DBS Cyber Insurance

Cyber Insurance

Protect your business against cyber threats

Cyber Insurance

Protect your business against cyber threats

Cyber Insurance for Singapore SMEs

Protect your business against cyber threats

When a cyberattack or data breach occurs, the resulting costs extend well beyond the initial incident, from IT forensics and legal fees to regulatory fines and business interruption losses. Cyber insurance covers those financial losses and recovery costs, providing a structured financial safety net when internal defences are not enough. 

Built for Singapore SMEs that use digital systems for storing customer data, processing payments, and daily operations, Cyber Insurance, underwritten by Chubb Insurance Singapore Limited and distributed by DBS Bank Ltd, offers coverage from S$500,000 to S$3 million. Businesses with annual gross revenue below S$50 million can opt for it, subject to approval.

At a Glance

In today’s connected environment, cyber security is a widespread concern. All too often, businesses do not fully understand their organisation’s cyber and data privacy risks until an event occurs. Any company can be affected by a breach of sensitive customer or employee information. Even the loss of a single laptop, if not properly managed, can turn into a public relations disaster. This product is underwritten by our insurance partner, Chubb Insurance Singapore Limited.

Who Is This Insurance For?

Many SMEs lack the in-house resources required to contain a significant cyber attack, and the costs of an uninsured incident can be severe. Cyber Insurance is designed for Singapore-registered SMEs that:

  • Hold personal customer or employee records, including names, contact details, financial records, or health information;
  • Process payments or hold client financial records;
  • Depend on websites, digital platforms, or e-commerce channels to serve customers or run core business processes;
  • Have limited in-house IT or cybersecurity capabilities to manage and recover from an incident; or
  • Operate in sectors like professional services, retail, or healthcare, where a data breach or system outage could trigger regulatory action or damage client relationships.
What Does It Cover?

Cyber Insurance covers different types and stages of a security threat:

  • Business Interruption and Data Recovery 
    Covers loss of profits and recovery expenses resulting from a network security failure or attack, human error, or programming errors.
  • Incident Response 
    Covers the costs of forensic IT investigations, legal advice, crisis communications, and reputational mitigation following a cyber incident.
  • Third Party Claims 
    Covers legal liability arising from a cybersecurity breach, including failure to maintain data confidentiality, payment of regulatory fines and penalties, and the costs of regulatory investigations or enforcement proceedings.
  • Network or Data Extortion / Blackmail 
    Covers costs associated with extortion threats directed at your business's network or data assets.
  • Worldwide Cover
    Covers your business anywhere irrespective of where your business runs or a cyber incident takes place.

Eligibility

Cyber Insurance is open to Singapore-registered SMEs with annual gross revenue under S$50 million, subject to underwriting assessment and approval. Before applying, use the list below to confirm that your business does not fall within an excluded industry.

Business Details to Prepare

Have the following ready before starting your application:

  • Company name and company registration number
  • Nature of business
  • Revenue for the last year (in S$)
  • Registered and mailing address
  • Contact person name, contact number, and email address

Industries Not Eligible for Online Application

Straight-through online application may not be available for select industries, including:

  • Adult content sites
  • Credit bureaus
  • Credit card processors
  • Data aggregators
  • Data processors (BPOs)
  • Financial institutions, security and commodity brokers
  • Hospitals
  • Online exchanges, stock exchanges, virtual currency exchanges
  • Payment gateways
  • Social networking sites
  • Telecommunications, internet service providers, application service providers, cloud providers, search engine providers
  • Universities
  • Utilities (water, electricity, energy, etc.) including critical infrastructure
Coverage and Pricing

Your cyber insurance premium depends on your annual revenue and selected coverage limit. Use the table below as a starting point to compare options before you apply.

Coverage Limit
/Revenue		 S$500,000 S$1M S$2M S$3M Deductible
< S$1M S$700 S$1,000 S$2,200 S$2,750 S$1,000
< S$2.5M S$870 S$1,100 S$2,420 S$3,020 S$1,000
< S$5M S$1,100 S$1,400 S$2,660 S$3,350 S$1,000
< S$10M S$1,400 S$1,800 S$2,950 S$3,700 S$1,000
< S$25M S$1,750 S$3,200 S$4,800 S$6,600 S$2,500
< S$50M S$3,500 S$4,200 S$6,350 S$8,800 S$2,500

Premiums are in Singapore dollars and exclude GST. A 12-hour deductible (waiting period) applies before business interruption cover activates.

 

How Cyber Security Insurance Supports Your Business Needs

Since Cyber Insurance is underwritten by Chubb, you benefit from Chubb's support network as part of your cover:

24/7/365 incident response hotline

Support is available anytime from the moment a cyber risk incident is detected.

Specialist vendor panel

When your business encounters a cyber attack, Chubb coordinates with its vendor network for forensic investigation, legal response, crisis communications, and system recovery on your behalf.

Self-support web portal

Called eRisk Hub, the portal gives policyholders access to cyber risk management tools and resources at any time.

Local underwriters 

Chubb's Singapore-based underwriting team is authorised to make decisions locally, enabling faster and more responsive support.

The Chubb claims commitment 

Experienced claims specialists manage each claim from the first notification to resolution, with sensitivity to local regulatory requirements.

Beyond your insurance cover, the DBS #CyberWellness programme offers Singapore SMEs cybersecurity training to strengthen their digital defences as part of broader business protection planning.

How to Apply

The application is completed online. If you would like to discuss your coverage needs before applying, you can also contact DBS for guidance.

  1. Check eligibility
    Review the criteria; confirm that your revenue, business type, and operational requirements are met.
  2. Choose your coverage limit
    Use the pricing table to identify the limit and annual premium that best fits your business's risk profile.
  3. Submit your online application
    Click on the Apply button below to complete the form with your company and contact details. The application must be authorised by your company's Chairman, Managing Director, or Chief Executive Director.
  4. Receive and review your policy
    Once Chubb accepts your application, full policy details will be sent across for you to look through.
Frequently Asked Questions

Is cyber insurance the same as cyber security?

No. Cyber security refers to the technical measures a business uses to prevent attacks, such as firewalls, antivirus software, encryption, and access controls. Cyber insurance addresses what happens when those defences are not enough, covering the financial losses, recovery costs, and legal liabilities that arise after an incident.
Does cyber insurance cover ransomware attacks?
Cyber Insurance covers losses arising from network security failures and attacks, which can include ransomware events. Coverage may include loss of profits during the disruption, data recovery expenses, and incident response costs.
Who should consider cyber insurance?

Any Singapore-registered SME with annual revenue less than S$50 million that manages customer or employee records, handles payment or billing systems, or conducts business online should assess its cyber exposure. For a closer look at what the risk landscape looks like for SMEs, knowing about common cyber myths for SMEs is helpful.
What does cyber insurance not cover?
Standard cyber policy exclusions include incidents the insured was already aware of before the policy began, intentional or fraudulent acts by the insured, bodily injury or physical property damage, and infrastructure failures with no direct cyber cause.
What happens if you don't have cyber insurance?
Without cyber insurance, your business bears the full cost of a cyber incident. For instance, a ransomware attack on a small retail business could cost S$170,000, including investigation fees, increased working costs, and business interruption losses. For most SMEs, costs at this scale are difficult to absorb without a significant impact on cashflow, operations, or business continuity.
Other DBS Services

Alongside cyber insurance, protect your business online with extra security measures via DBS Scam Defence. And if you’re looking for broader support for your business, DBS offers banking, financing, trade, and advisory solutions to help SMEs manage day-to-day operations and growth:

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