful code into electronic device(s)
- Alteration, corruption, damage, manipulation, misappropriation, theft, deletion or destruction of one’s electronic device(s); or
- Inhibition or restriction of access targeted at or directed against one’s electronic device(s)
The plan reimburses customers up to S$1,000 ($725) per event or S$2,000 per insured individual for such cyber attack incidents.