Cyber insurance explained
Cyber insurance for small businesses in Singapore
What cyber insurance does for a small business, what it costs today for revenue up to S$1m at each limit, and what to check before you choose.
What it does
A policy for the day your business is hacked, locked out of its own systems or finds customer data has leaked. It pays an IT forensics team to find and close the breach, lawyers to work out what the PDPA requires you to do, and the cost of telling the customers affected. It restores your data and systems, replaces the income you lose while you cannot trade, and handles a ransom demand. If customers or partners whose data was exposed claim against you, or the regulator investigates, it pays your defence and the damages you owe.
For revenue up to S$1,000,000
| Revenue | S$250,000 limit | S$500,000 limit | S$1,000,000 limit | S$2,000,000 limit |
|---|---|---|---|---|
| Up to S$1,000,000 | S$981.00Allied World and Great American | S$1,308.00Allied World and Great American | S$1,635.00Allied World and Great American | S$2,071.00Allied World |
Before you choose
- Check that the policy pays your own costs, including business interruption and data restoration, not only your liability.
- A staff member tricked into paying a fake supplier is one of the most common losses: make sure that cover is included, at a limit that matches the payments you make.
- Multi-factor sign-in, backups kept off the network and software kept up to date are asked on every proposal form.
- 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.
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. Every revenue and limit · Price your own business.
How these prices are worked out
The prices are the Standard Plan tables printed on each insurer’s own proposal form (Allied World SG-CYBER1023-PF (0625), Sompo Oct 24, Great American F.40323B (12/24)), premiums including GST, read on 2 Nov 2026. A Premier Plan is the Standard figure plus the 50% loading Allied World’s and Sompo’s forms state. The insurers price on the past twelve months' revenue, in five bands up to S$20,000,000, and the limit. An unlimited retroactive date (20% more at Allied World and Sompo) is not priced here. Nothing here is a live quote. Shenton Brokers is an insurance broker in Singapore. Every example is in a CSV file, updated daily.
Questions people ask
What does cyber insurance do for a small business?
A policy for the day your business is hacked, locked out of its own systems or finds customer data has leaked. It pays an IT forensics team to find and close the breach, lawyers to work out what the PDPA requires you to do, and the cost of telling the customers affected. It restores your data and systems, replaces the income you lose while you cannot trade, and handles a ransom demand. If customers or partners whose data was exposed claim against you, or the regulator investigates, it pays your defence and the damages you owe.
How much is cyber insurance for a small business?
For revenue up to S$1,000,000, from S$981.00 a year (S$250,000 limit) to S$2,071.00 (S$2m limit) at the lowest price today, GST included.
What do small firms claim for?
Claims from others are rarer than ransomware, a mailbox takeover or a payment diverted by a forged invoice. Check that the policy pays your own costs, including business interruption and data restoration, not only your liability.
What will the insurer ask?
Multi-factor sign-in on email and remote access, backups kept off the network, and software kept up to date are the questions on every proposal form. Without them, a quote may come with a higher excess, a lower limit or an exclusion for ransomware.
Does my business package cover it?
A business package covers your equipment against fire and theft, not the data on it; professional indemnity covers advice, not a hack. Cyber fills the gap between them.
How do I buy it?
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.