Singapore Cyber Liability Insurance Market Size (2024 - 2029)

Cyber Liability Insurance in Singapore Market Analysis

The Singapore Cyber Liability Insurance Market size in terms of gross written premiums value is expected to grow from USD 108.04 million in 2024 to USD 172.82 million by 2029, at a CAGR of 9.85% during the forecast period (2024-2029).

Cyber liability insurance is an insurance product crafted to compensate for losses resulting from data breaches, cyberattacks, and other cyber-related events. . With the escalating awareness among companies and organizations in Singapore regarding the perils linked with online threats, there is a growing demand for cyber liability insurance. With the widespread adoption of computer technology, there has been a dramatic rise in the percentage of people using the internet online in Singapore. 

The proportion of cyber threats and frauds has also risen proportionally. Various phishing websites and emails and Trojan horse ransomware and virus software are affecting not only individuals but also enterprises. Cyber liability insurance usually covers losses that result from data breaches, such as the cost of informing affected parties, credit monitoring services and legal action. Some types of cyber liability insurance in Singapore may also cover business interruption losses that result from a cyber incident, such as lost revenue or additional costs. In the event that your data breach or other type of cyber incident occurs, you may also be covered by fines and/or penalties imposed by your regulatory authorities. To assist companies and organizations in identifying and addressing potential cyber risks, many cyber liability insurance providers in Singapore also provide risk assessment and mitigation services.

Cyber Liability Insurance in Singapore Industry Segmentation

Cyber liability insurance or cyber insurance covers individuals and businesses in the event of a cyber-attack or data breach where the information of an individual and customer is impacted. It helps reduce the financial risk associated with doing business online in case of a data breach or any other online fraud in return for a certain premium to the insurer.

The Singapore cyber liability insurance market is segmented by end-users and by industry. By end-user, the market is sub-segmented into personal, SMEs, and corporates, and by industry, the market is sub-segmented into financial services, government bodies/agencies, healthcare, professional services, and other industries. The report offers the market sizes and forecast values (USD) for all the above segments.