Specialist insurance provider Delta Insurance Singapore and IT Managed Services Provider Stone Forest have teamed up to offer easy access to affordable Cyber Insurance and Cyber security services for SMEs in Singapore, to help them be cyber-secure and resilient.
Cybercrime is a growing threat to all organisations and businesses; it has spiked in Singapore and SMEs are especially vulnerable. According to the Cyber Security Agency (CSA), cybercrime accounted for 43 per cent of all crime in Singapore last year, with COVID-19 being a key factor in online threats. There was a surge in ransomware attacks and phishing activities, driven by work from home arrangements. Most of the victims were SMEs.
According to McAfee the average cost of a cyber security attack for a Singapore business stands at S$1.7 million per breach. According to Cybercrime Ventures, cybercrime is expected to cost the world $10.5 trillion annually by 2025.
“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.
With the increase in both the number of and costs associated with cyber-attacks, insurance providers have tightened coverage and raised premiums. Some insurance providers have even stopped offering Cyber insurance all together. Even when businesses can access such insurance, the process has become more difficult, more expensive and more complex, leaving businesses evermore vulnerable.
Delta Insurance and Stone Forest are filling this gap by making it simple for SMEs to obtain affordable cyber insurance and cyber security services, to mitigate the risks of cyber threats.
“With this offering, SMEs will be able to improve their security posture with the help of better security protocols, and at the same time have easier access to more affordable insurance” added Eugene.
The Delta SME Cyber Insurance 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.
In addition, Delta Insurance will also be including their latest Personal Cyber Insurance into their SME Cyber Insurance offering. This feature is designed to offer 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 “dark web” presence.
“During the pandemic, most people are working remotely. 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,” added Eugene.
Stone Forest provides a comprehensive suite of business advisory services and solutions in accounting, payroll, IT, staffing and corporate secretarial. Together with its sister firm RSM in Singapore, it is the largest accounting and business advisory group outside the big 4 in Singapore.
Under its technology arm, Stone Forest provides IT advisory, implementation and managed services for IT infrastructure, IT security solutions, business applications (ERP and CRM) and business analytical tools. Stone Forest’s Managed Services (“AvailEase”) offers modern workplace and managed IT solutions from systems to cyber security, and business applications, adding value throughout your digital transformation journey.
While offering protection to deal with the financial costs associated to cyber breaches, AvailEase’s framework will provide due diligence in cybersecurity protection and its standardised IT processes eliminate the need for lengthy underwriting processes.