Media OutReach

Allianz Commercial: Cyber insureds gain momentum against attackers, but supply chain challenges remain

Published

2 months ago

24/09/2025

Ransomware is the biggest loss driver, accounting for 60% of the value of large cyber claims (>€1mn), while threats posed by supply chains, privacy regulation and social engineering require attention, especially as an uptick in loss activity is expected from Black Friday onwards.
Despite the increasing level of attacks, analysis of Allianz Commercial cyber claims shows severity is down by 50% and large claims frequency by 30% during H1 2025 to date, driven by larger companies’ elevated detection and response capabilities.
Cyber resilience gaps in Asia Pacific persist amidst an increasingly threatening landscape.

SINGAPORE – Media OutReach Newswire – 24 September 2025 – The cyber risk and insurance landscape in 2025 reveals a complex and evolving threat environment. Large insured companies are becoming increasingly resilient against cyber-attacks with strengthening of cyber security and preparedness and response capabilities helping to mitigate the impact of some of the large cyber losses in 2025 to date. However, the reliance on digital supply chains, impact of expanding privacy regulation, and more sophisticated social engineering attacks targeting employees are also broadening the scope of potential losses for all companies, according to the latest Cyber Security Resilience Outlook from Allianz Commercial.

During the first half of 2025, analysis of Allianz Commercial cyber claims shows the overall frequency of notifications was in line with activity a year earlier with around 300 claims. Despite the increasing sophistication and volume of attacks companies face, claim severity has declined by more than 50%, while the frequency of large loss claims is down by around 30%, driven by larger companies’ cumulative investments in cyber security, detection and response. However, the expanding risk landscape means there is no room for complacency. Ransomware attacks remain the top driver of cyber incidents while the focus of attackers is also shifting to smaller or mid-sized companies which are less resilient against cyber-attacks and data breaches. Overall, the total number of cyber claims in 2025 is expected to remain stable (around 700), with a seasonal uptick in activity expected around Black Friday at the end of November to year-end.

“Several ransomware events have hit the headlines this year, but overall, we see that insured losses from these attacks have decreased in 2025 to date. Insureds’ increased detection and response capabilities are helping to stop some attacks at an early stage. Every step an attacker progresses, and every minute that they are in the system, the impact goes up exponentially. The cost of a ransomware attack that progresses to data theft and encryption can be 1,000 times higher than an incident that is detected and contained early,” explains Michael Daum, Global Head of Cyber Claims at Allianz Commercial.

Ransomware remains biggest driver of cyber insurance claims

Ransomware attacks accounted for around 60% of the value of large claims during the first half of 2025. High-profile incidents across many industries underscore ongoing threats, although there are signs international co-ordination by law enforcement agencies and the strengthening of cyber security by large corporates is having a positive impact. Attackers are also shifting focus to smaller firms, which are typically less resilient than multinationals, as well as firms in other territories, such as in Asia or Latin America. Ransomware was involved in 88% of data breaches at small and medium firms compared to 39% at large firms, according to Verizon.

As large companies have improved their response capabilities, recent years have seen a shift from purely extortion-based ransomware attacks to double extortion including data exfiltration – 40% of the value of large cyber claims during the first half of 2025 included data theft, up from 25% in all of 2024. Losses involving data exfiltration were more than double the value of those without. The average global data breach cost hit a record high at almost US$5mn in 2024, driven by factors such as the impact of stricter data privacy regulation.

The retail sector has been particularly vulnerable to cyber incidents, entering the top three of most impacted industries, according to analysis of large cyber claims over the past five years, accounting for 9% of claims by value after manufacturing (33%) and professional services firms (18%). Retailers often have high revenues, handle large volumes of personal data, and are vulnerable to business interruption, which all provide leverage when making extortion demands. Large numbers of staff, suppliers and IT systems create a wide attack surface.

Meanwhile, an expanding risk landscape is also broadening the potential scope of losses for companies, with non-attack incidents, such as wrongful collection and processing of data, as well as technical failure, accounting for a record 28% of large claims by value during 2024. At the same time, organizations continue to face new challenges and threats from their growing reliance on digital supply chains, the impact of expanding privacy regulation, and the increasing number of social engineering attacks involving sophisticated impersonations of company staff to gain access to company systems.

Cyber resilience gaps in Asia Pacific amidst an increasingly threatening landscape

The Asia Pacific region experienced the most cyber-attacks in 2024, increasing 13% year-on-year and accounting for 34% of attacks globally, according to IBM. This is corroborated by AON, which reported a 22% rise in cyber insurance claims for Asia Pacific in 2024 over the prior year. Ransomware is also a major concern, and accounts for all of Allianz Commercial’s cyber losses in Asia for the first half of 2025.

