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Singapore International Chamber of Commerce

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Issue 138, 3 May 2017


Dear Members and Friends

I used to think that what the world needs is fit-for-purpose cyber systems to protect our data from hacking and other criminal activity. I’ve been put right by some of you that it is just not possible to guarantee the safety of computer systems 100% of the time. An article in The Economist (8 April 2017 issue) supports this view. Insurance can help protect consumers and service providers. Read on for information from your fellow member Chubb on cyber insurance.

Have a great week ahead.

Best regards

Victor Mills

Chief Executive

Commentary by Chubb

With cyber-attacks dominating the headlines, it comes as no surprise that the purchase of cyber insurance by large corporations in Asia has increased in 2016. This trend is expected to grow in 2017. In addition, as cyber criminals shift their focus to the emerging markets, which are often less prepared for cyber-attacks, we see a growing demand from this segment to mitigate the reputational and financial risks arising from cyber-attacks. While cyber insurance can't defend organisations against cyber-crimes, it can keep businesses on a more stable financial footing should a security event takes place. The financial consequences of a cyber event can be more significant than a liability claim or a penalty by a regulator.

Cyber insurance has also evolved beyond just financial protection. The best insurers have teamed up with industry experts to offer a range of services to assist clients in responding to a cyber incident. These can include a 24/7 incident response hotline, cyber response managers, forensic IT experts, privacy lawyers, public relations specialists, call centres and forensic accountants. Insurers are also expanding their scope of cover, including occasional cover for system upgrades, cyber-crime and property damage. Such developments are expected to increase as markets mature and demand for wider coverage rises. www.chubb.com.sg 


Distinguished Speaker Series: Minister Lim Hng Kiang, 12 May 2017
Amidst the current uncertain outlook, Singapore must stay the course to remain open and connected, to be an attractive global city that welcomes the best companies, talent and investments. How does it continue to do that? Join us for this members-only, closed-door dialogue session with Mr Lim Hng Kiang, Minister for Trade and Industry (Trade).  Read more

C-Suite Networking Night: Non-transferable Invitations, 17 May 2017
This member-exclusive event is co-hosted with member CapitaLand Limited and will take place at The Great Room at One George Street. Light canapes and wines will be served.  Read more

Innovation Series: Ascendas-Singbridge, 23 May 2017
One of Asia’s leading providers of sustainable urban solutions has chosen to evolve from being a provider of office space to a company driven by a much more holistic, community model. Join us to hear why and how Ascendas-Singbridge took this innovative and value-creating path and discover what the learning points are for you and your company.  Read more

Building Your Brand? Build Your Culture First!, 6 June 2017
Discover how companies like Google, LinkedIn, Disney, Apple and Zappos create exemplary company cultures and get started on building a winning company culture of your own.  Read more

Talent Development Series: Rising Through the Ranks, 15 June 2017
Dr Indigo Triplett, CEO of 4D Performance, will introduce her HR philosophy of playing the game by the unwritten rules that can help professionals move quickly from the middle to the top.  Read more

AGM 2017 & Networking Reception, 21 June 2017
All members are warmly invited to attend your Chamber’s AGM. This will be followed by a Networking Reception hosted by NVPC.  Read more

Dialogue with MOM and TAFEP, 29 June 2017
What does being on the MOM watch list mean for companies and how do companies get themselves off the watch list?  Our speakers from MOM will answer these questions at our annual dialogue session.  Another topic that will also be covered will be how TAFEP and MOM can support firms that are committed to progressive human capital practices, through the Human Capital  Partnership Programme.    Read more

2017 SICC Golf Tournament, 24 August 2017
Your Chamber’s annual golf tournament tees off at the Singapore Island Country Club's New Course at 1.00pm on 24 August 2017. Our Guest of Honour this year will be Mr Ng Chee Meng, Minister for Education (Schools) and Second Minister for Transport.  Read more 

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Committee Meetings




28 April 2017,
SME Committee Meeting Highlights

8 May 2017,
Innovation Committee Meeting

22 May 2017,
Human Capital Committee Meeting

26 May 2017,
Education Services Committee Meeting

30 May 2017,
Corporate Governance & Regulatory Committee Meeting

Click here for meeting schedule

Members who are interested to attend the meetings may contact philip@sicc.com.sg.


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