Cornerstone, a Singapore-based independent financial advisory, has launched CyberFender, a pioneering cyber insurance solution tailored for small-to-medium enterprises (SMEs) in Singapore.
This initiative comes as a response to the alarming statistic that 73% of Asia-Pacific SMEs experienced cybersecurity incidents in 2023, with inadequate security measures cited in 44% of cases.
CyberFender, developed in collaboration with global insurer QBE and cybersecurity firm ESET, aims to provide a robust digital safety net for these businesses.
CyberFender offers extensive coverage to safeguard critical business assets against threats such as data breaches, business interruptions, and cyber extortion. It also covers incident response and recovery costs, thus providing both financial and operational protection.
Leonard Tan, Managing Director of Cornerstone, stated, “We recognise that recovery from cyber-attacks can be costly and challenging for SMEs. This is why we partnered with QBE and ESET to deliver robust, easy-to-use cyber defence solutions.”
The importance of such a solution is underscored by QBE Singapore’s survey, which revealed a rise in businesses without cyber risk protection from 9% in 2023 to 19% in 2024.
Moreover, ESET’s report highlighted that one in four cybersecurity incidents involved ransomware. Ronak Shah, CEO of QBE Singapore, emphasised the necessity of addressing SMEs’ needs in the current cyber risk landscape.
CyberFender is now available through Cornerstone’s financial advisors, offering SMEs a vital tool to mitigate cyber risks and maintain customer trust.
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