Cyber insurance
Does cyber insurance cover money stolen by hackers?
Only in part. Allied World's and Sompo's Premier Plans cover hacker theft up to S$50,000; their Standard Plans do not. Great American covers cyber crime, funds transfer fraud, up to 10% of the limit. The details we hold do not mention a staff member tricked into paying a fake invoice, so ask before you rely on this cover.
The figures
- Insurers compared: 3.
- Insurers whose plans include it: 3, 3 of them with limits.
- Cheapest plan from an insurer that covers it, for a Singapore business with S$1,000,000 of revenue over the last twelve months, wanting a S$500,000 limit of liability: Great American Cyber Insurance for Small & Medium Enterprises, S$500,000 limit, S$1,308.00 a year.
What each insurer says
| Insurer | Covered? | What its details say | A year |
|---|---|---|---|
| Great AmericanYes, with limitsCyber Insurance for Small & Medium Enterprises, S$500,000 limit, S$1,308.00 | Yes, with limits | Cyber crime (funds transfer fraud): 10% of the policy limit, within it. | S$1,308.00 |
| Allied WorldYes, with limitsCyber Liability Insurance Premier Plan, S$500,000 limit, S$1,962.00 | Yes, with limits | Hacker theft: S$50,000 on the Premier Plan only; the Standard Plan does not cover it. | S$1,962.00 |
| SompoYes, with limitsSME Data & Cyber Security Insurance Premier Plan, S$500,000 limit, S$2,023.32 | Yes, with limits | Hacker theft: S$50,000 on the Premier Plan only; the Standard Plan does not cover it. | S$2,023.32 |
All prices include 9% GST. A dash means no price on this page. Each insurer's policy wording is the final word on what is covered.
None of Allied World, Sompo and Great American is one of our featured insurers for cyber insurance, so we rank none of them: every insurer’s plans are shown, cheapest first.
The tables are for a business based in Singapore with revenue up to S$20,000,000, a clean loss history and the basic controls (malware protection, patching, firewalls, backups). Payment processors, online trading and e-commerce platforms taking payments, data aggregators, gambling, digital currency and financial institutions are outside them; Sompo also leaves out law firms, clinics, insurance brokers and recruiters.
Each insurer sells through intermediaries, so a broker places it: Apply Now opens the insurer’s own proposal form on our site, filled in from your answers. The form asks about your business, the data you hold, your security controls and your loss history, and the insurer confirms the premium. Ask Shenton to arrange sends us the plan you picked and we arrange it for you.
See every insurer's price for your own business, or ask us to arrange the cover.
Compare cyber insuranceQuestions people ask
Does cyber insurance cover money stolen by hackers?
Only in part. Allied World's and Sompo's Premier Plans cover hacker theft up to S$50,000; their Standard Plans do not. Great American covers cyber crime, funds transfer fraud, up to 10% of the limit. The details we hold do not mention a staff member tricked into paying a fake invoice, so ask before you rely on this cover.
Where do these answers come from?
From what we hold of each insurer's plans: the benefits in our rate tables and the insurers' own brochures and application forms, for 3 insurers. Where an insurer's details do not say, we say so. The policy wording is the final word on what is covered.
Which plan is cheapest?
For a Singapore business with S$1,000,000 of revenue over the last twelve months, wanting a S$500,000 limit of liability, Great American Cyber Insurance for Small & Medium Enterprises, S$500,000 limit is the cheapest plan from an insurer that covers it, at S$1,308.00 a year today, GST included.