“A significant number of companies have selected Asia as home for their complex supply chains as well as outsourcing of key business processes. While organizations recognize third-party and supply chain risk, in practice this is a challenge to mitigate and requires significant cross-functional collaboration internally, from the IT, procurement, to legal and compliance departments. Over the past few years, we have seen increased claim activity resulting from IT supply chain risks, in the form of both malicious attacks and technical failures. As a result, there continues to be an uptick in contractually driven cyber insurance purchases. Businesses in Asia, in particular large companies, have also shown an increase in cyber resilience and appetite for cyber risk transfer solutions, although their overall cyber coverage is generally lower compared to American or European peers.

“That said, a significant portion of large organizations still remain self-insured, and the same applies to small and medium enterprises, which are less resilient and more vulnerable to cyber risks. Asian businesses with overseas presence should also consider multinational cyber solutions, especially those with operations in Australia, US and UK which tend to experience more substantial financial losses arising from privacy litigation and data breaches,” says Karlis Trops, Head of Cyber & Tech Professional Indemnity at Allianz Commercial Asia.

“The global cyber insurance market is predicted to more than double to close to US$30bn by the end of the decade, yet penetration remains relatively low. We need to underline that cyber insurance plays an important role in helping build resilience at a time of rapid technological and regulatory change. Many companies remain unaware of the breadth of coverage offered, which can include costs associated with breach response, business interruption, and regulatory fines and penalties,” says Jarrod Schlesinger, Global Head of Financial Lines and Cyber at Allianz Commercial.

Hashtag: #Allianz

https://commercial.allianz.com/
financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust us in providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2024, the integrated business of Allianz Commercial generated around €18 billion in gross premium globally. https://commercial.allianz.com/

Media OutReach

SIM and the True Worth of Education: Beyond Tuition Fees

Published

18 hours ago

07/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 7 December 2025 – As Singaporean families plan for higher education, tuition costs often dominate the conversation. However, the more critical consideration lies in understanding the relationship between cost and value. This article provides an in-depth understanding of the financial implications of pursuing studies at local public universities, private institutions such as SIM, and overseas universities, while highlighting SIM’s distinctive proposition that extends beyond competitive pricing.

Local Public Universities: Affordable and Prestigious

Singapore’s autonomous universities remain among the most cost-effective options for Singapore citizens, thanks to the Ministry of Education’s Tuition Grant. For example, undergraduate programs at NUS and NTU cost around S$8,250 per year for Singaporeans, while SMU averages S$11,500 annually. Other institutions such as SUTD, SUSS and SIT fall within similar ranges, typically between S$8,000 and S$13,500 per year. Over a three- to four-year degree, this translates to roughly S$25,000 to $54,000 in tuition fees.

The autonomous universities offer strong reputations and excellent graduate outcomes, but entry to some programme is highly competitive, and program flexibility may be limited compared to private or overseas options.

Overseas Universities: Prestige Comes at a Price

For families considering an overseas education, costs escalate dramatically. Tuition at U.S. private universities averages US$50,000 to US$60,000 per year (about S$70,000 to S$84,000), with living expenses adding another US$10,000 to US$15,000 annually. In the UK, fees range from £10,000 to £38,000 per year (approximately S$17,000 to $65,000), while Canada and Australia typically charge S$14,000 to $28,000 for tuition alone. Factoring in accommodation, travel, and insurance, a four-year overseas degree can easily exceed S$150,000.

While these programs offer prestige and cultural immersion, they also involve significant financial, visa, and lifestyle considerations.

SIM Global Education: International Degrees at Local Cost

SIM offers a compelling alternative for students seeking global credentials without the high cost of studying abroad. Through partnerships with leading universities from the UK, Australia, the U.S., Canada, and Europe, SIM delivers more than 140 programs in Singapore, allowing students to earn internationally recognized degrees, essentially the same degree if you studied overseas, but locally at SIM. Tuition fees vary by program, for example, a University of London BSc ranges from S$26,685 to S$42,835, a University of Birmingham top-up degree costs S$42,000 to S$57,100, and a degree from the University at Buffalo falls between S$41,700 and S$74,600 for Singaporeans.

Beyond competitive pricing, SIM emphasizes value. Degrees are awarded by partner universities and aligned with global academic standards. The institution holds EduTrust Star certification and ISO accreditation, ensuring the best quality assurance. Students benefit from bond-free scholarships and bursaries, as well as Career Connect services that provide internships, mentoring, and employer networking. Graduate outcomes are strong, with nearly 80% of SIM graduates securing employment within six months of graduation.

