OneDegree, known for its digital asset insurance solutions under the OneInfinity brand, has expanded its portfolio with a new cyber insurance offering tailored for SMEs.
OneInfinity Cyber Insurance provides flexible coverage limits from HK$1 million to HK$4 million, addressing incident response, business interruption, data recovery, cyber extortion, and more.
The application process is streamlined, featuring a digital-led approach with under 30 underwriting questions and a real-time cyber risk assessment powered by Cymetrics, allowing eligible SMEs to obtain coverage quickly.
A recent global technology outage on 19 July 2024, caused by a faulty update to Microsoft Windows, has underscored the vulnerability of businesses that rely heavily on a few IT providers.
This outage, which lasted for hours, affected critical infrastructure, causing disruptions at airports, hospitals, and banks across Asia, the US, and Europe.
According to CyberWrite, the economic damages from such events could reach tens of billions of dollars. Small and medium-sized enterprises (SMEs) are particularly vulnerable in this digital age, where financial security against interruptions and damages from technological failures is crucial.
“When an outage occurs, service level guarantees from providers often only cover the fees paid, which is insufficient. Businesses face operational disruptions, remediation costs, lost productivity, and potential legal penalties,”
Rex Zhang, Chief Operating Officer of OneInfinity by OneDegree.
“Cyber insurance not only covers security incidents but also non-malicious events like system failures. OneInfinity Cyber Insurance aims to protect SMEs from losses due to security breaches and business interruptions from system failures, as seen in the recent outage. This coverage helps SMEs maintain operational resilience and manage financial risks,”
he added.
The digital landscape also sees increased cyber threats, with emerging AI technologies introducing new vulnerabilities. OneInfinity Cyber Insurance addresses traditional cybersecurity events and the unique challenges posed by AI-driven threats, offering comprehensive protection for SMEs navigating these risks.
Featured image credit: Edited from OneDegree
