In a parliamentary response, Alvin Tan, Minister of State for Foreign Affairs and National Development and a Monetary Authority of Singapore board member, confirmed that public sector agencies and statutory boards are not required to buy commercial cyber insurance. Instead, the public sector manages cyber risks through investments in prevention, detection, response and recovery capabilities. The Monetary Authority of Singapore follows cyber insurance developments through industry engagement as use of the product grows among companies in Singapore and the region. The Financial Industry Disputes Resolution Centre has handled cyber insurance disputes in recent years, and its adjudicators receive regular training on emerging issues and industry developments affecting consumers and small businesses.
Monetary Authority of Singapore confirms no public sector cyber insurance mandate, outlines market monitoring and dispute capacity
Singapore does not require public sector agencies or statutory boards to buy commercial cyber insurance, relying instead on prevention, detection, response and recovery capabilities. The Monetary Authority of Singapore monitors market developments through industry engagement, while the Financial Industry Disputes Resolution Centre has experience handling cyber insurance disputes.