Why Value Matters as Much as Cost

Choosing a degree isn’t just about tuition fees, it’s about the total investment, which includes living costs, global recognition, and career outcomes. Local autonomous universities such as NUS, NTU, and SMU remain highly attractive for their subsidized fees and strong reputations, making them one of the most cost-effective options for Singaporeans. However, entry is competitive, and program flexibility may be limited.

On the other end of the spectrum, overseas universities offer prestige and cultural immersion but often come with six-figure costs and additional living expenses. This is where SIM provides a strategic middle ground, delivering internationally recognized degrees from leading global universities at local cost. Students gain access to global curricula, industry-ready skills, and career networks without the financial burden of relocating overseas. For families seeking international exposure at sustainable costs, SIM combines affordability with the value of global education

References:

NUS Fees for Undergraduate Programmes – https://www.nus.edu.sg/registrar/docs/info/administrative-policies-procedures/ugtuitioncurrent.pdf
NTU Fees for Undergraduate Programmes – https://www.ntu.edu.sg/docs/default-source/onestop@sac/2025/tuition-fees-ft-ay2025_12mar25.pdf?sfvrsn=b8c5474_1
SMU Fees for Undergraduate Programmes – https://admissions.smu.edu.sg/financial-matters/tuition-fees-grant
SUTD Fees for Undergraduate Programmes – https://www.sutd.edu.sg/admissions/undergraduate/education-expenses/fees/tuition-fees/
SUSS Fees for Undergraduate Programmes – https://www.suss.edu.sg/admissions/financial-matters/tuition-fee-subsidy/full-time-undergraduate
SIT Fees from Undergraduate Programmes – https://www.suss.edu.sg/admissions/financial-matters/tuition-fee-subsidy/full-time-undergraduate
Comparison of Tuition Fees in US, UK, Canada and Australia – https://uninist.com/blog/financial-planning/comparison-of-tuition-fees-guide
How much does college cost in 2025 – https://research.com/universities-colleges/how-much-does-college-cost
Price of attending undergraduate institutions – https://nces.ed.gov/programs/coe/indicator/cua
University of London Bachelor Degree – https://www.sim.edu.sg/degrees-diplomas/programmes/programme-listing?academic=2%7C&programmetype=1%7C3&university=1%7C
University of Brimingham Bachelor Degree – https://www.sim.edu.sg/degrees-diplomas/programmes/programme-listing?academic=2%7C&programmetype=1%7C3&university=10%7C

Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills

https://www.sim.edu.sg

The issuer is solely responsible for the content of this announcement.

About SIM Global Education

SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.

SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.

For more information on SIM Global Education, visit sim.edu.sg

Media OutReach

A-Level vs Polytechnic: Understanding different pathways offer competitive edge at SIM

Published

1 day ago

06/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 6 December 2025 – Singapore’s education system offers two popular tertiary pathways after post-secondary, A-Levels through Junior Colleges and Polytechnic diplomas. Both leading to higher education but differ in focus. A-Levels are academically rigorous and theory-driven, preparing students for university through subject-based learning over two years at junior colleges or three years at Millennia Institute.

Conversely, Polytechnic programmes emphasize applied learning, incorporating projects and industry attachments, and culminate in a diploma after three years. Understanding how these distinct approaches translate into admission considerations at SIM, one of Singapore’s leading private education institutions, is essential.

For students and parents, evaluating these options is critical to determining which pathway offers the greatest advantage in today’s competitive education landscape.

Applying with A-Levels

For students who have completed A-Levels, SIM requires applicants to meet the academic and English language criteria specified for each degree programme. According to SIM’s admissions process, candidates must submit their GCE A-Level certificates and transcripts along with other supporting documents. Entry is subject to programme-specific requirements set by SIM and its universities partner from Australia, Canada, Europe, the United Kingdom, and the United States. This pathway allows applicants to begin their degree studies immediately after junior college, provided they meet the specific entry requirements for their chosen programme.

Applying with a Polytechnic Diploma

Polytechnic graduates may be eligible for advanced standing and credit exemptions when applying to SIM’s degree programmes. The amount of exemption depends on the relevance of the diploma and the chosen degree. For example, IT-related diplomas from local polytechnics can receive up to two years of credit exemptions for certain programmes, such as those offered by the University of Wollongong, provided the applicant meets GPA requirements (typically 2.0 or above). Other diplomas may receive partial exemptions on a case-by-case basis. These exemptions reduce both time and cost, making SIM an attractive option for Polytechnic graduates who want to build on their applied learning experience.

