MSIG Launches Cyber SafeGuard Insurance To Protect Malaysian Businesses From Growing Range Of Cyber Threats

KUALA LUMPUR, MALAYSIA - Media OutReach - 13August 2019 - MSIG Insurance (Malaysia) Bhd "(MSIG Malaysia)", has launched CyberSafeGuard, an insurance product designed to protect businesses of all sizesfrom the growing range of cyber risks proliferating in the ASEAN region.

In addition to the standard financialprotections provided by most forms of insurance, Cyber Safeguard goes furtherby providing customers with immediate access to expert operational andtechnical support in the event of a security breach.

MSIG collaboratedwith renowned cyber insurance specialist MS Amlin, who, like MSIG, is a member of MS&AD Insurance Group -- one of the largest generalinsurance groups in the world -- to offer this insurance. MS Amlin has workedclosely with an established international law firm to assemble a panel of cybersecurity specialists that are available to immediately provide customers withcomprehensive operational assistance in the event of a cyber-attack.

CyberSecurity Malaysia, thenational cyber security specialist and technical agency under the purviewof the Ministry of Science, Technology and Innovation (MOSTI), recentlyreported 2,977 cyber security incidents involving fraud, intrusion andmalicious code had been recorded in Malaysia between January and April 2019.

Mr. Chua Seck Guan, Chief Executive Officer of MSIG Malaysia, said, "Cyber security is agrowing concern, particularly for small and medium sized businesses who arebeing increasingly targeted. While most big listed companies now have decentcyber security systems in place, many smaller businesses do not have the samelevel of resources to dedicate to security. Cyber criminals often see SME's aspotential stepping stones into the systems of their larger customers in thesupply chain."

He continued, "For example, we have seen a growingtendency of cyber-criminals to focus on smaller professional servicesbusinesses, such as accounting and law firms, in order to use their data for extortionand espionage purposes.  Online retailershave always been a target, but now hackers are extending their net tohealthcare, education and even food and drink companies in order to harvestpotentially sensitive customer data. The potential costs of dealing with suchbreaches has risen significantly in the wake of increased personal dataprotection legislation in many markets. This means that any Malaysian firm withinternational customers could potentially face massive legal claims in theevent of a data breach. The costs of dealing with a cyber security incident --particularly for SMEs - could have a major impact on cash flow and potentiallyruin businesses completely."

"Today's hackers have greater level of sophistication than in the past. Theyare now more focused and will often spend much more time inside company systemsand the longer a company is exposed the more the eventual cost rises. That'swhy the insurance we offer not only provides companies with financial backup,but also provides them with access to first class technical support to helpinvestigate, respond, restore and recover. In fact, many clients are purchasingthe insurance as much for the ability to access our world-class panel ofcyber-security experts as for the financial peace of mind that it provides."

MSIG's standard CyberSafeGuard cover includes support for the appointment of an expert IT forensicscompany, the cost of a public relations consultant to assist with themanagement of any reputational damage, the cost of a legal firm to advise onlegal obligations, restoration costs, interruption losses, liability claims,extortion loss and regulatory costs. There are also various optionalenhancements that customers can choose from, to enhance their protection basedupon their circumstances and needs.

The insurance isavailable to businesses of all sizes and the premium will depend on the scaleof coverage required, as well as the current status of the business in relationto its data management and business continuity systems. Businesses who candemonstrate that they are following best security practices by, for example, encryptingdata and having disaster recovery and business continuity plans in place, willbenefit as the price of the insurance will be adjusted accordingly.

Mr. Chua added, "Malaysianbusinesses, particularly SMEs, really need to consider the importance of takingup insurance to protect against cyber threats. There are almost daily reports ofthe increased capabilities of cyber-criminals and for each story that gets coveredanother ten never make the news. While larger companies may have the technicaland financial resources to ride out a security issue, these can be lifethreatening for smaller businesses."

He continued, "We have put a lot of effortinto making the policy clear, easy to understand and flexible; with afirst-rate panel of experts to advise our customers and fast turnaround withexcellent quotation, claims and payment systems. All of this collectively meansthat we are better placed to support our clients should they be unfortunateenough to suffer a cyber-security incident.

For more information on MSIG's Cyber SafeGuard insurance please visit https://www.msig.com.my/business-insurance/products/cyber-safeguard/ or talk to an MSIG insurance broker.

About MSIG Insurance (Malaysia) Bhd

MSIG Insurance(Malaysia) Bhd ("MSIG Malaysia") is a subsidiary of Mitsui SumitomoInsurance Company, Limited and a member of MS&AD Insurance Group Holding,Inc. (MS&AD), one of the top ten** general insurers in the world.

With over 100 years ofgeneral insurance experience and a nationwide network of 20 branches inMalaysia, MSIG Malaysia is one of the leading general insurers in Fire,Engineering and Motor classes and No.1* in Marine Cargo, offering an extensiverange of products and services for personal and business needs.

MSIGMalaysia's expertise is well recognised through its receipt of many prestigiousawards. These have included the 2018 "Outstanding Property and Casualty Insurerin Malaysia" award* in the InsuranceAsia News Awards for Excellence. MSIGMalaysia was commended for leading the market with strong financial growth,investment in product innovation, enhanced digital capabilities in business andclaims management systems and strong customer service proposition. Its commitmentto customer service excellence through its efforts in enhancing the customerexperience and industry leadership in Enterprise Risk Management also earnedMSIG Malaysia the "General Insurance Company of the Year" at the Asia InsuranceIndustry Awards in 2015.

Formore information on MSIG Malaysia, visit www.msig.com.my orfacebook.com/MSIGMalaysia.

*As ofDec 2018

**FortuneGlobal 500, 2018.