Oral reply to Parliamentary Question on commercial cyber insurance

Date: For Parliament Sitting on 7 October 2026

Name and Constituency of Member of Parliament

Mr Yip Hon Weng, Yio Chu Kang SMC

Question

Mr Yip Hon Weng: To ask the Prime Minister and Minister for Finance (a) whether public sector agencies and statutory boards are required to procure commercial cyber insurance; (b) whether MAS tracks industry cyber insurance claims and payout trends; and (c) how the Government ensures dispute resolution avenues like the Financial Industry Disputes Resolution Centre (FIDReC) have the capability to handle cyber insurance claim disputes.

Answer by Mr Alvin Tan, Minister of State, Ministry of Foreign Affairs and Ministry of National Development, and Board member of the Monetary Authority of Singapore (MAS), on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Energy, Trade and Industry (Trade), and Chairman of MAS:

1. While public sector agencies, including statutory boards, are not required to procure commercial cyber insurance, we adopt a multi-pronged approach to managing cyber risks. This includes investments in prevention, detection, response, and recovery capabilities.

2. Cyber insurance has grown in acceptance as a risk management tool by companies in Singapore and the region. MAS follows developments in cyber insurance through our engagements with the industry. This helps MAS support the sound development of the market.

3. FIDReC's adjudicators have the skills and expertise to handle dispute resolution for consumers and small businesses in the financial sector. This includes undergoing regular training to keep abreast of emerging issues and industry developments. FIDReC has experience handling cyber insurance disputes in recent years.

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