Cyber Insurance

It is a matter of time that every business corporations will need some form of cyber insurance, just like current need for a fire insurance. The threats from cyber attacks, intentional or due to negligence of employees would result is very serious damages to financial, reputation loss. Worst will be penalty from regulators and liability to Third Party.

A very interesting quote:

“There are only two types of companies: Those that have been hacked and those that will be hacked.”

Robert S. Mueller, III, Director FBI made this famous quote but almost by the time he made the quote it was out of date – it should be ‘There are only two types of companies: Those that have been hacked and those that don’t know they have been hacked.’

The massive global cyberattack of ransomware known as “wannacry” in 2017 affected more than 100 countries globally, Malaysia was not spared either.

A cybersecurity incident can cost large organisations in Malaysia an average of USD22.8mil (RM92.09mil) in total economic losses, based on a recent study by Microsoft and market research firm Frost & Sullivan.

For middle-sized organisations, that sum is an average of USD36,000 (RM145,408). Thus, Globally, news reports say the total losses from cybercrimes have far exceeded conventional “offline” crimes.

As technology is evolving at a high pace, a well designed security system today may become obsolete earlier than planned. It will be a very tough and expensive exercise to defend against any possible attacks.

Thus, apart from strengthening a company’s online security, the next best strategy is to insure against cyber attack, by taking up a Cyber Insurance.

Demand for Cyber Insurance is growing and can only grow. A typical Cyber Insurance will provide cover for:

1. Data breach liability
2. Data breach costs
3. Crisis management costs
4. Business Interruption Loss
5. Notification costs
6. Legal expenses
7. Regulatory Fines & Penalties
8. Cyber Extortion

If you wish to explore Cyber Insurance, let’s us know and we will set up a discussion to review your needs and work on a proposal for your consideration. Kindly drop us an email to edmund@renewinsurance.com.my or call 013 3521318

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