Secure your company with cyber insurance

Cyber attacks are becoming commonplace, as more businesses turn to digital solutions. Let our experts help protect your business through cyber attacks, data loss and recovery.

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What is cyber insurance

Cyber insurance provides coverage for a business’s liability in the event of a breach on its Information Technology infrastructure that may result in leakage of sensitive data, such as customers’ personal information or business trade secrets. Having cyber insurance coverage will allow a business to mitigate the financial losses in the event of such a cyber-attack, as well as the costs of recovery and restoration in the aftermath of the incident.

Small and Medium sized enterprises (SMEs) are often targeted by cyber criminals as they usually lack the resources and cyber security infrastructure to protect themselves against a potential intrusion such as Malware or unauthorised access to the business’s cyber infrastructure.

Cost of cover can start from S$1,000 per year.

What does cyber insurance cover

Costs incurred from a cyber-attack:

Cyber-extortion during the attack
Remediation actions after the attack
Loss of business data
Loss of income and recovery cost incurred from network outage

Lawsuits from third parties for:

Wrongful disclosure of private information
Incidental IP infringement, defamation or negligence
Fines for failure to deter a computer malicious act

Examples of businesses that should get cyber insurance

MEs who may lack resources to set up a cyber security infrastructure for adequate protection.
E-commerce businesses – because it stores personal identifiable information such as credit card details or delivery addresses.
Businesses that offer membership or loyalty programmes to its customers – because it stores personal identifiable information such as credit card details or delivery addresses.
Businesses using Customer Relationship Management systems that store sensitive data.
Businesses that store trade secrets on their systems.

Why does cyber insurance matter

Cybercrimes are on the rise, with an increase of 50% in 2019 and an overall increase among all sectors in 2020.
Digitalisation is inevitable for most businesses today. With it comes risks that all businesses should be aware of and get adequate protection on.
Cyber insurance helps businesses reduce the financial impact in the event of a cyber-attack, and recover from it in a shorter period of time.

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Frequently Asked Questions

Should I get cyber insurance if I already have a cyber-security system in place?

Having a cyber-security system in place defends the business from cyber attacks, which reduces the chances of that happening. However in the event it does happen, cyber insurance can help your business manage the financial impact during and post the attack, and shorten the recovery time for your business to be back on track.

What constitutes a cyber-attack?