Expanding ICT sector brings more risks to Asia-Pacific

Across the region companies and governments are creating an industry worth hundreds of billions of dollars in order to harness technology to improve lives through creating sustainable cities by improving transport, data flows and healthcare; IT systems are therefore becoming more important for core operations.

As a result risks are rising as cross-border e-commerce grows, start-ups become more important and contract disputes and litigation are more prevalent. Companies therefore need to ensure they have robust network control systems such as encryption, firewalls and security protocols.

The whitepaper notes a lack of ICT protection across the region with traditional PI coverage not tailored well to technology company exposures; litigation in the ICT sector can be both complex and expensive.

Philip Ondaatje, managing director of strategic risk solutions, JLT Asia, commented : “The problem with the current ICT insurance environment, particularly in Asia, is a lack of awareness on what the policy is actually covering and how it would respond in the event of claim.”

The report also notes that insurers are using technology such as artificial intelligence, big data and drones to improve underwriting, claims and fraud detection.

You can download the whitepaper for free by registering at www.insurancehound.asia.