{"id":13377,"date":"2022-12-02T11:26:31","date_gmt":"2022-12-02T03:26:31","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/?page_id=13377"},"modified":"2025-09-09T10:46:46","modified_gmt":"2025-09-09T02:46:46","slug":"cyber-security-insurance","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/cyber-security-insurance\/","title":{"rendered":"Cyber Security Insurance"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: #ffffff;background-position: center center;background-repeat: no-repeat;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom: 0px;margin-top: 0px;border-width: 0px 0px 0px 0px;border-color:#ffffff;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"margin-top:0px;margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_2 1_2 fusion-one-half fusion-column-first\" style=\"width:50%;width:calc(50% - ( ( 4% ) * 0.5 ) );margin-right: 4%;margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;background-color:#ffffff;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\"><h1>Cyber Security &amp; Data Protection Insurance<\/h1>\n<\/div><style type=\"text\/css\"><\/style><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-two\" style=\"margin-top:0px;margin-bottom:31px;\"><h2 class=\"title-heading-left\" style=\"margin:0;\">Commercial Insurance<\/h2><\/div><div class=\"fusion-text fusion-text-3\"><h2><b>What is Cyber Security Insurance for Businesses?<\/b><\/h2>\n<p>Cyber Security Insurance (also known as Cyber Liability Insurance, Cyber Insurance or Data Breach Insurance) is a specialty insurance product that provides coverage for internal &amp; external cyber security and internet-based risks relating to information technology infrastructure and activities.<\/p>\n<p>Cyber security policies may include first-party coverage against losses such as cyberattacks, data breaches, data destruction, extortion, theft, hacking, downtimes, and denial of service attacks; liability coverage indemnifying companies for losses to others caused (for example, by errors and omissions, failure to safeguard data, or defamation); and other benefits including regular security-audit, post-incident public relations and investigative expenses.<\/p>\n<h2><strong>How Confident are You of Your Current Capabilities &amp; Security Measures of Your Business and Website?<\/strong><\/h2>\n<p>With the changes in recent years and a growing reliance on data technology, the increase in remote working and digital transformation has greatly expanded the attack surface. Many threat reports show that ransomware attackers and hackers exploit the Remote Desktop Protocol exposed to the internet, one of the most popular methods of intrusion.<\/p>\n<p>This allows them to gain a foothold within the victim&#8217;s environment and is reported in around 50% of successful attacks. It is imperative to secure your business from such attacks and meet today&#8217;s challenging security and access requirements.<\/p>\n<h2><strong>How to Safeguard Your Business with Cyber Security Insurance<\/strong><\/h2>\n<p>It is now a matter of \u201cwhen\u201d, not \u201cif\u201d \u2013 as cyber threats develop and change, insurance products are increasingly being purchased alongside existing IT cyber security services. Prevention is better than cure, and businesses are encouraged to find adequate cover for their properties to greatly reduce cyber risk and ensure minimal disruption to their networks.<\/p>\n<p>In addition to improving security, cyber insurance is beneficial in the event of a large-scale security breach. Insurance coverage provides a smooth funding mechanism for recovery from major losses, helping businesses return to business as usual.<\/p>\n<p>Protect your business assets from increasingly complex cyber risks. Be armed with cyber preparedness and assurance with the right comprehensive Cyber Security Insurance portfolio.<\/p>\n<\/div><div class=\"fusion-text fusion-text-4\"><h3><strong>Types of Cyberattacks<\/strong><\/h3>\n<ol>\n<li><u>Network Failure or Damage: <\/u>The complete or partial failure of a component or components in a network because of malfunction or natural or human-caused disasters. Temporary period where a system network is unusable or significantly affected due to power outage or sabotage.<\/li>\n<li><u>Network Attack:<\/u>\u00a0Attempts to gain unauthorized access to an organization&#8217;s network, with the objective of stealing data or perform other malicious activity.