Delta Insurance Singapore has teamed up with IT managed services provider Stone Forest to provide cyber insurance and cybersecurity services for small and medium enterprises (SMEs) in Singapore.
Data from Singapore’s Cyber Security Agency showed that cyber crime accounted for 43% of all criminal activity in Singapore in 2020. Remote work arrangements fuelled a surge in ransomware attacks and phishing activities, with most of the victims being SMEs. The average cost of a cyber attack for a Singapore business stands at SG$1.7 million per breach, according to McAfee.
Delta’s SME cyber insurance product 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.
Stone Forest provides a range of business advisory services in accounting, payroll, IT, staffing and corporate secretarial. Its managed services offering, known as AvailEase, offers various workplace and IT services. AvailEase’s framework will provide due diligence in cybersecurity protection and its standardised IT processes eliminate the need for lengthy underwriting processes when obtaining cyber cover.
The insurer will also bundle its personal cyber insurance into its SME cyber insurance offering. This feature offers protection for individual key executives and employees against cyber risk on their devices. This includes personal risk assessment and monitoring services on the individual’s email addresses, credit card numbers and phone numbers for breaches and possible presence on the dark web.
“During the pandemic, most people are working remotely,” said Eugene Cheong, managing director of Delta Insurance Singapore. “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.”
