Top 10 Cyber Liability Insurance Companies in Singapore for 2025

1. Introduction

As cybercriminals grow more sophisticated, small and large businesses alike are increasingly targeted, with data breaches, ransomware, and phishing attacks becoming alarmingly common.  

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That’s why businesses are increasingly looking for cyber liability insurance companies -- to safeguard themselves against the devastating financial and operational impact of cyber incidents.  

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This article provides a curated list of the Top 10 Cyber Liability Insurance Companies in Singapore, helping you find the right provider to protect your business from these growing risks.

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Not sure where to begin? If you’re looking for a fast and accurate estimate of what cyber insurance might cost for your business, use this insurance cost estimator to get started in minutes.

2. Top 10 Cyber Liability Insurance Companies in Singapore  

Below is a carefully curated list of the Top 10 Cyber Liability Insurance Companies in Singapore, highlighting their strengths, coverage offerings, and suitability for businesses of varying sizes.

1. AIG Singapore

• Overview: AIG is a globally recognised insurer with a strong presence in Singapore. Their cyber liability insurance offers comprehensive coverage tailored to businesses of all sizes.

• Coverage Highlights: Protection against data breaches, ransomware attacks, business interruption, and regulatory fines.

• Pros: Strong global claims handling; tailored solutions for SMEs and large enterprises.

• Cons: Premiums can be higher for smaller businesses.

• Who It’s Best For: Businesses with regional or global operations seeking extensive coverage.

2. Chubb Insurance Singapore

• Overview: Chubb is a leading provider of cyber insurance with innovative offerings for businesses in Singapore.

• Coverage Highlights: Data breach response, cyber extortion, forensic investigations, and crisis management.

• Pros: Exceptional post-incident support; strong experience with financial and healthcare sectors.

• Cons: Limited options for startups or micro-businesses.

• Who It’s Best For: Large enterprises and industries handling sensitive customer data.

3. Tokio Marine Singapore

• Overview: Known for reliability, Tokio Marine offers robust cyber insurance solutions for businesses navigating cyber risks.

• Coverage Highlights: Covers costs for cyber extortion, legal fees, regulatory penalties, and business interruption.

• Pros: Competitive pricing for SMEs; excellent customer support.

• Cons: Limited global coverage options.

• Who It’s Best For: SMEs and businesses operating mainly in Singapore and the ASEAN region.

4. AXA Insurance Singapore

• Overview: AXA provides flexible and scalable cyber insurance coverage suitable for businesses at different maturity levels.

• Coverage Highlights: Ransomware coverage, legal liability, PR crisis management, and data recovery costs.

• Pros: Flexible coverage for SMEs and growing businesses.

• Cons: Claims processing may take longer for smaller policies.

• Who It’s Best For: Growing SMEs and mid-sized companies.

5. Zurich Insurance Singapore

• Overview: Zurich is renowned for its global expertise and cyber risk solutions for businesses of all scales.

• Coverage Highlights: Incident response, digital asset restoration, and third-party liability coverage.

• Pros: Strong support for multinational enterprises; highly customisable policies.

• Cons: May be cost-prohibitive for small businesses.

• Who It’s Best For: Large enterprises with cross-border operations.

6. QBE Insurance Singapore

• Overview: QBE offers affordable and effective cyber insurance solutions tailored for SMEs in Singapore.

• Coverage Highlights: Covers data breach response, cyber extortion, and legal liabilities.

• Pros: Cost-effective for small and medium businesses; strong local support.

• Cons: Limited global reach compared to competitors.

• Who It’s Best For: Local SMEs looking for affordable protection.

7. Liberty Insurance Singapore

• Overview: Liberty provides scalable cyber risk solutions for companies of varying sizes and risk profiles.

• Coverage Highlights: Includes business interruption, third-party claims, and regulatory penalties.

• Pros: Good balance of coverage and pricing for SMEs.

• Cons: Fewer options for very large enterprises.

• Who It’s Best For: Local SMEs with straightforward cyber insurance needs.

