The majority of business owners and CEOs rarely consider the likelihood of a cyber attack. Their attitude tends to be, “Why would someone attack my company when there are lots of banks and financial institutions out there that are far bigger than me.”
Yet Malaysia has seen more than it’s fair share of incidents over the past few years. Dato’ Dr. Haji Amirudin Bin Abdul Wahab, Chief Executive Officer of CyberSecurity Malaysia said in 2018 that, “Cyber-attacks have become a common occurrence not just in Malaysia but around the globe.” And we can be fairly confident they are here to stay.
Microsoft, in a study with Frost & Sullivan estimates cyber attacks could cost Malaysian firms close to an astonishing RM50 billion in economic losses.
One cyber attack alone in Malaysia in 2017 struck 12 companies, including a large government-linked corporation, a government-linked investment firm and an insurance company. In 2018, in a high profile case, Media Prima was hit by malicious software that blocked access to the companies computer systems. The hackers demanded the equivalent of RM26 million in ransom.
According to Saipan Agarwal, Frost & Sullivan Asia Pacific Marketing Vice-President, losses aren’t only direct financial losses, they are also in the form of reputation loss, opportunity costs, increased costs of doing business and job losses.
As Malaysian companies become increasingly reliant on technology across all stages of the business, data and security breaches and cyber attacks will be more frequent. Failure to take precautions means you face the real possibility of a very expensive recovery effort should you become a victim.
Perinsuran is at the forefront of providing Cyber Insurance policies to Malaysian companies that help manage the financial impact and disruption more effectively when a data breach or network security failure has occurred. Our Cyber Insurance policies cover primary areas including:
First-Party Costs and Other Expenses
- Crisis Management Costs – legal, forensic investigation, notification & public relations costs
- Cyber Extortion
- Electronic Data Restoration
- Network Business Interruption
Third Party Liability & Defence Costs
Our internationally trained experts have extensive experience across multiple industries so we’re well placed to offer you bespoke advice to protect your business.
We will be happy to meet with you for an informal consultation about your insurance needs and how we can source the right coverage for your business at exceptional rates. Simply contact us today and we’ll arrange to come and see you.