2026-10-19 · Source: Insurance Asia
Summary in 3 Points • 60% of ransomware-hit Singapore firms reported AI-enabled attacks, significantly higher than the global average of 40%. • 52% of organisations in Singapore experienced business disruption or revenue loss due to cyber incidents. • 47% faced cancelled cyber insurance policies or increased premiums, reflecting the rising costs of cyber risks. --- A recent study by Semperis reveals that 60% of Singapore firms affected by ransomware reported that attackers used artificial intelligence, a figure notably higher than the global average of 40%. Additionally, 52% of these organisations experienced business disruption or revenue loss, highlighting the severe impact of cyber incidents on operations. The study also found that 47% of firms faced cancelled cyber insurance policies or increased premiums, indicating a tightening market for cyber coverage as risks escalate. The findings suggest that Singapore firms are grappling with a unique set of challenges in the cyber landscape, particularly with AI-driven attacks occurring at 1.5 times the global rate. The use of psychological intimidation tactics by criminals has also increased, with 56% of organisations receiving threats at home or work. As the cyber insurance market adjusts to these evolving threats, firms may need to reassess their risk management strategies and coverage options to ensure adequate protection against rising cyber risks. The rising costs of cyber risks, with 47% of firms facing cancelled policies or increased premiums, may influence the cyber insurance market dynamics.
The rising costs of cyber risks, with 47% of firms facing cancelled policies or increased premiums, may influence the cyber insurance market dynamics.