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Cyber Insurance pays to help your business recover from disastrous cyber attacks, and to defend against cyber liability lawsuits.
If you operate an SME, there is a 1 in 2 chance your business will be the victim of a cyber attack in the next 12 months. Globally, a business cyber attack costs an average of $200,000 in lost income, and IT repairs.
Every day, tens of thousands of ingenious criminals come online to hold ransom, steal from, or even destroy small businesses like yours. Security research shows that 60% of small businesses will fail within 6 months following a cyber attack, because the costs to repair infected systems are punishingly high. And, 60% of those businesses had no cyber protection. Spot the correlation?
Thankfully, you can protect your business against these threats. A good Cyber Insurance policy will pay for IT experts to stop cyber attacks, for replacement/repair to your computer systems, and for legal liability if you lose confidential data.
When your business gets attacked, how protected do you want to be?
What Does Cyber Insurance Cover?
- Lost Digital Assets: Pays for repair or replacement of your computer systems if they were damaged by hackers.
- IT Forensics Costs: Pays for IT forensic consultants to identify and stop the cyber attack. Also pays for the temporary transfer of your data to a secure server.
- Cyber Liability Costs: Pays for compensation to third-parties (clients, business partners, etc.) for loss/exposure of personal information.
- Regulatory Defense Costs: Pays for lawyer fees to defend against lawsuits by regulators, and penalties from such lawsuits.
- Credit Monitoring Costs: Pays for credit monitoring services to minimise financial losses and fraud due to stolen payment data.
- Public Relations Costs: Pays for PR firms and crisis-management consultants to minimise damage to your company’s brand and operations.
- Notification Costs: Pays for expenses and legal fees associated with notifying customers of your company’s data breach.
- Business Interruption from Cyber Attack (Extension): Pays for lost business income when you cannot operate your business due to a cyber attack. (We highly recommend this).
- Cyber Extortion (Extension): Pays for extortion demands from hackers who hold your systems hostage. (We highly recommend this).
Provide offers only the market’s best Cyber Insurance policies, with comprehensive coverage to ensure your profits aren’t stolen by cybercriminals.
Do I Need Cyber Insurance?
Cyber Insurance is critical for you, especially if you operate an SME business. Almost 60% of SMEs in Singapore have experienced cyber attacks in the last 12 months. Despite this cyber onslaught, 70% of SMEs in Singapore don’t protect themselves with Cyber Insurance. There is a dangerous mismatch between threats from hackers and defensive measures deployed by SME organisations.
If you’re on the fence about whether to get Cyber Insurance, it’s helpful to think about some points:
- How well could your business function if your website was down, you lost access to all your databases and tech infrastructure, and had all your customer information deleted?
- Could your business afford government fines for breaching PDPA regulations?
- Does your business have substantial cash reserves ($500,000 to several million dollars) to pay lawyers fees and cyber liability claims if a hacker steals customer data from your business, and clients sue you?
- If you feel you’d need financial help dealing with the above situations, then don’t hesitate to protect your company with Cyber Insurance.
- You take online payments on your website.
- You rely heavily on technology for daily business operations.
- You have a database of personal information on customers.
- You have a database of personal information on your employees, like their NRIC and medical information.
- You are subject to PDPA regulations in Singapore.
How Much Cyber Insurance Do I Need?
For most SMEs that have annual revenues of less than $5,000,000, you should consider coverage between $500,000 to $1,000,000. You can purchase this online here at Provide.
For SMEs with revenues above $5,000,000, or operations in industries with lots of sensitive data (like technology, financial services, or healthcare), it’s best to speak with an experienced broker who can determine a more precise coverage level for you.
Our industry experts will:
1. Analyse your unique needs.
2. Craft you a custom Cyber policy.
3. Search the market for the best coverage and lowest prices.
How Destructive Are Cyber Attacks To My Business?
- 60% of businesses will fail within 6 months after a cyber attack. 60% of these businesses had no cyber protection. Spot the correlation?
See: 60% of small businesses fail within 6 months after a cyber attack, research shows
- The global average cost of a business cyber attack is $200,000. How destructive would this be to your company’s cash flow?
See: Cyberattacks now cost companies $200,000, putting many out of business
- “WannaCry” cyber attacks in 2017 that affected 200,000+ computers across 150 countries (that’s almost every country on Earth!). Many were hospitals/clinics that had critical medical equipment held hostage. Many hospitals had to pay tens of millions of dollars in ransoms so they could treat their patients.
See: WannaCry global losses could reach $4 billion; UK’s NHS lost £92 million to cure WannaCry infection
How Much Does Cyber Insurance Cost in Singapore?
For $1,000,000 in coverage (which is sufficient for many SMEs), coverage typically runs from $1,500 to up to $3,000 a year, depending on the size of the company. That’s remarkably affordable given the high frequency of SME cyber attacks, and high costs to repair damaged systems.
With Provide, you save up to 25% on your premiums. Our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.