Eileen Yu
for By The Way
| August 12, 2021 — 08:42 GMT (09:42 BST)
| Topic: Security
Often lacking in resources, more small and midsize businesses (SMBs) in Singapore are seeing cyber insurance as a viable option. They view these offerings as a way to balance cost and the need to safeguard their assets, especially as data leaks remain their biggest concern.
Smaller organisations often had to grapple with limited budgets and manpower, and would want certainty in how much they had to invest. This was pushing more to look at cyber insurance as a way to achieve this, said Ang Yuit, vice president of strategies development for the Association of Small & Medium Enterprises (ASME), an industry group which members comprise Singapore SMBs.
Responding to ZDNet’s query about the adoption of cyber insurance amongst SMBs, Ang noted that such services provided a way for SMBs to boost their cybersecurity posture while managing their costs. Purchased at a monthly premium, cyber insurance helped these companies better determine how much they needed to put in and what they were getting back in return.
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Eileen Yu
for By The Way
| August 12, 2021 — 08:42 GMT (09:42 BST)
| Topic: Security