<\/li>\n<li><u>Malware and Malicious Scripts or Codes:<\/u>\u00a0Harmful computer programming scripts designed to create or exploit system vulnerabilities. This code is designed by a threat actor to cause unwanted changes, damage, or ongoing access to computer systems.<\/li>\n<li><u>Viruses and Worms:<\/u>\u00a0Malicious programs that self-replicate on computers or via computer networks without the user being aware; each subsequent copy of such malicious programs is also able to self-replicate.<\/li>\n<li><u>Ransomware\/Cyber Extortion:<\/u>\u00a0A type of malware from cryptovirology that threatens to publish the victim&#8217;s personal data or perpetually block access to it unless a ransom is paid.<\/li>\n<li><u>Phishing:<\/u>\u00a0A type of social engineering where an attacker sends a fraudulent message designed to trick a person into revealing sensitive information to the attacker or to deploy malicious software on the victim&#8217;s infrastructure like ransomware.<\/li>\n<li><u>Spamming:<\/u>\u00a0Unsolicited messages sent to a large number of recipients or posted in a large number of places.<\/li>\n<li><u>DDoS Attacks:<\/u>\u00a0Distributed Denial-of-Service: a cybercrime in which the attacker floods a server with internet traffic to prevent users from accessing connected online services and sites.<\/li>\n<li><u>Hacking:<\/u>\u00a0The gaining of unauthorized access to data in a system, website or computer.<\/li>\n<li><u>Webjacking\/Brand Exploitation:<\/u>\u00a0Attackers take the whole site, or the traffic meant for it by gaining administrator access through fraudulent means and tampering with the Domain Name System (DNS) to bring users to a different or criminal site.<\/li>\n<li><u>Insider Threats:<\/u>\u00a0A security risk that originates from within the targeted organization. It typically involves a current or former employee or business associate, who has private information concerning the organization\u2019s security practices, data and computer systems.<\/li>\n<li><u>Cryptojacking:<\/u>\u00a0A type of cybercrime where a criminal secretly uses a victim&#8217;s computing power to generate cryptocurrency.<\/li>\n<\/ol>\n<h3><strong>Types of Cyber Security Insurance<\/strong><\/h3>\n<ol>\n<li><u>Network Security:<\/u>\u00a0Insurance for loss derived from a cyber or hacking event.<\/li>\n<li><u>Credit Monitoring Costs:<\/u>\u00a0Payment incurred for a credit monitoring service to comply with data breach law.<\/li>\n<li><u>Forensic Investigation:<\/u>\u00a0Covers the legal, technical, or forensic services necessary to assess whether a cyber attack has occurred, to assess the impact of an attack, and to stop an attack.<\/li>\n<li><u>Business Interruption:<\/u>\u00a0Covers loss of income and related costs where a policyholder is unable to conduct business due to a cyber event or data loss.<\/li>\n<li><u>Extortion:<\/u>\u00a0Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against the policyholder\u2019s systems and for payments to parties who threaten to obtain and disclose sensitive information.<\/li>\n<li><u>Reputation Damage: <\/u>Provides payment incurred for a public relations and crisis consultant to avert or mitigate any damage to the policyholder\u2019s brand or operations.<\/li>\n<li><u>Computer Data Loss and Restoration:<\/u>\u00a0Covers physical damage to, or loss of use of, computer-related assets, including the costs of retrieving and restoring data, hardware, software, or other information destroyed or damaged as the result of a cyber attack.<\/li>\n<li><u>Data Restoration:<\/u>\u00a0Covers expenses related with the restoration or recreation of data that were lost due to a security or system failure.<\/li>\n<\/ol>\n<h2><strong><b>What to Look for in a Cyber Insurance Policy<\/b><\/strong><\/h2>\n<p>Firstly, understand your risk tolerance, evaluate your business, and decide which systems require protection for smooth business operations. Make an informed decision on the revenue-tied systems in your business. Similarly, all insurance has a yearly payment and deductible that must be met. Review the price of the premium and policy cover to ensure it will cover damages in the event of a cyber attack or breach.<\/p>\n<p>Read all terms and conditions as not all policies will offer the same types of cyber security coverage. Your business may only need a specific set of coverage so find the policy that matches your business goals and needs best.