Thai insurance company Dhipaya has partnered with Cisco to offer the country’s small and medium enterprises (SMEs) insurance coverage for cyber-related financial attacks.

Named “TIP cyber guard plus powered by Cisco”, the insurance will cover SMEs with annual revenues of US$30 million (900 million Thai baht).

The Managing Director for TIP, Somporn Suebthawilkul, said the coverage is the first of its kind in Thailand.

“Cybersecurity incidents have intensified and attacks have spread from large companies to enterprises of all sizes, even small ones,” said Mr. Suebthawilkul.

According to Pacific Prime Thailand, cybercrime increased a striking 37% in March 2020 when compared to the month before, as a result of increased work-from-home arrangements and digital transformation of work.

As such, the insurance policy will also cover business interruption losses caused by security breaches, data recovery costs due to cyberattacks, and costs related to incident report and investigation.

A 24/7 helpline will be available for enterprises seeking assistance. Security professionals from Cisco will also assist clients in checking systems, assessing risks, and providing advice on choosing the right cyber-insurance policy.

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