Why It Matters

According to the Ministry of Education (MOE) statistics in 2021, roughly one in three Polytechnic graduates progress to local autonomous universities, compared to about four in five A‑Level and International Baccalaureate graduates. This gap underscores the importance of additional pathways such as SIM, which enable Polytechnic graduates to earn globally recognised degrees and expand their career prospects.

Student Stories: Two Potential Paths to Success at SIM

At SIM, students have the flexibility to shape their academic journey based on their background and career goals. For some, it’s about gaining a head start; for others, it’s about leveraging credit exemptions to fast-track progress. Ashley Ong and Violet Weng exemplify these two pathways, each leading to success in its own way.

Ashley Ong, an A-Level graduate, chose to begin her degree journey with the University at Buffalo Bachelor of Science in Business Administration. She embraced every opportunity SIM offered such as internships, hackathons, and networking events, building practical skills and global perspectives that prepared her for a competitive business world.

Meanwhile, Violet Weng, a Singapore Polytechnic graduate, opted for a different approach. While pursuing her RMIT Bachelor of Business (Economics and Finance), Violet leveraged SIM’s credit exemptions to shorten her study duration and reduce costs, all while working full-time. This flexibility allowed her to balance work and study, accelerate graduation, and advance her career without compromise.

Both stories highlight SIM’s commitment to offering customized pathways for students whether you’re starting fresh or building on prior learning.

Conclusion

Whether you come from an academic route like A-Levels or an applied learning path through Polytechnic, the journey to a degree can look very different. A-Level graduates often enjoy a head start with direct entry, while Polytechnic graduates benefit from credit exemptions that recognize their practical skills. Both pathways reflect Singapore’s evolving education landscape where flexibility and global opportunities matter more than ever.

References:

MOE Post-Secondary – https://www.moe.gov.sg/post-secondary/
SIM Application Process – https://www.sim.edu.sg/degrees-diplomas/admissions/application-process
SIM-UOW Credit Exemption Table – https://www.sim.edu.sg/getmedia/9c0ad90d-5910-4d47-b044-f815188a4b16/sim002856.pdf
MOE Education Statistics Digest – https://www.moe.gov.sg/about-us/publications/education-statistics-digest
Polytechnic graduates progression and subsidies for PEIs – https://www.moe.gov.sg/news/parliamentary-replies/20210510-polytechnic-graduates-progression-and-subsidies-for-peis
askST: How many uni places are there for Singaporeans? Is there a quota for poly grads? – https://www.straitstimes.com/singapore/how-many-uni-places-for-locals-any-quota-for-poly-grads
How 6 internships, 4 hackathons, and CCAs paved the way for Ashley – https://www.sim.edu.sg/articles-inspirations/how-6-internships-4-hackathons-and-ccas-paved-the-way-for-ashley
How this graduate pivoted her career by pursuing a degree while working full time – https://www.sim.edu.sg/articles-inspirations/how-this-graduate-pivoted-her-career-by-pursuing-a-degree-while-working-full-time

Hashtag: #SIMGlobalEducation #SIMGE

https://www.sim.edu.sg

The issuer is solely responsible for the content of this announcement.

About SIM Global Education

For more information on SIM Global Education, visit sim.edu.sg

Media OutReach

K. Wah Group Donates Additional HK$12.07 Million for Tai Po Recovery

Published

2 days ago

06/12/2025

Media Outreach

Chairman Mr. Francis Lui Urges Public to Turn Compassion into Action and Vote 7 December

HONG KONG SAR – Wechat: 嘉华集团 K. Wah Group
https://www.youtube.com/@kwahgroup

The issuer is solely responsible for the content of this announcement.

About K. Wah Group

K. Wah Group was founded in 1955 by Dr. Lui Che Woo and has since grown into a diversified multinational corporation. Its core businesses span property development and investment, integrated resort and entertainment, hospitality, and construction materials.

The Group has a strong presence in Mainland China, Hong Kong, Macau, Southeast Asia, and key international markets. Its major subsidiaries include two Hong Kong-listed flagships: K. Wah International Holdings Limited (HKEX: 00173), focused on premium property development and investment; and Galaxy Entertainment Group Limited (HKEX: 00027), a constituent of the Hang Seng Index and a leading gaming and entertainment operator in Macau. Other key members of the Group include Stanford Hotels International and K. Wah Construction Materials Limited. Today, K. Wah Group comprises over 200 subsidiaries worldwide.

Website：http://www.kwah.com