OneDegree backs HKMA's AI initiative - Insurance News Magazine

OneDegree backs HKMA’s AI initiative | Insurance Business Asia

Technology

OneDegree backs HKMA’s AI initiative

Initiative launched as digital domain faces unprecedented rise of cyber threats

Technology

By
Roxanne Libatique

OneDegree Global is lending its AI Red Team solutions to the participants of the Hong Kong Monetary Authority’s (HKMA) newly launched Generative Artificial Intelligence (Gen AI) Sandbox.

Developed in partnership with Hong Kong Cyberport Management Company Limited, the sandbox aims to engage industry stakeholders to gather insights and refine the HKMA’s AI-related guidance.

How OneDegree supports HKMA’s Gen AI Sandbox

Alex Leung (pictured), co-founder of OneDegree Global, explained that the company’s Cymetrics brand, which specialises in security assessments, will play a crucial role in the initiative.

“We’re supporting this AI revolution with our AI Red Team solutions at Cymetrics, the security assessment brand under OneDegree Global, that identify critical vulnerabilities and risks and ensure compliance in security, privacy, and bias,” he said. “The digital domain is facing an unprecedented escalation of cyber threats, with emerging AI technologies presenting both immense potential and novel challenges.”

He said that Cymetrics Vulcan, an automated testing platform, is designed to provide scalable AI risk assessments. These assessments aim to help financial institutions navigate the challenges associated with generative AI, thereby improving risk management and bolstering security measures.

Announced during the ITC Asia conference in Singapore, the platform is intended to address the growing cybersecurity threats in South and Southeast Asia.

This platform, built on a Reinsurance-as-a-Service (RAAS) model, offers insurers and their partners a fully digital experience that encompasses onboarding, risk profiling, underwriting, and policy issuance.

It also integrates a real-time cyber risk exposure scanning solution, which assesses a prospective client’s security posture in minutes, enabling policy issuance within 10 minutes for eligible small and medium-sized enterprises (SMEs).

Ian Lim, CEO of Lexasure, noted that the platform’s real-time risk assessment and rapid policy issuance capabilities provide significant benefits, particularly for SMEs that are increasingly vulnerable to cyberattacks.

“These attacks can cause devastating financial losses and irreversible brand damage – highlighting the critical need for cyber insurance,” he said.