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Guard against cyber risk with new insurance policy

Published on May 14, 2014 6:57 AM
 
People usually buy insurance to protect themselves against hefty hospital bills, but they can soon also get coverage for the losses incurred from losing their good name online. -- FILE PHOTO: REUTERS

People usually buy insurance to protect themselves against hefty hospital bills, but they can soon also get coverage for the losses incurred from losing their good name online.

French insurer AXA is introducing a new insurance plan in Singapore by the end of this month to help individuals and families mitigate cyber risks, including the damage to one's "electronic reputation".

While corporations here already have access to cyber-risk insurance, observers say the plan is a novel one for individuals and families.

"This is the first such plan for individuals that I have come across in Singapore," said Mr Terence Tang, senior director of consumer business for security software firm Trend Micro Singapore (Asia-Pacific).

 
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