SINGAPORE — 12 February 2025 — Cornerstone, an independent financial advisory based in Singapore, is launching CyberFender, a comprehensive and affordable cyber insurance solution tailored to the specific needs of small-to-medium businesses (SMBs) in Singapore. Underwritten by QBE, a global insurer with a presence in Singapore for more than 130 years, policyholders will also receive 24/7 cybersecurity protection through ESET Small Business Security, which is a set-and-protect solution against online threats, frauds, data theft and unwanted tracking.
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.
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.
QBE Singapore’s SME survey 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. ESET’s APAC SMB Cybersecurity Report 2024 found that 73% of APAC SMBs experienced cybersecurity incidents last year—with one out of four incidents related to ransomware. CSA findings from 2024 also estimate that eight in 10 organisations in Singapore encountered a cybersecurity incident in a year, with half encountering it several times a year.
CyberFender is designed to serve the underserved SMB marketplace in terms of cyber prevention, protection and cost. Cornerstones value lies in guiding and supporting SMEs throughout the process, serving as trusted advisors who simplify, facilitate, and ensure a seamless download and understanding of key information.
“At Cornerstone, we recognise that recovery from cyber-attacks can be costly and challenging for SMBs. This is why we partnered with QBE and ESET to deliver robust, easy-to-use cyber defense solutions to our policyholders through CyberFender,” said Leonard Tan, Managing Director of Cornerstone.
“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 honored 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 now available in Singapore through Cornerstone's financial advisors. Learn more at cyberfender.sg.
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About Cornerstone
Cornerstone is regulated as an Independent Financial Adviser & Exempt General Insurance Broker by the Monetary Authority of Singapore. The firm carries 30 years of experience in crafting tailor made financial solutions that comprehensively meet the needs and aspirations of every client.
About QBE Singapore
Established in 1891, QBE Singapore is a trusted provider of specialist expertise and professional insurance services. As a business insurance specialist, QBE Singapore offers a range of insurance products from the standard suite of property and casualty to the specialist financial lines, marine and construction. All are tailored to the individual needs of its small, medium and large customer base. QBE Insurance (Singapore) Pte Ltd is part of the QBE Insurance Group listed on the Australian Securities Exchange and headquartered in Sydney. Present in Singapore for more than a century, QBE Singapore is the Republic’s oldest registered Australian company. For more information, visit www.qbe.com/sg
About ESET
ESET® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of known and emerging cyberthreats — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. An ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and X.