| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 118.68 Million |
| Market Size (2030) | USD 189.84 Million |
| CAGR (2025 - 2030) | 9.85 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cyber Liability Insurance in Singapore Market Analysis
The Singapore Cyber Liability Insurance Market size in terms of gross written premiums value is expected to grow from USD 118.68 million in 2025 to USD 189.84 million by 2030, at a CAGR of 9.85% during the forecast period (2025-2030).
Cyber liability insurance is an insurance product crafted to compensate for losses resulting from data breaches, cyberattacks, and other cyber-related events. . With the escalating awareness among companies and organizations in Singapore regarding the perils linked with online threats, there is a growing demand for cyber liability insurance. With the widespread adoption of computer technology, there has been a dramatic rise in the percentage of people using the internet online in Singapore.
The proportion of cyber threats and frauds has also risen proportionally. Various phishing websites and emails and Trojan horse ransomware and virus software are affecting not only individuals but also enterprises. Cyber liability insurance usually covers losses that result from data breaches, such as the cost of informing affected parties, credit monitoring services and legal action. Some types of cyber liability insurance in Singapore may also cover business interruption losses that result from a cyber incident, such as lost revenue or additional costs. In the event that your data breach or other type of cyber incident occurs, you may also be covered by fines and/or penalties imposed by your regulatory authorities. To assist companies and organizations in identifying and addressing potential cyber risks, many cyber liability insurance providers in Singapore also provide risk assessment and mitigation services.
Cyber Liability Insurance in Singapore Market Trends
Data Breaches and Loss of Confidential Information is Driving the Market
- Data breaches have become increasingly common in Singapore in recent years, with large and small organizations falling victim to cyber-attacks. According to the Infocomm Media Development Authority (IMDA), the number of data breaches reported in Singapore has risen significantly in the past few years.
- The Singapore government has taken various measures to improve cybersecurity and protect critical information infrastructure to combat the rise in data breaches. The government has also launched several initiatives to raise awareness among businesses and individuals on the importance of cybersecurity and the steps that can be taken to protect against cyber threats.
- Individuals and businesses need to take cybersecurity seriously and take steps to protect their data from cyber-attacks. This includes implementing strong passwords, regularly updating software and applications, and being vigilant for suspicious emails and phishing attempts.
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Ransomware and Phishing Attacks is Driving the Market
- The ransomware cases affected mostly small-and-medium enterprises (SMEs) from sectors such as manufacturing and IT. The around-the-clock nature of these sectors' operations did not provide much time to patch their systems, thus potentially allowing ransomware groups to exploit vulnerabilities.
- Cyber Security Agency (CSA) observed that ransomware groups targeting SMEs in Singapore utilized the ransomware-as-a-service (RaaS) model, which made it easier for amateur hackers to use existing infrastructure created by developers to distribute ransomware payloads.
- Social networking firms were heavily targeted in spoofing attacks, accounting for over half of the victims. One possible reason behind this trend is the exploitation of public interest in WhatsApp's updated privacy policy. The announcement regarding users' phone numbers being shared with Facebook attracted significant attention, providing an opportunity for malicious actors to deceive users through spoofed messages. Scammers also exploited the COVID-19 pandemic amidst the Omicron sub-variant outbreak in late 2021 to spoof Government websites.
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Cyber Liability Insurance in Singapore Industry Overview
Many Singapore life insurance companies are now offering cyber liability insurance, so the cyber liability insurance market in Singapore is quite fragmented. However, with the increase in demand and advancements in the industry, the market is expected to be with new players and thus making it competitive. The major players are AIG Asia, AXA Insurance, CHUBB, Berkshire, Gen, Tokio Marine Insurance, Howden, First Capital, MSIG, QBE Singapore, and Delta Insurance, among others.
Cyber Liability Insurance in Singapore Market Leaders
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AIG Asia
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AXA Insurance
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CHUBB
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Berkshire Hathaway Specialty Insurance
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Delta insurance
- *Disclaimer: Major Players sorted in no particular order
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Cyber Liability Insurance in Singapore Market News
- April 2023: Asian insurance company FWD Singapore announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD cyber insurance. FWD Cyber insurance provides coverage for some of the most common scams, up to USD 3739.50 in coverage for financial loss arising directly from an online marketplace fraud, and up to USD 3739.50 in coverage for financial loss to customers' bank accounts or digital wallets arising directly from a cyber event.
- March 2022: Chubb acquired renewal rights of DUAL Asia's Financial Lines portfolios in Hong Kong SAR and Singapore. Chubb purchased the business assets, including the intellectual property and underwriting models. The parties took over DUAL's client portfolio renewal rights, effective from 18 June 2022.
Cyber Liability Insurance in Singapore Industry Segmentation
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 reduce the financial risk associated with doing business online in case of a data breach or any other online fraud in return for a certain premium to the insurer.
The Singapore cyber liability insurance market is segmented by end-users and by industry. By end-user, the market is sub-segmented into personal, SMEs, and corporates, and by industry, the market is sub-segmented into financial services, government bodies/agencies, healthcare, professional services, and other industries. The report offers the market sizes and forecast values (USD) for all the above segments.
| By End-User | Personal |
| SMEs | |
| Corporates | |
| By Industry | Financial Services |
| Government Bodies/Agencies | |
| Healthcare | |
| Professional Services | |
| Other Industries |
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Cyber Liability Insurance in Singapore Market Research FAQs
How big is the Singapore Cyber Liability Insurance Market?
The Singapore Cyber Liability Insurance Market size is expected to reach USD 118.68 million in 2025 and grow at a CAGR of 9.85% to reach USD 189.84 million by 2030.
What is the current Singapore Cyber Liability Insurance Market size?
In 2025, the Singapore Cyber Liability Insurance Market size is expected to reach USD 118.68 million.
Who are the key players in Singapore Cyber Liability Insurance Market?
AIG Asia, AXA Insurance, CHUBB, Berkshire Hathaway Specialty Insurance and Delta insurance are the major companies operating in the Singapore Cyber Liability Insurance Market.
What years does this Singapore Cyber Liability Insurance Market cover, and what was the market size in 2024?
In 2024, the Singapore Cyber Liability Insurance Market size was estimated at USD 106.99 million. The report covers the Singapore Cyber Liability Insurance Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Singapore Cyber Liability Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Cyber Liability Insurance in Singapore Industry Report
Statistics for the 2025 Singapore Cyber Liability Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Cyber Liability Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
