Specialist insurance provider, Delta Insurance Singapore and IT managed services provider Stone Forest have teamed up to offer affordable cyber insurance and security services for SMEs.
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…
