Asian insurers link up with US-based firm to deliver cyber cover

New cyber insurance features to be embedded in insurers' existing products

Asian insurers link up with US-based firm to deliver cyber cover


By Gabriel Olano

Taiwan’s MSIG Mingtai Insurance and the Philippines’ Pioneer Insurance & Surety have partnered with Arizona-based CyberScout to deliver an embedded, retainer-based cyber insurance offering to their respective markets.

The two partnerships will bring cyber insurance solutions to small and medium enterprises (SMEs) in the traditionally underserved Asian markets, a statement from CyberScout said. The firm aims to make cyber “the new fire insurance,” with cyber being increasingly considered a risk that cannot be ignored by any individual or business.

CyberScout’s services, which include 24/7 breach response, international risk management platforms, multilingual support, remote consulting and IT/data forensic services, as well as sales and marketing support for new partners, will be embedded into the insurers’ existing products.

“These two new partnerships will provide access to high quality global response capabilities to consumer and mass-market Asian audiences where this previously would have been unavailable to them,” said CyberScout managing director Matt Cullina. “Pioneer Insurance and MSIG Mingtai are the perfect partners to spread our joint message that the insurance industry will step up and protect vulnerable small to medium-size businesses and consumers that previously had no access to cyber insurance.”

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