Rising Cyber Insurance Demand in Singapore Amid Increasing Phishing Threats

• •Cyber insurance demand is rising in Singapore due to increased phishing threats.
• •UEI Logistics experienced a phishing scam that led to the purchase of cyber insurance.
• •Premiums for cyber insurance have fallen, making coverage more accessible.

In Singapore, the demand for cyber insurance is on the rise as companies face increasing phishing threats. UEI Logistics, a freight forwarding company, experienced a phishing scam in November 2025, where attackers impersonated a trusted partner to request a large payment. This incident prompted UEI Logistics to implement a threat detection system and purchase a cyber insurance policy from MSIG, providing S$300,000 coverage for various breach-related costs. Insurers report that technology and financial firms are the primary buyers, with growing interest from sectors like manufacturing and healthcare. Since 2022, premiums for cyber insurance have decreased, making it more accessible for small and mid-sized enterprises. Major insurers like Markel and QBE Asia have reported significant increases in policy sales, indicating a broader trend towards cyber risk management in Singapore.