DBS cyber insurance will now be available to customers in Hong Kong. DBS Hong Kong has become the first bank in the area to offer this form of cyber insurance. The offering includes financial support for trauma counselling, legal consultation and action, as well as tech support. In addition, other urgent needs are covered. As part of CyberOne, underwritten by Chubb Insurance, comprehensive coverage is delivered for as little as HK$1 a day. This provides comprehensive cyber bulling coverage. Furthermore, online privacy invasion and identity theft are looked after and there is also access to a 24-hour hotline and access to specialists. CyberOne is part of DBS Bank (Hong Kong)’s new microinsurance offering, which also includes PassengerOne for medical coverage and compensation, TravelOne for worry-free travels, and PurchaseOne for safe shopping. Terry Li, Executive Director and Head of Bancassurance, Consumer Banking Group and Wealth Management, of DBS Bank (Hong Kong), said: “The more people, especially young people, connect, communicate and consume digitally, the more opportunities there are for cybercrimes to proliferate. Knowing how to protect against cyber threats is the first line of defence, and we believe CyberOne can equip those who are vulnerable with the means to protect themselves for a more safe and smart online experience.” Loading ... DBS Bank and insurer Chubb signed a bancassurance agreement in 2018. It was to distribute home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs. The insurance distribution partnership will be valid for a period of 15 years and will cover Singapore, Hong Kong, China and Taiwan. Indonesia quickly followed. Under the terms of the agreement, the lender will distribute Chubb insurance products to its six million retail, wealth and SME customers through a network of more than 200 branches as well as via its digital banking platforms.
CyberOne will be the first cyber insurance product launched by DBS Hong Kong, and the first cyber offering from a bank in the area. The cover will be underwritten by global-insurer Taiwan and will support fees for trauma counselling, legal consultation and action, tech, and various other urgent needs. Coverage will be available for as little as HKD1 ($0.1), for comprehensive cyber bullying coverage, with online privacy invasion, identity theft, a 24-hour hotline and specialist access available at higher price ranges. The bank and Taiwan signed a bancassurer agreement in 2018, in a partnership for the next 15 years covering Singapore, Hong Kong, China, Chubb and Indonesia.