MSIG adds cyber cover as small firms face resource gaps

Threat monitoring and incident response are bundled with the policy.

MSIG Singapore has partnered with the newly launched Cybersecurity Association Singapore Limited (CASL) to provide cyber insurance as part of a wider package of cybersecurity services for small and medium-sized enterprises (SMEs).

Under the partnership, MSIG will offer an integrated cyber insurance solution through CASL's network of strategic partners. 

The programme combines insurance with cybersecurity services such as prevention, threat monitoring and incident response, instead of offering standalone insurance policies.

CASL was formed following recommendations from a Cybersecurity Working Group supported by the Maritime and Port Authority of Singapore. 

The group, which included maritime stakeholders, insurers, reinsurers, protection and indemnity clubs, and industry associations, found that SMEs faced significant cybersecurity challenges and needed more accessible protection.

CASL President Kevin Yong said the association brings together cybersecurity tools, training, round-the-clock technical and legal support, whilst MSIG provides insurance to help businesses recover from cyber incidents. 

He said smaller organisations are often more exposed to cyber risks because they have limited resources and expertise.

Singapore-based technology company Speedcargo said the integrated offering provides a simple and cost-effective way to meet clients' cybersecurity and insurance requirements.

MSIG said its cyber insurance plan covers both first-party and third-party cyber liabilities, with premiums starting from $62.4 (S$80) a year. 

The policy includes protection for cyber incident response and recovery costs, cyber extortion including ransomware attacks, network and information security liability, regulatory defence and penalties, and replacement of hardware damaged by cyber incidents.

($1.00 = S$1.28)