8. MSIG Singapore

• Overview: MSIG offers cyber liability insurance with a focus on SMEs and mid-market businesses.

• Coverage Highlights: Covers business interruption, cyber extortion, data restoration, and PR crisis management.

• Pros: Competitive pricing; strong support for mid-sized businesses.

• Cons: Limited coverage extensions for global operations.

• Who It’s Best For: Mid-sized businesses focused on Singapore and regional markets.

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Need to see how MSIG’s coverage compares to your needs? Get a quick insurance cost estimate tailored to your business.

9. Sompo Insurance Singapore

• Overview: Sompo provides tailored cyber risk solutions for businesses in the ASEAN region.

• Coverage Highlights: Includes ransomware recovery, business interruption, and post-incident support.

• Pros: Affordable premiums for SMEs; strong customer support.

• Cons: Less suited for large enterprises with complex risk needs.

• Who It’s Best For: Local businesses and startups looking for affordable options.

10. Great Eastern Insurance

• Overview: Great Eastern is a trusted insurer in Singapore, offering cyber liability coverage designed for SMEs.

• Coverage Highlights: Covers digital restoration, legal fees, and crisis management expenses.

• Pros: Easy-to-understand policies; competitive premiums for SMEs.

• Cons: Limited customisation for larger businesses.

• Who It’s Best For: Small businesses and startups needing basic cyber protection.

(Not sure which policy works for you? Use this free insurance cost estimator to get a personalised estimate tailored to your business needs in just minutes.)  

Now that you’ve seen the top cyber liability insurance providers in Singapore, it’s essential to understand what makes a policy truly effective for your business. In the next section, we’ll explore the key factors to consider when choosing the right cyber insurance coverage.  

3. What to Look for in a Cyber Liability Insurance Policy

Choosing the right cyber liability insurance isn’t just about ticking a box for compliance—it’s about ensuring your business has a safety net when a cyber incident strikes. Here are the key factors to consider when evaluating policies to protect your operations effectively:

1. Coverage Scope:

Look for policies that provide comprehensive coverage for:

• Data Breaches: Costs of notifying affected parties, conducting forensic investigations, and restoring data.

• Cyber Extortion: Ransomware demands and associated recovery expenses.

• Business Interruption: Compensation for lost income and operational downtime caused by a cyber attack.

• Legal and Regulatory Costs: Fines, penalties, and legal defence related to data breaches or non-compliance with regulations like PDPA in Singapore.

2. Post-Incident Support:

Beyond financial reimbursement, insurers should provide access to expert teams for incident response, crisis management, and public relations to minimise reputational damage.

3. Policy Flexibility:

Businesses have unique risk profiles. Ensure the policy can be tailored to your size, sector, and digital maturity, especially if you operate regionally or globally.

4. Claims Process:

A quick and transparent claims process is vital during stressful times. Research the insurer’s reputation for efficiency and reliability in claims handling.

5. Cost and Value:

Don’t assume the cheapest option is the best. Balance cost with the level of protection offered to avoid gaps in coverage.

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Pro Tip: Understanding the cost of cyber liability insurance can simplify decision-making. Use this insurance cost estimator to receive a tailored estimate for your business.

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Now that you know what to look for in a policy, you might wonder how much cyber liability insurance costs in Singapore and what factors influence pricing. Let’s break it down in the next section.

4. How Much Does Cyber Liability Insurance Cost in Singapore?

The cost of cyber liability insurance in Singapore can vary widely depending on several factors, including the size of your business, industry, and existing cybersecurity measures. While there’s no one-size-fits-all price, here’s a breakdown of what influences costs and what you can expect to pay.

Key Factors That Influence Cyber Insurance Costs

1. Business Size and Revenue

• Larger businesses with higher revenues typically face higher premiums because they present a greater risk exposure. SMEs, on the other hand, often pay less due to their smaller operational scale.

2. Industry Type

• Businesses in high-risk sectors such as finance, healthcare, and e-commerce tend to pay more due to the sensitive nature of their data and higher likelihood of cyber attacks.

