Singapore-based Cornerstone has unveiled CyberFender, a tailored cyber insurance solution aimed at safeguarding small-to-medium businesses (SMBs) from increasing cyber threats. Underwritten by global insurer QBE, the policy offers comprehensive protection against a range of cyber risks, including security breaches, business interruptions, and cyber extortion.
CyberFender’s coverage is enhanced by 24/7 cybersecurity services provided by ESET Small Business Security, a key feature designed to bolster SMBs’ defenses against online threats such as fraud and data theft. The policy also covers incident response and recovery expenses, ensuring businesses are better equipped to handle cyberattacks.
SMBs represent 99% of enterprises in Singapore and contribute nearly half of the nation’s GDP, making digital security a critical concern. Despite this, a recent survey by QBE Singapore found that 19% of businesses lacked cyber risk protection in 2024—an increase from 9% in the previous year.
Leonard Tan, Managing Director at Cornerstone, stressed the importance of offering SMBs both accessible and robust cyber defense solutions. Meanwhile, Ronak Shah, CEO of QBE Singapore, underscored the growing cyber risks faced by businesses of all sizes, emphasizing the need for effective protection in the digital age.
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