The Intelligent Insurer covers Delta Singapore’s latest partnership with IT managed services provider Stone Forest:
The partnership follows a spike in cybercrime in Singapore, with SMEs especially vulnerable.
According to the Cyber Security Agency, cybercrime accounted for 43% of all crime in Singapore in 2020, with a surge in ransomware attacks and phishing activities driven by work from home arrangements during the pandemic.
The average cost of a cyber security attack for a business in Singapore stands at S$1.7 million per breach, according to McAfee.
“Singapore SMEs face higher risks because attackers perceive them as easier targets with fewer resources to devote to cybersecurity. As cybercrime becomes more sophisticated, the risk of security and data breaches and other cyber related incidents becomes higher. This creates both massive financial risk for businesses as well as reputational risk,” said Eugene Cheong, managing director of Delta Insurance Singapore.
Given the increase in the number of cases and the associated costs of cyber attacks, insurance companies have tightened coverage and raised premiums, with some halting cyber insurance completely.
The partnership between Delta and Stone Forest will seek to make it simple for SMEs to obtain affordable cyber insurance and cyber security services, to mitigate the risks of cyber threats.
The Delta SME cyber insurance covers crisis management costs including but not limited to data forensics, breach consultation services, restoration, breach response services and PR (including personal reputation), business interruption, network extortion, and third-party liability claims.
In addition, Deltawill also be including its Personal Cyber Insurance into the SME Cyber Insurance, which offers protection for individual key executives and employees against cyber risk on their devices.
“With this offering, SMEs will be able to improve their security posture with the help of better security protocols, and at the same time have easier access to more affordable insurance” added Cheong.
“During the pandemic, most people are working remotely. This has led to an increase in the use of home or personal devices for work and as a result an increase in personal cyber risk. Our objective is to provide the most relevant and valuable solution to cater to the fast-changing cyber environment not just for businesses but for individuals as well.”