Only about one fourth (26%) of executives surveyed in Singapore consider cyber risk as their greatest threat, however, 87% believe they are prepared to counter the cyber risks, indicating a false sense of security according to a new report by specialist insurer Beazley.
Businesses should take a holistic approach by addressing people, processes and technology within their organisations, to mitigate effectively cyber risk in Singapore's evolving threat landscape, according to MSIG Singapore senior vice president (technical services) Jeremy Lian.
The Singapore cyber insurance market has seen some sharp shifts over the past year, said MSIG Singapore senior vice president (technical services) Jeremy Lian.
Many small- and medium-sized enterprises (SMEs) shield themselves through a false sense of security from the reality of cyber risk, Etiqa Insurance Singapore CEO Raymond Ong has said.
Mitigating cyber risk requires a mindset shift from viewing cyber security as an IT issue to seeing it as a critical business priority, according to Etiqa Insurance Singapore CEO Raymond Ong.
China's first batch of cybersecurity insurance service pilots has been successfully completed, according to the Ministry of Industry and Information Technology (MIIT). During the pilot period, over 1,500 policies were issued to enterprises, with total premiums exceeding CNY0.15 bn ($20.5m) and total insured value reaching nearly CNY11.5bn-demonstrating strong growth potential for the cybersecurity insurance market.
There has been a notable shift in the landscape of supply chain risks, according to a 2025 survey conducted by WTW. As businesses faced increasing cyber security threats, material shortages and geopolitical tensions, concerns such as regulatory compliance and talent shortages have taken a backseat.
There is a growing awareness of how system failures can harm reputation amid digital transformation and tech adoption according to WTW's Global Reputational Risk Readiness Survey 2024/25 released in May 2025.
In APAC, there are 40% more cyber attacks on businesses per week than the global average, making the region a very target-rich environment and one that attracts a lot of cyber criminals, Pan-Asia Risk and Insurance Management Association director Steve Tunstall said.
The question of how insurance policies may be impacted amidst the current trade war, tariffs and the effect on supply chains was one hot topic at the InsurTech Connect Asia 2025 conference which opened on 3 June.