Alvin Tan, a board member of the Monetary Authority of Singapore (MAS), stated in a parliamentary reply that public sector agencies, including statutory boards, are not mandated to procure commercial cyber insurance. Instead, they adopt a multi-pronged approach to managing cyber risks, which includes investing in prevention, detection, response, and resilience. MAS monitors developments in cyber insurance through engagement with the industry to support healthy market growth. Furthermore, arbitrators at the Financial Industry Disputes Resolution Centre (FIDReC) are equipped to handle cyber insurance claims disputes and have relevant experience from recent years.