Cyber Protection From Cyber Criminals

MSIG Launches Cyber SafeGuard Insurance To Protect Malaysian Businesses From Growing Range Of Cyber Threats

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KUALA LUMPUR, MALAYSIA - Media OutReach - 13
August 2019 – 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.

 

Mr. Chua Seck Guan, Chief Executive Officer of MSIG Malaysia, said, “Cyber security is a
growing concern, particularly for small and medium sized businesses who are
being increasingly targeted. While most big listed companies now have decent
cyber security systems in place, many smaller businesses do not have the same
level of resources to dedicate to security. Cyber criminals often see SME’s as
potential stepping stones into the systems of their larger customers in the
supply chain.”

 

He continued, “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 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.”

 

“Today’s hackers have greater level of sophistication than in the past. 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. That’s
why the insurance we offer not only provides companies with financial backup,
but also provides them with access to first class technical support to help
investigate, respond, restore and recover. In fact, 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.

 

Mr. Chua added, “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, these can be life
threatening for smaller businesses.”

 

He continued, “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 our 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.

 

For more information on MSIG’s Cyber SafeGuard insurance please visit https://www.msig.com.my/business-insurance/products/cyber-safeguard/ or talk to an MSIG insurance broker.

About MSIG Insurance (Malaysia) Bhd

MSIG Insurance
(Malaysia) Bhd (“MSIG Malaysia”) is a subsidiary of Mitsui Sumitomo
Insurance Company, Limited and a member of MS&AD Insurance Group Holding,
Inc. (MS&AD), one of the top ten** general insurers in the world.

 

With over 100 years of
general insurance experience and a nationwide network of 20 branches in
Malaysia, MSIG Malaysia is one of the leading general insurers in Fire,
Engineering and Motor classes and No.1* in Marine Cargo, offering an extensive
range of products and services for personal and business needs.

 

MSIG
Malaysia’s expertise is well recognised through its receipt of many prestigious
awards. These have included the 2018 “Outstanding Property and Casualty Insurer
in Malaysia” award* in the InsuranceAsia News Awards for Excellence. MSIG
Malaysia was commended for leading the market with strong financial growth,
investment in product innovation, enhanced digital capabilities in business and
claims management systems and strong customer service proposition. Its commitment
to customer service excellence through its efforts in enhancing the customer
experience and industry leadership in Enterprise Risk Management also earned
MSIG Malaysia the “General Insurance Company of the Year” at the Asia Insurance
Industry Awards in 2015.

 

For
more information on MSIG Malaysia, visit www.msig.com.my or
facebook.com/MSIGMalaysia.

 

*As of
Dec 2018

**Fortune
Global 500, 2018.