The Increasing Cyber Threat to Businesses

A survey of 800 risk managers and insurance experts from more than 40 countries showed that many more businesses now consider cyber incidents to be the major new threat to their business.

The 5th annual survey on corporate risks published by Allianz Global Corporate & Specialist (AGCS) further showed that businesses are concerned that cyber attacks will increasingly cause business and supply chain interruption, which has been the top risk for the fourth straight year since 2012. Cyber incidents are also cited as the most crucial long-term risk for companies in the next 10 years.

Cyber Threats in Hong Kong

Reports of hacking rose to almost 5,000 incidents year on year, up 43% in the past year according to the Hong Kong Computer Emergency Response Team Coordination Centre.

The rise was fuelled by a four-fold rise in website attacks such as phishing to almost 2,000 cases, in most cases affecting businesses, and a doubling of reported attacks on individual smartphone users to 286 cases. Cyber attacks continue unabated in Hong Kong as a rise in mobile phone hacking added to increasing rates of reported security incidents.

Financial institutions and media outlets were some of the top industries under threat last year.

Information provided to the HKMA by banks operating in the Territory indicate there were 17 reported cases related to distributed denial of service (DDoS) in December 2015. Among those breached were the Hong Kong unit of Malaysia’s Public Bank in Hong Kong wealth manager Kowloon Global.

The Cost of Cyber Attacks to Big Business

In Asia, the average cost of a cyber attack on a company in 2015 is $7.7M, according to a report by TechTrade Asia.

The Ponemon Institute sponsored by HP Enterprise Security, conducted a study, 2015 Cost of Cyber Crime Study computed for the annual cost of cybercrime for companies across 7 countries: the US, UK, Japan, Germany, Australia, Brazil and the Russian Federation.cyberthreat australia and japan_0
The study found the average yearly cost of cybercrime incurred by a benchmark sample of Australian and Japanese companies had increased by 13% and 14% respectively since last year. The results also revealed that it took at least 31 days to resolve an attack in Australia as compared to 26 days in Japan.

CyberSecurity HK provides resources and information on cyber security and threats which individuals and businesses can use.

Chubb, Zurich and AIG are some of the best providers of Cyber Insurance for businesses in Hong Kong. For assistance on Cyber Insurance, contact us here.


Preparing for the Cost of Cancer Treatments

The physical, mental and financial strains that come along with cancer are things no one should ever have to go through but with this disease affecting more and more people each year worldwide, we need to be always prepare ourselves and our loved ones if the worst happens.

This is especially crucial for families with members who have had cancer in one form or another. These are tips on how you can better cope with the costs of treatments so that you and your family have less to worry feel anxious about.

Recent Cancer Statistics

The most common type of cancer for male Hong Kongers is lung cancer with 2,994 cases registered in 2015. Females on the other hand deal with breast cancer the most with 3,524 new cases listed last year.
hongkong cancer 800x800

This statistics holds true for Brits with lung and breast cancer affecting the same demographic. 50,750 cases of breast cancer have been recorded since 2012 until 2015 and 24,005 reported cases for male individuals diagnosed with lung cancer for the same time frame.
UK 800x800Lung cancer tops the list as of 2015, according to World Cancer Research International with 7.4 million male cases and 6.7 million for women. This number is expected to increase to 24 million by 2035.
worldwide 800x800

Planning Costs for Cancer Treatment

Each type of cancer has a different treatment. It also depends on the progress of the disease. You can read about the different types of treatment options from cancer.org.

Your oncologist will be the best person to tell you what to expect during treatment and will be the first person to ask about the cost of treatments which is why the first step to planning is knowing as much as you can about your ailment and the treatments needed.

Cancer patients will most likely have to prepare costs for:

  • Provider visits
  • Lab tests (blood tests, urine tests, and more, which are usually billed separately)
  • Clinic visits
  • Procedures (for diagnosis or treatment, which can include room charges, equipment, different doctors, and more)
  • Imaging tests (like x-rays, CT scans, and MRIs, which may mean separate bills for radiologist fees, equipment, and any medicines used for the test)
  • Radiation treatments (implants, external radiation, or both)
  • Drug costs (inpatient, outpatient, prescription, non-prescription, and procedure-related)
  • Hospital stays (which can include many types of costs such as drugs, tests, and procedures as well as nursing care, doctor visits, and consults with specialists)
  • Surgery (surgeon, anesthesiologist, pathologist, operating room fees, equipment, medicines, and more)
  • Home care (can include equipment, drugs, visits from specially trained nurses, and more)

Some key questions to ask about :

  • How much is the estimated cost of treatment?
  • Will my health insurance cover it?
  • Where will I get treatment? In your clinic, hospital, at home?
  • What about medication? How much will they cost?

Having health insurance greatly decreases your out-of-pocket costs and should be able to cover a majority of your expenses.  Know the in-network doctors within your policy so you can also ask about out-of-network physicians in case it’s necessary. Talk to your insurance provider about the details of what they can cover so you may plan accordingly.

We at Village Insurance Direct help expats in Hong Kong find the best health insurance policies to cover these types of needs.



Healthcare Cost in Hong Kong Without Insurance

Hong Kong has over 50 public hospitals modelled on Britain’s NHS. It offers residents and non-residents with a choice of 13 state-of-the-art private hospitals – all of which are partnered with the United Kingdom for international healthcare accreditation. Overall, the standard of care is very high and the doctors and nurses are well qualified.

As with everything else in the country, cost of hospitalisation is expensive and being properly insured helps ease a majority of the costs. There have been a few issues experienced by expats which is included in this infographic.

We help find Health Insurance for expats as well as Hospitalisation Insurance.hongkong healthcare infogfx v2 (2)