Cornerstone, a Singapore-based independent financial advisory, has launched CyberFender, a cyber insurance solution tailored to small-to-medium businesses (SMBs) in Singapore.
CyberFender offers insurance coverage that will help to safeguard critical business assets against malicious actors in areas like data security, business interruption, and cyber extortion. It also covers related incident response and recovery costs, providing both financial and operational protection against cyber incidents—empowering businesses to better build and maintain customer trust, Cornerstone said.
Underwritten by QBE, a global insurer with a presence in Singapore for more than 130 years, CyberFender policyholders will also receive 24x7 cybersecurity protection through ESET Small Business Security, which is a set-and-protect solution against online threats, frauds, data theft and unwanted tracking.
Cornerstone can guide and support SMEs throughout the process, serving as trusted advisors who simplify, facilitate, and ensure a seamless download and understanding of key information.
SMBs make up 99% of all enterprises in Singapore and are responsible for nearly half of the nation’s GDP. As they embrace digital transformation, robust cybersecurity measures are essential to maintain customer trust and ensure a resilient business environment. Cyber insurance has emerged as a vital safety net, helping SMBs to mitigate the financial risks of cyber incidents while reinforcing confidence in data security.
ESET’s APAC SMB Cybersecurity Report 2024 found that 73% of Asia Pacific (APAC) SMBs experienced cybersecurity incidents last year—with one out of four incidents related to ransomware, while Cyber Security Agency of Singapore (CSA) findings from 2024 estimated that eight in 10 organisations in Singapore encountered a cybersecurity incident in a year, with half encountering it several times a year.
QBE Singapore’s small- and medium-sized enterprise (SME) survey further showed
that the percentage of businesses that do not have any processes or
protection against cyber risks rose to 19% in 2024, from 9% in 2023.
“At Cornerstone, we recognise that recovery from cyberattacks can be costly and challenging for SMBs. This is why we partnered with QBE and ESET to deliver robust, easy-to-use cyberdefence solutions to our policyholders through CyberFender,” said Leonard Tan, MD, Cornerstone.
“No industry is insulated from cyberthreats, regardless of company size. As technology evolves, it’s creating both new opportunities and new risks, further expanding the digital attack surface. Together with Cornerstone and ESET, we are delighted to be a part of the CyberFender offering, which is well suited to address SMBs’ needs when it comes to the current cyber risk landscape,” said Ronak Shah, CEO, QBE Singapore.
“ESET is committed to empowering SMBs with the right tools to proactively protect their businesses from cyber threats, including ransomware. By adopting a prevention-first approach, business owners can effectively safeguard their organisations from the risk of cyberattacks and disruption. We are honoured that Cornerstone and QBE have chosen to work with ESET; it is a testament to our commitment to ensure businesses of all sizes are safeguarded in an ever-evolving threat landscape,” said Parvinder Walia, ESET President for Asia Pacific and Japan.
CyberFender is available in Singapore through Cornerstone's financial advisors.