TOZ, a one-stop cybersecurity and insurance provider, officially opened its doors in Hong Kong on April 13.

With Hong Kong becoming a frequent target for cybercrimes, TOZ aims to provide its comprehensive solutions to several target groups, including licensed financial companies, online businesses, digital assets, critical infrastructures, and NGOs, the company said in a statement.

Amid escalating cybercrime, businesses are beginning to consider cyber liability insurance as an essential cover, similar to general liability or directors' and officers' insurance.

Read more: Hong Kong, Singapore SMEs unprepared versus cyber risks – Chubb

To fill that demand, TOZ provides vertically integrated cybersecurity risk assessment and insurance services. The risks covered include (but are not limited to) costs of remediation, compliances and regulatory investigations, business interruption loss, and third-party liability arising from a cyber incidence.

The company has also established a local disaster recovery and incidence response centre, providing its clients timely notification and supports when cyber incidences occur.

“With cyber-crime recurring year after year, we foresee that over half of the commercial electronic services will face severe cybersecurity challenges, as the average Hong Kong enterprises lack the appropriate means to defend themselves,” said Ronald Pong, one of the founders of TOZ. “The situation is worsened by companies not picking the correct type of insurance or subscribing the right amount of coverage, and with limited solutions offered by current insurers in the market.

“TOZ address the heart of those problems, by combining its well-resourced insurance unit (offshore captive insurer) with its cutting-edge cybersecurity team, in an unprecedented manner. It seeks to restore public's confidence in the cyber domain, by providing a unique two-step assurance service: assessment and insurance.”