MSIG Malaysia has launched Cyber SafeGuard, an insurance product designed to protect businesses of all sizes from the growing range of cyber risks in the region.
According to a statement by MSIG, aside from the standard financial protections provided by most forms of insurance, Cyber Safeguard provides customers with immediate access to expert operational and technical support in the event of a cybersecurity breach.
The product was jointly developed by MSIG and cyber insurance specialist MS Amlin, both members of Japan’s MS&AD Insurance Group. The insurers also 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 cyberattack.
The coverage includes support for the appointment of an expert IT forensics company, the cost of a PR consultant to deal with any reputational damage, and the cost of a legal firm to advise on legal obligations, restoration costs, interruption losses, liability claims, extortion loss, and regulatory costs. Other optional enhancements are also available.
CyberSafeGuard is available to businesses of all sizes, with premiums depending 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 with cybersecurity best practices in place, such as encrypting data and having disaster recovery and business continuity plans in place, will benefit as the price of the insurance will be adjusted accordingly, MSIG said.
“Today’s hackers have a greater level of sophistication than in the past,” said Chua Seck Guan, chief executive of MSIG Malaysia. “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.”