Wednesday, February 26, 2020

Comprehensive coverage for rising cyber threats in Malaysia

Apr 17. 2017
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By The Star
Asia News Network
Petaling Jaya, Malaysia

The world’s largest publicly traded property and casualty insurance company Zurich-based Chubb has rolled out  comprehensive coverage against cyber threats for businesses amid rising cyber attacks in Malaysia.

 

The insurer said on Monday it is offering one of the most sophisticated coverages against cyber threats for businesses ranging from multinationals to small and medium enterprises with the launch of its cyber enterprise risk management (ERM) solution.

 

According to the statistic, cyber attacks in Malaysia have increased dramatically over the past decade.  There are over 2.7 million botnet drones and malware infection attacks with over 9,000 cyber security incidents reported in 2015. 

This figure does not include cases that go unreported almost daily. 

As the government targets to increase Malaysia’s Internet penetration from the current 68% to 95% by 2020, more and more local organisations may be exposed to cyber attacks, the insurer said, adding that hence, it is crucial for businesses to protect themselves with a reliable cyber attack defence solution.

Beyond a simple policy, Chubb’s Cyber ERM is structured to offer an end-to-endless control and risk management solution to clients. 

It provides financial protection against business interruption loss, cyber extortion, liability arising from privacy and security incidents, as well as crisis response expenses. 

In addition, Cyber ERM policyholders have access to Chubb eRisk Hub, which is backed by a dedicated 24 by 7 incident response team to provide businesses with the necessary resources to help them mitigate their risks of a data breach or privacy loss and assist them in responding quickly should a security event take place.

“Cyber risks do not respect borders. They can strike anywhere, at any anytime, with global consequences for any organisation.

"That is why Chubb’s Cyber ERM is specially crafted to assist our clients round-the-clock in their time of need,” said Chubb Insurance Malaysia Bhd country president Steve Crouch.  

“Our insureds will benefit from a simplified policy structure and language, bringing together in one wording the key elements of first party cover and third-party cyber liability cover. 

“In addition, they will have access to Chubb Global Cyber Practice, a specialist network of cyber risk professionals from around the world, coupled with our local underwriters who will help to customise coverage that meets their needs.

“Our dedicated 24 by 7 incident response teams are also available to assist our insureds in a crisis resulting from a covered cyber incident,” he added.

With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. 

Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Parent company Chubb Ltd is listed on the New York Stock Exchange and is a component of the S&P 500 index.  

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