The Singapore Cyber Liability Insurance Market can be segmented by User Type and by Industry.

Market Snapshot

Singapore Cyber Liability Insurance Market
Study Period: 2018-2027
Base Year: 2021
CAGR: 13 %

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Market Overview

With the popularization of computer technology, the percentage of the population using the internet in Singapore has increased drastically. The cyber threats and frauds have also increased proportionally. Various Phishing websites and emails Trojan horse ransomware, virus software, etc. not only affect individuals but also increasingly affect enterprises. This has increased the need for cyber liability insurance.

According to statistics, 70% of the cyber-attacks are targeted at Small and medium-sized enterprises as they are more vulnerable because of their lack of resources, weak network security/IT infrastructure, and lack of education for employees related to cyber risk.

Singapore has historically taken a business-friendly approach to data protection. There was no data protection law before 2012 when Parliament passed the Personal Data Protection Act of 2012 (PDPA). The law applies to companies (both inside and outside of Singapore) that use, collect or disclose data in Singapore.

Scope of the Report

Cyber Liability Insurance or Cyber Insurance covers individuals and businesses in the event of a cyber-attack or data breach where the information of an individual and customer is impacted. It helps to reduce the financial risk associated with doing business online in the event of a data breach or any other online fraud in return for a certain premium to the insurer. With the technological advancement and increasing cybercrime rate, it is one of the important covers in the present time. The Singapore cyber Liability insurance can be segmented by Business Type and by Industry. The report also offers a complete background analysis of the Singapore Cyber Liability Insurance market, including the analysis and forecast of market size, market segments, industry trends, and growth driver

By Industry
Financial Services
Government Bodies/Agencies
Professional Services
Other Industries

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Key Market Trends

The number of computer misuse crime cases in Singapore is on rise.

The number of cyberattacks on SME’s and other cyber extortion acts is increasing in Singapore. Small and Medium Enterprises (SME’s) are the most attacked segment in cyberspace as they are the entry points for large enterprises. Generally, large enterprises have a better cybersecurity system so the hackers target SMEs as the entry point as SMEs are often suppliers and subcontractors for large companies. The number of computer misuse crimes reported in Singapore for the year 2019 was 1,731 and cybercrime made up over 25% of all crimes reported in Singapore.

The Number of Cyber Crime Cases in Singapore

The number of unauthorized banking and card transaction increased drastically during Pandemic.

During the pandemic, the number of unauthorized online banking and card transactions increased drastically by 462% to 1848 cases for the year 2020. This has led to swiping of around 201 million dollars from the victims.

Number of unauthorized banking and card transaction in Singapore

Competitive Landscape

Many of the Singapore life insurance companies are now offering cyber liability insurance so the cyber liability insurance market in Singapore is quite fragmented. The major player being AIG Asia, AXA Insurance, CHUBB, Berkshire, Gen, Tokio Marine Insurance, Howden, First capital, MSIG, QBE Singapore, and Delta insurance among the others.

Recent Developments

  • In June 2020,Delta Insurance signed a partnership deal with Taiwanese company Hotai Insurance, to provide a commercial cyber insurance offering along with risk management, employee training, and product support. The agreement is part of Delta’s long-term growth strategy across Asia. It also partnered with Vietnamese insurer Bao Viet Insurance, and earlier similar deals with partners in Hong Kong, Cambodia, and Thailand to increase its presence in Asia.
  • In June 2020, CHUBB partnered with GoBear to launch the innovative insurance product, Work from Home Care. GoBear is Asia’s leading financial service platform. With a recent survey showing that 9 in 10 employees in Singapore want to continue working from home, the new white-label insurance bundle offers affordable and flexible protection against specific risks residents face while telecommuting during the COVID-19 outbreak.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Market Overview

    2. 4.2 Market Penetration of Cyber Insurance in Singapore

    3. 4.3 Insights on Cyber Insurance Coverage of SME's in Singapore

    4. 4.4 Regulation Sorrounding Cyber Security In Singapore

    5. 4.5 Insights on Cyber Security companies in Singapore

    6. 4.6 Market Drivers

    7. 4.7 Market Restraints

    8. 4.8 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes

      5. 4.8.5 Intensity of Competitive Rivalry

    9. 4.9 Impact of Covid-19 on the market


    1. 5.1 End-User

      1. 5.1.1 Personal

      2. 5.1.2 SME's

      3. 5.1.3 Corporates

    2. 5.2 By Industry

      1. 5.2.1 Financial Services

      2. 5.2.2 Government Bodies/Agencies

      3. 5.2.3 Healthcare

      4. 5.2.4 Professional Services

      5. 5.2.5 Other Industries


    1. 6.1 Market Concentation Overview (Market Shares and M&A Deals)

    2. 6.2 Company Profiles

      1. 6.2.1 AXA

      2. 6.2.2 CHUBB Insurance

      3. 6.2.3 AIG Insurance

      4. 6.2.4 TIQ ( Etiga Insurance)

      5. 6.2.5 Delta Insurance

      6. 6.2.6 Howden Group

      7. 6.2.7 Tokio Marine Insurance Group

      8. 6.2.8 Sompo International

      9. 6.2.9 MSIG

      10. 6.2.10 QBE Singapore*

    3. *List Not Exhaustive


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Frequently Asked Questions

The Singapore Cyber Liability Insurance Market market is studied from 2018 - 2027.

The Singapore Cyber Liability Insurance Market is growing at a CAGR of 13% over the next 5 years.

AIG Asia, AXA Insurance, CHUBB, Berkshire Hathaway Specialty Insurance, Delta insurance are the major companies operating in Singapore Cyber Liability Insurance Market.

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