Even if you have a cyber insurance policy, it does not mean you do not have to take precautions against being scammed, an expert says.

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SINGAPORE: Scam attempts are on the rise, and millions have been lost through cyber threats including phishing attacks and fake friend call scams.

Insurance can help to recover monetary losses for some victims, but existing policies only cover certain types of scams.

And even if you are covered by insurance, it does not mean you do not have to take precautions against being scammed, an expert said.

“Insurance is recommended only after sufficient precautionary measures are implemented, (for example), installing and updating cybersecurity software, learning about cyber risk,” said Dr Shinichi Kamiya, deputy director of the Nanyang Technological University’s (NTU) Insurance Risk and Finance Research Centre.

Such measures substantially reduce vulnerability, said Dr Kamiya, who is also an associate professor in insurance and actuarial science.

Discussions about scam insurance surfaced after some malware victims lost their Central Provident Fund (CPF) savings in June.

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