Cyber Insurance.
Insurance is a way of paying someone else to assume your risks. Many companies regard it as an unavoidable cost to meet statutory and/or contractual requirements of the law and customers. While cyber insurance is not mandatory in Singapore, and few contracts are being updated to reflect this, the tightening regulations, Requirements & Penalties are very good reasons to have insurance cover for losses and liabilities in case of breaches.
Some features of an insurance policy
Policy Conditions
The insurer reserves the right to reject your application or not pay claims if you are in breach of the policy conditions by not taking reasonable actions to ensure cybersecurity measures are implemented.
Insurance Cover
Learn more about what cyber insurance covers.
CASL – Unique Value Proposition
CASL has made a special arrangement to provide protection for all Castle subscribers upon signing up regardless of their cybersecurity ratings or postures. CASL will uplift you within six months while you remain protected.
Distribution Costs
Other than commercial insurers like MSIG, QBE, Markel etc. there are also P&I clubs, mutuals, reinsurers etc. who cover cyber losses. Fees and commissions are paid to agents, brokers and cybersecurity firms to distribute the products.
Insurance Cost
Find out more about the cost components of an insurance.
CASL – Unique Value Proposition
CASL works directly with our SAMs to design the Castle protection with no intermediaries’ commission and low administrative costs for the insurers.
Declaration Form
Typically, to buy cyber insurance, one would need to complete a form to declare their current cybersecurity posture. This is unavoidable — you must submit your IT/OT information for the insurers to reject or price your premium.
Claims & Notifications
For any cyber incidents and claims, please notify CASL.
CASL – Unique Value Proposition
The Castle Plan does not require you to fill up such forms. Simply provide your website address and we would run a cybersecurity rating in the background and inform you of your state of cyber readiness.
CASL – Unique Value Proposition
CASL has made a special arrangement to provide protection for all Castle subscribers upon signing up regardless of their cybersecurity ratings or postures. CASL will uplift you within six months while you remain protected.
CASL works directly with our SAMs to design the Castle protection with no intermediaries’ commission and low administrative costs for the insurers.
The Castle Plan does not require you to fill up such forms. Simply provide your website address and we would run a cybersecurity rating in the background and inform you of your state of cyber readiness.