Delta Insurance, Stone Forest to offer cyber insurance for SMEs

The Delta SME Cyber Insurance will also provide protection to key executives and employees. 

Insurance provider, Delta Insurance Singapore, and IT managed service provider, Stone Forest, collaborated to offer cybers insurance and security services for small and medium-sized enterprises (SMEs), following the spike in cybercrime in Singapore.

The Delta SME Cyber Insurance will cover crisis management costs including data forensics, breach consultation services, restoration, breach response services and PR, business interruption, network extortion, and third-party liability claims.

The Cyber Insurance will also include Personal Cyber Insurance which offers protection for individual key executives and employees against cyber risks, which will cover personal risk assessment and monitoring services of their email addresses, credit card, and phone numbers, as well as “dark web” presence.

Delta cited data from the Cyber Security Agency which showed cybercrime accounted for 43% of all crime in Singapore last year, with a surge in ransomware attacks and phishing activities due to work from home arrangements. It also noted that most victims were SMEs.

“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.

“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,” he said.

Delta also cited a report by McAfee which said the average cost of a cybersecurity attack for a business in Singapore is at S$1.7m per breach. Cybercrime Venture also said cybercrime would cost the world $10.5 trillion annually by 2025.