Ransomware attacks

Cyber risk insurance is crucial for SMEs in Singapore due to the rising threat of ransomware attacks. The Counter-Ransomware Task Force Report provides recommendations for cyber insurers to tailor coverage for SMEs and critical infrastructure. Insurers should engage with the government on policies, and take advantage of the Cybersecurity Health Plan to promote cybersecurity awareness. However, the debate on prohibiting coverage for ransom payments should be carefully considered to avoid negative consequences.