The demand for protection will grow, not just the need to insure against losses but also the demand from businesses who wish to strengthen their resilience and to recover more quickly from security breaches. 41. But the market needs development. It’s still in its infancy. We have to increase awareness of the importance of insurance in dealing with cyber risk. Again, however, the data needed for efficient underwriting of risk is weak. We need to strengthen collaboration between the industry, government and academia to build reliable databases and analytical tools to enable the efficient underwriting of cyber risk. •  We have set up the Cyber Risk Management Project in Singapore. It was launched recently, involving the Nanyang Technological University’s (NTU)’s Insurance Risk and Finance Research Centre (NTU-IRFRC), and supported by leading industry players and the Cyber Security Agency (CSA) in Singapore. Conclusion 42. It is, to conclude, a difficult and challenging environment for insurers globally. We have to live with a low interest rate environment for a long time to come, even as our societies are getting older. It’s a challenge for everyone in the retirement business, including insurers. We have to find ways to make savings for affordable for ordinary savers as they prepare for their retirement. 43. But we also have to meet new opportunities in the insurance industry.
But in a situation where we are going to have much longer lives, it is critical that we have the ability to earn a living and to save money over more years, so as to provide security and assurance through our retirement years. 22. It’s true everywhere in the world. Some countries have already recognised it through legislation. Denmark is a good example, of having linked their retirement age and pension age to life expectancy. Sweden intends to follow. Several other countries are considering the same thing. 23. But it is not just about pushing back the retirement age or pension age. It is critical that we make it attractive for older citizens to work. That means not just providing jobs but rearranging the work place so that it becomes part of the culture to have older persons, experienced persons, in the team, in the work place. The culture of the work place has to change and the culture of the consumers has to change in a whole range of industries so as to accept and celebrate the presence of older persons at work. 24. So that’s one important reform over the next 10 to 15 years – enabling older persons to work for longer, it may be full time or part time, but make it attractive to work. 25. The second important reform concerns the financial industry. We have to reduce the costs that ordinary savers face in saving for the retirement. 26.