Cyber insurance
Does cyber insurance pay to tell customers about a data breach?
Yes. All 3 insurers we price pay the cost of responding to a breach up to the full limit, including telling the customers affected: Allied World and Sompo under breach response, with credit and ID monitoring and public relations, and Great American under cyber incidents, with forensics and legal costs. A notifiable breach must be reported to the PDPC within three calendar days.
The figures
- Insurers compared: 3.
- Insurers whose plans include it: 3.
- 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: Allied World Cyber Liability Insurance Standard Plan, S$500,000 limit, S$1,308.00 a year (Great American at the same price).
What each insurer says
| Insurer | Covered? | What its details say | A year |
|---|---|---|---|
| Allied WorldYesCyber Liability Insurance Standard Plan, S$500,000 limit, S$1,308.00 | Yes | Breach response (notification, credit and ID monitoring), public relations: full limit. | S$1,308.00 |
| Great AmericanYesCyber Insurance for Small & Medium Enterprises, S$500,000 limit, S$1,308.00 | Yes | Cyber incidents (forensics, legal, notification): full policy limit. | S$1,308.00 |
| SompoYesSME Data & Cyber Security Insurance Standard Plan, S$500,000 limit, S$1,348.88 | Yes | Breach response (notification, credit and ID monitoring), public relations: full limit. | S$1,348.88 |
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 pay to tell customers about a data breach?
Yes. All 3 insurers we price pay the cost of responding to a breach up to the full limit, including telling the customers affected: Allied World and Sompo under breach response, with credit and ID monitoring and public relations, and Great American under cyber incidents, with forensics and legal costs. A notifiable breach must be reported to the PDPC within three calendar days.
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, Allied World and Great American tie for the cheapest plan from an insurer that covers it, at S$1,308.00 a year today, GST included.