Cyber Safeguard insurance plan offers protection for Malaysian businesses against growing range of cyberthreats.
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 growing 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, to offer this insurance plan. MS Amlin has worked closely with an established international law firm to assemble a panel of cybersecurity specialists that are available to immediately provide customers with comprehensive operational assistance in the event of a cyber-attack.
CyberSecurity Malaysia, the national cybersecurity specialist and technical agency under the purview of the Ministry of Science, Technology and Innovation (MOSTI), recently reported 2,977 cybersecurity incidents involving fraud, intrusion and malicious code which has been recorded in Malaysia between January and April 2019.
“Cybersecurity is a growing concern, particularly for small and medium-sized businesses who are being increasingly targeted. While most big listed companies now have decent cybersecurity systems in place, many smaller businesses do not have the same level of resources to dedicate security. Cyber criminals often see SME’s as potential stepping stones into the systems of their larger customers in the supply chain,” said Chua Seck Guan, chief executive officer of MSIG Malaysia.
“For example, we have seen 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. Online retailers have always been a target, but now hackers are extending their net to healthcare, education and even food and drink companies in order to harvest potentially sensitive customer data. The potential costs of dealing with such breaches have risen significantly in the wake of increased personal data protection legislation in many markets.”
He assessed 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 cybersecurity incident – particularly for SMEs – could have a major impact on cash flow and potentially ruin businesses completely. Today’s hackers have greater level of sophistication than in the past, that they are now more focused and will often spend much more time inside company systems and the longer a company is exposed the more the eventual cost rises.
Chua further said: “Malaysian businesses, particularly SMEs, really need to consider the importance of taking up insurance to protect against cyber threats. There are almost daily reports of the increased capabilities of cyber-criminals and for each story that gets covered another ten never make the news. While larger companies may have the technical and financial resources to ride out a security issue, yet these can be life-threatening for smaller businesses.”
MSIG’s standard Cyber SafeGuard cover includes:
- Support for the appointment of an expert IT forensics company
- Cost of a public relations consultant to assist with the management of any reputational damage
- Cost of a legal firm to advise on legal obligations
- Restoration costs
- Interruption losses
- Liability claims
- Extortion loss
- Regulatory costs
- Various optional enhancements to enhance protection based upon circumstances and needs
“We have put a lot of effort into making the policy clear, easy to understand and flexible, with a first-rate panel of experts to advise customers and fast turnaround with excellent quotation, claims, and payment systems. All of this collectively means that we are better placed to support our clients should they be unfortunate enough to suffer a cyber-security incident,” Chua added.
For more information on MSIG’s Cyber SafeGuard insurance please visit https://www.msig.com.my/business-insurance/products/cyber-safeguard/.