<\/p>\n<h2><strong><b>What Can Cyber Insurance Cover? <\/b><\/strong><\/h2>\n<p>A one-size-fits-all policy is rarely the best fit for most businesses. Beyond the basic insuring agreements, there are other available coverage additions to provide better coverage, especially for new businesses and situations that are not yet well understood. Most cyber policies will contain some combination of the following coverage elements in flexible, simple, or broad plans.<\/p>\n<h4><strong><b>Risk and Crisis Management:<br \/><\/b><\/strong><\/h4>\n<p>24\/7 support access and responsive guidance provided to the policyholder<\/p>\n<h4><strong><b>Business Interruption Losses<\/b><\/strong><strong><b>:<br \/><\/b><\/strong><\/h4>\n<p>Payments made on behalf of the policyholder (loss of income, expenses incurred, human error)<\/p>\n<h4><strong><b>System Recovery:<br \/><\/b><\/strong><\/h4>\n<p>Costs related to recovery and additional business interruption mitigation.<\/p>\n<h4><strong><b>Data Loss\/Breach, Loss of Digital Assets and Restoration:<br \/><\/b><\/strong><\/h4>\n<p>Recovery and decontamination after attacks or losses.<\/p>\n<h4><strong><b>Worldwide Cover:<br \/><\/b><\/strong><\/h4>\n<p>Policy coverage over worldwide territory and jurisdiction.<\/p>\n<h4><strong><b>Cyber Crime and Extortion:<br \/><\/b><\/strong><\/h4>\n<p>Covers direct financial loss from various fraud events and cybercrime.<\/p>\n<h4><strong><b>Privacy and Network Security Liability:<br \/><\/b><\/strong><\/h4>\n<p>Liability following network failure or data\/security\/privacy breach.<\/p>\n<h4><strong><b>Online Digital Media Liability:<br \/><\/b><\/strong><\/h4>\n<p>Damages and defence costs incurred in connection with a breach of intellectual property, or negligence in connection with electronic content.<\/p>\n<h4><strong><b>Loss Prevention:<br \/><\/b><\/strong><\/h4>\n<p>Prevention services to help reduce the likelihood of an incident.<\/p>\n<h4><strong><b>First Party Cover:<br \/><\/b><\/strong><\/h4>\n<p>Paid to the insured: Data Breach Notification costs, civil penalty or fines, public relations costs, cyber extortion cost, Payment Card Industry Data Security Standard breach, and fees and expenses incurred by a Loss Adjustor.<\/p>\n<h4><strong><b>Third Party Liability: <\/b><\/strong><\/h4>\n<p>Pays on behalf of the insured &#8211; claims for compensation made to 3rd parties for the failure to protect their information held by the insured.<\/p>\n<h4><strong><b>Emergency Costs:<br \/><\/b><\/strong><\/h4>\n<p>Including defence and loss mitigation costs<\/p>\n<h2><strong><b>How Can We Help?<\/b><\/strong><\/h2>\n<p>At Allegiance, we pride ourselves as a specialist in the field of General Insurance. We ask the right questions to identify your business&#8217;s risks accurately, ensuring that your insurance program can be structured to provide comprehensive coverage to ensure business sustainability in an increasingly uncertain environment.<\/p>\n<p>As your dedicated insurance partner, we consider all risk exposures at various stages of your business process so that you can grow your business with confidence and peace of mind.<\/p>\n<p>No matter the size, each business is more complex than it seems, and so are its needs. Therefore, our deep understanding is why we can give your business just the right protection every step of the way.<\/p>\n<\/div><div class=\"fusion-text fusion-text-5 why-list\"><h2><strong><b>Why Allegiance?<\/b><\/strong><\/h2>\n<p>With over 15 years of industry experience, we have served more than 2,500 businesses across a broad spectrum of industries from professional services, personal services, retail, F&amp;B, manufacturing, construction &amp; engineering, marine &amp; logistics, shipbuilding &amp; repair, oil &amp; gas.<\/p>\n<p>Therefore, we will be able to identify your business risks accurately, ensuring you get the right coverage for your business and select the extent of coverage best suited to all your needs.<\/p>\n<ul>\n<li>Custom Coverage &amp; Comprehensive Business Insurance Plans<\/li>\n<li>Simple, Convenient &amp; Easy Consultations with Our Expert Advisors<\/li>\n<li>Fast Quotations &amp; Reliable Claims Process<\/li>\n<li>Fuss-Free Applications &amp; Insurance Plan Renewals<\/li>\n<li>5-Star Service Testimonials &amp; Client Success Stories<\/li>\n<\/ul>\n<\/div><div class=\"fusion-text fusion-text-6\"><p style=\"text-align: center; margin-top: 30px;\"><a class=\"insurecontactbutton\" href=\"\/contact-us\/\"><i class=\"fas fa-comments\" style=\"font-size: 20px; color: #ffffff; padding-right: 5px;\"><\/i> Contact Us!