Singapore Cyber Liability Insurance Market Size

Singapore Cyber Liability Insurance Market Analysis

The Singapore Cyber Liability Insurance Market size in terms of gross written premiums value is expected to grow from USD 98.35 million in 2023 to USD 157.32 million by 2028, at a CAGR of 9.85% during the forecast period (2023-2028).

• Data breaches, cyberattacks, and other cyber-related losses are covered by a type of insurance called cyber liability insurance. The demand for cyber liability insurance is rising in Singapore as more companies and organizations become aware of the dangers posed by online threats.
• With the popularization of computer technology, the percentage of the population using the internet in Singapore has increased drastically. Cyber threats and frauds have also increased proportionally. Various Phishing websites and emails, Trojan horse ransomware, and virus software not only affect individuals but also increasingly affect enterprises. This has increased the need for cyber liability insurance.
• Cyber liability insurance typically covers losses resulting from data breaches, including the price of notifying affected parties, offering credit monitoring services, and fending off legal action. Some cyber liability insurance policies in Singapore might cover business interruption losses brought on by a cyber incident, like lost revenue or supplementary costs. In the event of a data breach or other cyber incident, cyber liability insurance may also offer coverage for fines and penalties imposed by 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.
• The COVID-19 pandemic had a sizable effect on Singapore's market for cyber liability insurance. The widespread use of remote work arrangements led to an increase in data breaches and cyberattacks, which raised the demand for cyber insurance policies. To ensure business continuity during the pandemic, Singapore's government actively promoted the adoption of digital technologies. However, as businesses and individuals relied more on online platforms and digital services, this also increased the risk of cyber threats.
• Post-COVID-19, in Singapore, the government launched initiatives to enhance the cybersecurity capabilities of the financial sector, which indirectly benefited the cyber liability insurance market.