SMEs are more exposed to cyber security threats – in a study by Cisco shows that one in two (56%) SMEs in Asia suffered a cyber incident in 2022, with 75% losing critical customer information to malicious actors. While attacks can be impactful, most SMEs may not have the financial resources to recover from a cyber-attack if without a cyber insurance. Cyber liability insurance can be an essential tool in managing risks associated with cyber threats as it provides financial protection and resources to respond to and recover from a cyber-attack or data breach.

Let us take a deep dive into the significant impacts that could strain a business finance and the chance of survival.

1. Business disruption: Loss in productivity and revenue, and potential reputation damage.
2. Damage to reputation: Loss of trust due to Inability to deliver services particularly if customers' personal information is stolen.
3. Legal and regulatory consequences: Depending on the nature of the attack, the victim could face fines, lawsuits, or other legal action.
4. Coverage for financial losses: Cyber liability insurance provides coverage for financial losses due to business interruption, data loss, and third-party liability claims.
5. Assistance in managing the cyber incident: Access to professional incident responders, to help respond and manage the cyber-attack or data breach.

Event Details
Date: 22 May 2023
Time: 3pm - 5pm
Venue: SBF Center, Seminar Room 1, 160 Robinson Rd, #06-01, Singapore 06891
Fees: Complimentary

This event is jointly organised by Singapore Business Federation and Blackpanda as a part of the MAP Cyber Security & Digital Trust Initiative Stage A activity. If you have any questions, please reach out to us at: [email protected]

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