What’s Covered in Cyber Insurance?

Understand the key protections included in a comprehensive cyber insurance policy for your SME.

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Data breach response

Costs for forensic investigations, customer notification, credit monitoring, and legal advice after a data breach.

Ransomware & extortion

Ransom negotiator fees, cryptocurrency payments (where legal), data restoration costs, and lost income during downtime.

PDPA fines & penalties

Coverage for regulatory fines (up to S$1M) arising from data mishandling, plus legal defence costs.

Business interruption

Compensation for lost profits and extra expenses while your systems are offline due to a covered cyber event.

Why you need coverage

Key Benefits of Cyber Insurance

Financial protection

Cyber insurance safeguards your bottom line by covering unexpected expenses such as legal fees, ransom payments, and recovery costs after an attack.

Expert support

Get immediate access to forensic specialists, breach coaches, and public relations professionals to know how to minimise damage.

Risk management

Many policies include proactive security assessments and employee training to help prevent incidents before they occur.

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Common Questions

What are coverage limits?

Coverage limits refer to the maximum amount an insurer will pay for a covered claim. This amount varies based on the policy and needs of your business. It’s essential to understand these limits to ensure your business is adequately protected against potential risks.

How does the claims process work?

The claims process typically starts with reporting the incident to your insurer. After that, an adjuster will review your claim to determine its validity and the compensation amount. It’s important to provide accurate documentation to expedite the process.

Who needs cyber insurance?

All businesses handling sensitive information should consider cyber insurance, especially SMEs that may not have the resources to recover from a cyber attack. If your business collects personal data or relies on online transactions, having this coverage is vital.

What’s covered in the policy?

Cyber insurance policies typically cover expenses related to data breaches, business interruption, and legal fees arising from cyber incidents. It’s crucial to review your policy details to know exactly what is covered and any exclusions that may apply.

How can I reduce my premiums?

To potentially lower your premiums, maintain a strong cybersecurity posture, regularly update your systems, and provide employee training. These measures can decrease your risk profile, leading to better premium rates from insurers.

What happens during a data breach?

During a data breach, unauthorized individuals gain access to sensitive data, which can lead to financial loss or reputation damage. It’s essential to follow your incident response plan, notify affected individuals if necessary, and report to your insurer to start the claims process.

Explore Your Cyber Insurance Options

Discover the right cyber insurance coverage tailored for your business needs. Our expert specialists are ready to guide you through various options and help you secure your digital assets. Don’t wait for a cyber incident to happen—take proactive steps today and ensure your SME is protected.

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