With ransomware hitting a new corporate victim every 14 seconds or less, cybersecurity insurance can offer some peace of mind.
According to Microsoft and Frost & Sullivan’s 2018 Security Study report, cyberattack losses were estimated to cost US$1.75 trillion across the Asia-Pacific region. According to Cybersecurity Ventures, a new organization will fall victim to ransomware every 14 seconds in 2019, and every 11 seconds by 2021.
Reports by Malwarebytes Labs also indicated that, while there was a 6% reduction in the number of ransomware attacks last year, the latter had become more sophisticated and damaging, or had involved larger ransoms.
To tackle this alarming and continual trend, the Singapore office of Japan’s largest insurance group Tokio Marine Insurance (TMiS) has partnered with a cybersecurity startup Horangi to offer insurance coverage via a suite of potentially-subsidized services to its clients to promote cyber hygiene.
On the partnership, Mr A K Cher, CEO and Managing Director of TMiS said: “Tokio Marine has approached Horangi as we feel they can adapt and tailor their services to the different clients we have in our portfolio based on industry sector, maturity level, revenue size and global footprint. As cyber insurers, we sit as partners to cybersecurity specialists; we are all part of the same fight against cybersecurity threats and we all play a part to ensure companies not only survive but thrive post-incident. Given Horangi’s strong presence in the region and a proven ability to serve industry leaders such as GoJek and Bukalapak, we see Horangi as a great fit for our growing cybersecurity needs moving forward.”
This partnership makes Horangi the first cybersecurity partner for TMiS in the Asia-Pacific region. The tie-up will provide Tokio Marine with local insight and expert advice unique to cybersecurity trends around APAC. Corporates that purchase TMiS’ cybersecurity insurance policy, will be offered services provided by Horangi, including potential rebates, to improve their cybersecurity posture. The insurance offering is designed to provide protection against liabilities due to security and privacy breaches, regulatory defense and penalties arising from breaches, where permissible by law, or costs associated with crisis management, loss of digital assets, business interruption and cyber extortion.
Horangi is a Singapore-based cybersecurity startup founded in 2016 by former Palantir cybersecurity experts Paul Hadjy and Lee Sult. The company’s cloud security product, Warden, helps organizations using the Amazon Web Services (AWS) infrastructure to achieve globally-recognized compliance standards.
As part of the partnership, Horangi will be providing services including penetration testing, network vulnerability assessment, cybersecurity assessment and vCISO – or “virtual” Chief Information Security Officer services used by many of the unicorns in Asia.
Horangi CEO and Co-Founder Paul Hadjy said: “As companies become more reliant on technology and online data, they become natural targets of cyberattacks. With the increasing number of cyber incidents around the region, we want to ensure that businesses are protected against potential cyber threats. At a time where these cyber incidents are becoming sophisticated, we want to help mitigate any cyberattacks, ensuring the digital safety of our clients.”