Date : 9-Aug-2019
Location: Kuala Lumpur
Location: Kuala Lumpur
- MSIG Insurance (Malaysia) Bhd “(MSIG Malaysia)”, has launched Cyber SafeGuard, an insurance product designed to protect businesses of all sizes from the growing range of cyber risks proliferating in the ASEAN region.
- In addition to the standard financial protections provided by most forms of insurance, Cyber Safeguard goes further by providing customers with immediate access to expert operational and technical support in the event of a security breach.
- MSIG collaborated with renowned cyber insurance specialist MS Amlin, who, like MSIG, is a member of MS&AD Insurance Group – one of the largest general insurance groups in the world – to offer this insurance. MS Amlin has worked closely with an established international law firm to assemble a panel of cyber security specialists that are available to immediately provide customers with comprehensive operational assistance in the event of a cyber-attack.
- CyberSecurity Malaysia, the national cyber security specialist and technical agency under the purview of the Ministry of Science, Technology and Innovation (MOSTI), recently reported 2,977 cyber security incidents involving fraud, intrusion and malicious code had been recorded in Malaysia between January and April 2019.
- For example, there is a growing tendency of cyber-criminals to focus on smaller professional services businesses, such as accounting and law firms, in order to use their data for extortion and espionage purposes.
- The potential costs of dealing with such breaches has risen significantly in the wake of increased personal data protection legislation in many markets. This means that any Malaysian firm with international customers could potentially face massive legal claims in the event of a data breach. The costs of dealing with a cyber security incident – particularly for SMEs - could have a major impact on cash flow and potentially ruin businesses completely.
- Mr. Chua Seck Guan, Chief Executive Officer of MSIG Malaysia, said, SME companies are at higher risk due to the lack of resources in dealing with cyber security threats, compare to large enterprises. In retrospect, cyber criminals often see SME’s as potential stepping stones into the systems of their larger customers in the supply chain.
- many clients are purchasing the insurance as much for the ability to access our world-class panel of cyber-security experts as for the financial peace of mind that it provides.
- MSIG’s standard Cyber SafeGuard cover includes support for the appointment of an expert IT forensics company, the cost of a public relations consultant to assist with the management of any reputational damage, the cost of a legal firm to advise on legal obligations, restoration costs, interruption losses, liability claims, extortion loss and regulatory costs. There are also various optional enhancements that customers can choose from, to enhance their protection based upon their circumstances and needs.
- The insurance is available to businesses of all sizes and the premium will depend on the scale of coverage required, as well as the current status of the business in relation to its data management and business continuity systems. Businesses who can demonstrate that they are following best security practices by, for example, encrypting data and having disaster recovery and business continuity plans in place, will benefit as the price of the insurance will be adjusted accordingly.
- The product offering is unique because it premises on a preventive measure in dealing with the financial loses would be inflicted to an organization in the event of data breaches arise from cyber security attack.
- This is something new in the market.