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Small businesses, big risks: Rethinking resilience for SMEs

The insurance industry needs to tailor its offerings for their specific needs

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    • Cyberinsurance can be expensive or inaccessible for SMEs because their systems fall short of minimum-security requirements.
    • Cyberinsurance can be expensive or inaccessible for SMEs because their systems fall short of minimum-security requirements. PHOTO: BT FILE

    Sean Walker

    Published Thu, Jul 31, 2025 · 07:00 AM

    SMALL and medium-sized enterprises (SMEs) are the backbone of the economy – yet remain structurally underinsured.

    In Singapore, SMEs make up 99 per cent of all businesses, employ around 70 per cent of the workforce and contribute nearly half of gross domestic product.

    These numbers underscore their foundational role in economic growth and social stability. Yet despite their importance, SMEs are underprepared for the increasingly complex risks they face.

    Singapore SMEsInsuranceCybersecurity

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