Cyber insurance still represents less than 1% of the total insurance market in Asia and Oceania. Credit: ra2 studio/Shutterstock.

Lexasure Financial Group and OneDegree Global have announced the launch of a new cyber insurance platform aimed at bolstering cybersecurity defences for businesses in South and South East Asia.  

The platform, which offers a reinsurance-as-a-service (RAAS) solution, integrates advanced risk assessment technologies to enhance digital insurance services. 

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The partnership leverages the cyber risk assessment capabilities and technological expertise of the companies to deliver a fully digital customer experience.  

This includes streamlined processes from onboarding and risk profiling to underwriting and policy issuance for eligible small to medium-sized enterprises (SMEs). 

Lexasure claims that the platform’s integrated cyber risk exposure scanning tool provides a security posture score, improving the technology risk assessment process.  

This feature aims to simplify the onboarding experience and provide instant policy issuance for SMEs. 

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According to a Cisco report, 56% of SMEs in the Asia-Pacific region have faced a cyber incident in the past year.  

However, cyber insurance still represents less than 1% of the total insurance market in Asia and Oceania, as per the International Association of Insurance Supervisors’ (IAIS) Global Insurance Market Report 2023. 

Despite the intention of many SMEs to boost their cyber insurance investments, coverage gaps remain a significant issue.  

Companies might have protection against data breaches but lack policies covering email compromise or ransomware attacks. 

Lexasure CEO Ian Lim said: “With increased digitisation, Asian businesses are increasingly vulnerable to cyberattacks and ransomware. These attacks can cause devastating financial losses and irreversible brand damage – highlighting the critical need for cyber insurance.”  

OneDegree Global CEO Michelle Ip said: “As digital technology continues to permeate every aspect of our lives, the digital domain is facing an unprecedented escalation of cyber threats.  

“Particularly for small and mid-sized companies, they are confronted with a critical challenge where a significant portion of cyber risks remains uninsured or underinsured.”  

Late last year, OneDegree partnered with Dubai Insurance to provide digital asset insurance in the United Arab Emirates.