<\/a><\/p>\n<\/div><br><br><div class=\"fusion-text fusion-text-7\" style=\"color:#09008b;\"><h2><strong>Cyber Security Insurance FAQs<\/strong><\/h2>\n<\/div><style type=\"text\/css\">#accordion-13377-1 .fusion-panel:hover, #accordion-13377-1 .fusion-panel.hover{ background-color: #f9f9f9 } #accordion-13377-1 .fusion-panel { border-color:#cccccc; border-width:1px; background-color:#ffffff; }.fusion-accordian  #accordion-13377-1 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian  #accordion-13377-1 .panel-title a .fa-fusion-box:before{ font-size: 13px; width: 13px;}.fusion-accordian  #accordion-13377-1 .panel-title a{font-size:16px;}.fusion-accordian  #accordion-13377-1 .fa-fusion-box { background-color: #333333;border-color: #333333;}.fusion-accordian  #accordion-13377-1 .panel-title a:hover, #accordion-13377-1 .fusion-toggle-boxed-mode:hover .panel-title a { color: #1a80b6;}.fusion-accordian  #accordion-13377-1 .panel-title .active .fa-fusion-box,.fusion-accordian  #accordion-13377-1 .panel-title a:hover .fa-fusion-box { background-color: #1a80b6!important;border-color: #1a80b6!important;}<\/style><div class=\"accordian fusion-accordian\"><div class=\"panel-group\" id=\"accordion-13377-1\" role=\"tablist\"><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"aeaad1045e7204057\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#aeaad1045e7204057\" href=\"#aeaad1045e7204057\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Why is Cyber Security Insurance necessary for businesses? <\/span><\/a><\/h4><\/div><div id=\"aeaad1045e7204057\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Cyber insurance can be essential in helping your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications. Other reasons to get covered with cyber insurance include:<\/p>\n<ul>\n<li>Human Error: Everyone makes mistakes, even the smartest may do irrational things when it comes to protecting an organisation&#8217;s data.<\/li>\n<li>Cyber criminals are always finding new ways to trick users into collaborating with them inadvertently.<\/li>\n<li>Rogue employees: A large proportion of hacks and breaches are committed by current members with a grievance.<\/li>\n<li>Many businesses in supply chains have a requirement to get cyber insurance as part of a compliance checklist for vendor companies.<\/li>\n<li>Insider Threats: The biggest firewall in the world won&#8217;t protect your system from people inside and it is more common than expected.<\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"63dab7c57352eb140\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#63dab7c57352eb140\" href=\"#63dab7c57352eb140\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Who needs Cyber Insurance? Who is Cyber Insurance suitable for?<\/span><\/a><\/h4><\/div><div id=\"63dab7c57352eb140\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Companies of all sizes should consider cyber security insurance coverage. Small business SMEs to MNCs of global reach all require protection against cyber risks. Businesses who want coverage for system and data restoration and protection against cyber threats. Businesses that create, store and manage electronic data online, such as customer contacts, customer sales, credit card numbers, can benefit from cyber insurance. E-Commerce businesses are also encouraged to have cyber insurance in place.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"60ae2940c3ed4bf25\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#60ae2940c3ed4bf25\" href=\"#60ae2940c3ed4bf25\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Who is unsuitable for Cyber Insurance?<\/span><\/a><\/h4><\/div><div id=\"60ae2940c3ed4bf25\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Businesses who are looking for protection in these areas will need to apply for other types of insurance instead of cyber security insurance:<\/p>\n<ul>\n<li>Coverage for lawsuits for physical harm caused by a product \u2013 <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/product-liability\/\"><u>Product Liability Insurance<\/u><\/a><\/li>\n<li>Coverage for infringement of any patent, intellectual property, or trade secret \u2013 <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/professional-indemnity-insurance\/\"><u>Professional Indemnity Insurance<\/u><\/a><\/li>\n<li>Coverage for Liability