Cyber insurance is not compulsory by law in Singapore but many businesses and government agencies are already taking up precautionary measures to combat online threats such as malware, political espionage, ransomware etc. On a national level, the government is advocating companies to practise cyber hygiene by organising seminars and trade associations talks with SME companies. Government agencies like The MAS Cyber Security Advisory Panel (CSAP) is formed in 2017 to advise on strategies for MAS and financial institutions in Singapore to sustain cyber resilience and trust in our financial system. The Cyber Security Agency of Singapore (CSA) is the national agency overseeing cybersecurity strategy, operation, education, outreach, and ecosystem development, and the Cybersecurity Bill was passed on 5 Feb 2018 to authorise CSA to prevent and respond to cybersecurity threats and incidents, and establish a framework for sharing cybersecurity information.
At a corporate level, companies can install software protection on their IT hardwares, educate employees to take prudent approach to addressing online threats, and to purchase a cyber security policy to indemnify against losses as a result of cyber intrusion.
Regardless whether it is a large corporate or a small enterprise, as long as you conduct your business online and/or have an online presense, cyber risk is inevitable.