Delta Insurance and Stone Forest unveil cyber insurance partnership
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 premiums, with some halting cyber insurance completely.
The partnership between Delta Insurance 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, Delta Insurance will 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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze