Initiative to Keep Cyber Risk in Check
This is the first project in Singapore that will enhance cyber security for public, private and household sectors.
NTU is leading a first-time initiative to help businesses and institutions bolster their defence against cyber attacks. Called the Cyber Risk Management Project, CyRiM is supported by government and industry partners including Monetary Authority of SIngapore (MAS), Cyber Security Agency of Singapore (CSA), and MSIG Insurance, among others. CyRim’s overarching goal is to facilitate new areas of research in cyber risk, security and insurance at NTU’s Nanyang Business School (NBS), and will also recommend policies to the Singapore government on advanced cyber risk protection and prevention. It will also aim to address the needs of the region’s industry in relation to cyber risk, and enhance underwriting expertise in Singapore. Key focus areas in research and development include security data analytics, infrastructure and strategies to improve protection of corporate assets and data.
- The CyRiM Project will enhance underwriting expertise in Singapore to help bridge the market gap between buyers and sellers
- Promote wider industry awareness and encourage insurers and risk managers to jointly develop innovative solutions and tools to address the complexities of cyber risk
- Corporations and consumers will benefit from with more affordable and effective cyber insurance products
“The CyRiM Project is in a unique position to spearhead Singapore’s growth as a leading centre of excellence on cyber risk. It can also act as a catalyst to grow the cyber risk insurance market by promoting both the demand and supply of insurance coverage.”
Professor Ravi Kumar,
Dean of NTU’s Nanyang Business School
More specialist talent is expected to be produced as a result of the CyRim Project. A new Risk Management and Insurance major which was offered as a specialistion for Business programme undergraduates at Nanyang Business School. 50 graduates with specialist skills are expected to be produced every year from 2018.