Cyber insurance gains ground in Singapore as coverage widens
Singaporean businesses are increasingly adopting cyber insurance as phishing scams and digital threats become more sophisticated. Falling premiums and the necessity of robust security measures are driving this trend among SMEs.
Why it matters
As cyber threats evolve, insurance is becoming a critical component of corporate risk management and business continuity planning.
UEI Logistics managing director Terrence Tan took up cyber insurance as the company had increasingly been receiving phishing e-mails from scammers.
Listen Summarise Cyber insurance demand in Singapore is rising, with more SMEs and mid-market firms buying coverage due to increasing cyber threats Premiums for cyber insurance have fallen since 2022, making it more affordable and encouraging companies to seek broader protection beyond basic coverage. Minimum security measures like multi-factor authentication remain mandatory. AI generated
SINGAPORE – In November 2025, two sales and operations staff from Singapore-based freight forwarding company UEI Logistics received an e-mail that looked entirely routine.
It appeared to be from a Chinese shipping agency it had worked with for years. The sender asked for payment of US$18,288 (S$23,200) to be transferred to a different bank account, claiming that the original account was hit with high government transaction taxes.
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