arising out of business operation, premises, and other physical event \u2013 <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/public-liability\/\"><u>Public Liability Insurance<\/u><\/a><\/li>\n<li>Coverage for product liability, public liability and advertising liability \u2013 <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/allegiance.com.sg\/commercial-insurance\/general-liability\/\"><u>Commercial General Liability<\/u><\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"99aee00d4cb0a87e8\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#99aee00d4cb0a87e8\" href=\"#99aee00d4cb0a87e8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">What information do I need to provide when I apply for Cyber Insurance?<\/span><\/a><\/h4><\/div><div id=\"99aee00d4cb0a87e8\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Insurers will need to know what cybersecurity measures or systems your business has in place, and you will be expected to present accurate details about the cybersecurity status even after the policy is signed. Insurance policies are reassessed every 12 months, so businesses need to ensure they maintain proper cybersecurity procedures or risk losing the insurance down the line. It is also important to understand which systems and data are essential and to understand whether the level of cover for your business is adequate.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"e2fd7796366a0ff04\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#e2fd7796366a0ff04\" href=\"#e2fd7796366a0ff04\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Is Cyber Security Insurance worth it for small businesses and SMEs?<\/span><\/a><\/h4><\/div><div id=\"e2fd7796366a0ff04\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Most small businesses may go under within six months of a cyberattack. Cyber insurance coverage helps your business recover from financial losses caused by cyberattacks and data breaches. It can pay for credit monitoring, attorney&#8217;s fees, fines, and other costs.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"e75c9add192dc182b\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#e75c9add192dc182b\" href=\"#e75c9add192dc182b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">How can SMEs protect themselves from cyber attacks? <\/span><\/a><\/h4><\/div><div id=\"e75c9add192dc182b\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Besides covering the business systems with cyber security insurance, SMEs can ensure that their antivirus and security software are up to date. A cybersecurity consultant can be hired to conduct a thorough check to identify any high-risk areas that need to be addressed.<\/p>\n<p>Other precautions include enforcing strong passwords (mix of numbers, symbols, letters), two-factor authentication (2FA), updating all IT systems and software, educating employees on being vigilant online to prevent security breaches through training and education, and creating a cyber incident response plan in the event of a cyberattack.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-panel panel-default fusion-toggle-no-divider fusion-toggle-boxed-mode\" role=\"tabpanel\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\"><a aria-expanded=\"false\" aria-selected=\"false\" aria-controls=\"52e8c5a2e569a6414\" role=\"tab\" data-toggle=\"collapse\" data-parent=\"#accordion-13377-1\" data-target=\"#52e8c5a2e569a6414\" href=\"#52e8c5a2e569a6414\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">How much does Cyber Security Insurance cost in Singapore? What factors will affect my premiums for Cyber Security Insurance?<\/span><\/a><\/h4><\/div><div id=\"52e8c5a2e569a6414\" class=\"panel-collapse collapse \"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Several factors can impact insurance cost. Therefore, your cyber insurance costs will likely be different than another business\u2019.<\/p>\n<p>Your data breach or cyber insurance cost can depend on:<\/p>\n<ul>\n<li>Nature of business\/Business Activities<\/li>\n<li>Type of Industry Grade Security Measures for IT systems<\/li>\n<li>Business Revenue<\/li>\n<li>Percentage of Revenue derived from overseas<\/li>\n<li>Claims History<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-8\"><p><span style=\"font-size: 14px;\">Disclaimer: The above is for informational purposes only, subject to errors and omissions. 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