• Lower-risk industries, such as manufacturing or retail, may enjoy more affordable premiums.

3. Cybersecurity Posture

• Insurers assess your existing cybersecurity measures, including firewalls, encryption, employee training, and incident response plans. Businesses with strong cyber defences are often rewarded with lower premiums.

4. Claims History

• If your business has experienced previous cyber incidents, insurers may charge higher premiums due to increased perceived risk.

5. Coverage Limits and Deductibles

• Higher coverage limits (e.g., SGD 1 million or more) will increase premiums. Choosing higher deductibles can reduce upfront costs but may increase out-of-pocket expenses in the event of a claim.

Average Cost Estimates in Singapore

While specific premiums vary, here’s a general cost range for cyber liability insurance:

• Small Businesses (SMEs): SGD 2,000–5,000 annually

• Mid-Sized Companies: SGD 5,000–15,000 annually

• Large Enterprises: SGD 15,000–50,000+ annually

These estimates depend on the complexity of your business operations, data sensitivity, and policy coverage.

How to Reduce Cyber Insurance Costs

1. Improve Your Cybersecurity: Implement robust measures such as firewalls, endpoint protection, and regular employee training.

2. Conduct Regular Risk Assessments: Identifying vulnerabilities can help you prioritise improvements and demonstrate to insurers that you take cyber risks seriously.

3. Leverage Cost Estimation Tools: Get a tailored quote based on your specific risk profile to ensure you’re not overpaying for coverage.

(Curious about how much cyber insurance will cost for your business? Use this free insurance cost estimator to get a customised estimate in minutes.)

By understanding the factors that influence costs and taking steps to mitigate risk, businesses in Singapore can secure comprehensive cyber liability insurance without overpaying.

5. FAQs: Cyber Liability Insurance in Singapore

To help you make a confident decision about cyber liability insurance, here are answers to some of the most common questions businesses in Singapore have about coverage, costs, and claims.

1. What does cyber liability insurance cover?

Cyber liability insurance typically covers:

• Data Breach Costs: Notifying affected customers, forensic investigations, and restoring compromised data.

• Cyber Extortion: Costs related to ransomware demands and recovery efforts.

• Business Interruption: Loss of income caused by operational downtime due to a cyber attack.

• Legal and Regulatory Expenses: Fines, penalties, and legal fees arising from data protection breaches.

• Public Relations and Crisis Management: Managing reputational damage after a cyber incident.

2. Who needs cyber liability insurance in Singapore?

Any business that relies on digital tools, processes customer data, or conducts transactions online should consider cyber liability insurance. This includes:

• SMEs

• E-commerce businesses

• Healthcare providers

• Financial institutions

• Enterprises with regional or global operations

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Cyber insurance is especially critical for businesses operating in sectors vulnerable to cyber attacks or subject to regulations like the PDPA.

3. How do insurers determine my premium?

Premiums are influenced by your:

• Business size and revenue

• Industry type

• Cybersecurity posture (e.g., firewalls, training, risk assessments)

• Coverage limits and deductibles

• Claims history

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Businesses with proactive cybersecurity measures often enjoy lower premiums.

4. What’s the difference between cyber liability insurance and general liability insurance?

General liability insurance covers physical damages or bodily injury, but it does not address losses resulting from cyber incidents. Cyber liability insurance is specifically designed to cover digital risks, including ransomware, data breaches, and business interruption caused by cyber attacks.

5. How quickly can I get cyber liability insurance?

Many providers in Singapore offer streamlined application processes, particularly for SMEs. If you have a good cybersecurity posture and minimal claims history, you can typically get coverage in as little as a few days.

6. How do I know how much coverage I need?

The right coverage depends on your business size, industry, and exposure to cyber risks. For a clearer picture, consider using tools that provide customised cost estimates based on your specific risk profile.

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(Not sure where to start? Get a personalised insurance cost estimate tailored to your business needs in just a few minutes.)

By addressing these common questions, businesses can better understand the value of cyber liability insurance and make informed decisions to safeguard their operations.

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