Transforming SMB Cyber Insurance: Cornerstone Launches CyberFender, a First-of-Its-Kind Collaboration With QBE and ESET
Leaders in finance, insurance and cybersecurity team up to provide Singapore’s SMBs with a new digital safety net against growing global threats.
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.
“No industry is insulated from cyber threats, regardless of company size. As technology evolves, it’s creating both new opportunities and new risks, further expanding the digital attack surface. Together with Cornerstone and ESET, we are delighted to be a part of the CyberFender offering, which is well suited to address SMBs’ needs when it comes to the current cyber risk landscape,” said Ronak Shah, Chief Executive Officer, QBE Singapore.
“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.
