Cyber Insurance Comparison

Cyber insurance protects businesses against financial losses from cyber incidents like data breaches, ransomware attacks, and system failures. In Singapore's competitive business environment, it helps ensure business continuity, protect shareholders' interests, and maintain stakeholder confidence.

Cyber insurance in Singapore typically covers first-party losses (direct costs to your business) and third-party losses (claims from others). This includes data breach response costs, business interruption losses, cyber extortion payments, regulatory fines under PDPA, and legal expenses from customer claims.

Coverage needs vary based on factors like business size, industry, data volume, and regulatory requirements. In Singapore, companies typically secure coverage between S$1 million to S$5 million. Consider factors like annual revenue, data sensitivity, and potential regulatory fines under PDPA.

Coverage for state-sponsored attacks varies by policy. Some insurers exclude acts of war or state-sponsored attacks, while others offer limited coverage. In Singapore's context, where geopolitical cyber risks are significant, it's important to review these exclusions carefully.

Most cyber insurance policies in Singapore cover ransomware incidents, including ransom payments (where legally permissible), incident response costs, and business interruption losses. Insurers typically provide access to cyber security experts and negotiators to handle the incident.