Data breaches and cyber attacks are very real these days with internet playing a key role in how organizations conduct businesses today.

In the news recently:

Worldwide cyberattacks by WannaCry ransomware in 2017

Cyberattacks may cost Malaysia US$12.2b in economic losses – The Sun Daily

Singapore’s worst cyberattack steals personal data of 1.5 million including PM – The Star

Other cyberattacks includes Phishing, DDoS, password cracking, Skimming, Worms/Trojans etc.

A data breach can cause loss of reputation, business interruption, liability claims, incur data restoration cost and penalty/fines.

The Personal Data Protection Act (PDPA) which came into force in 2013 and the fines for various offences range from RM100,000 to RM500,000 and offenders may be liable to imprisonment.

Any business organisation that stores customers’ information, collects online payment, or uses cloud storage, should consider cyber insurance.

Cyber Insurance provides a cover to ensure companies are protected in the event of a data loss or cyber security incident.

 

Cyber insurance generally covers:

– Privacy & Data breach

– Legal expenses

– Notification Costs

– Restoration costs

– Forensic investigation

– Business Interruption