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AIG Malaysia in 'first of a kind' partnership, offers cybersecurity services

AvantiKumar | Sept. 22, 2016
The cybersecurity insurance market is already worth about US$1 billion in direct written premiums.

Security services (CIO Aus) 

Image (Credit - CIO Aus) - Cybersecurity services

 

AIG Malaysia Insurance has signed a memorandum of understanding to offer clients end-to-end cyber security solutions tailored to their risk profiles in a first of its kind arrangement, said the financial services company.

"The complexity of today's cyber threats has shown that it is essential for organisations to implement a comprehensive information security program against any form of breach that would be detrimental to their business," said Antony Lee, chief executive officer, AIG (American International Group) Malaysia Insurance during the recent signing ceremony in Kuala Lumpur.

Lee said this was a new approach, piloted in Malaysia, which is bringing together financial and IT services to better serve clients' needs.

He added this effort was a response to requests from clients for a more comprehensive risk management approach that included the assessment of risks.

National infosecurity agency CyberSecurity Malaysia said in 2015, Malaysia reported a total of 27 million cases involving Botnets.

Clients in the retail sector have particularly been hit by cyber attacks. According to the 2016 Global Threat Intelligence Report released by the NTT Group Security, the retail sector experienced the most attacks of any industry, recording three times as many attacks as those in the financial industry.

Cyber insurance market

According to a Fitch special report in August, US Cyber Insurance Market and Performance 2016, last year AIG achieved the biggest market share of 22 percent in cyber insurance in the US market. The second top insurer in cyber insurance chalked up 12 percent in a market totalling worth about US $1 billion in direct written premiums.

To provide the service, Lee said AIG has joined its financial services strengths to NTT company Dimension Data Malaysia's cyber security capabilities.

Dimension Data & AIG MOU

Photo -  (From left) Herbet Bockers, Chief Operating Officer, Dimension Data Asia Pacific; Antony Lee, Chief Executive Officer, AIG Malaysia; Henrick Choo, Managing Director, Dimension Data Malaysia; Anwer Yusoff, Head of CyberSecurity Indsutry & Business Development, CyberSecurity Malaysia; and Jason Kelly, Head of Liabilities & Financial Lines, Greater China & Australasia.

Dimension Data will assess the risk level of an organisation's IT systems and AIG's CyberEdge insurance will provide the insurance coverage, access to tools, and best practices to increase their security posture.

Commenting on the partnership, Dimension Data Malaysia managing director Henrick Choo said: "This partnership addresses the demands of organisations for an all-inclusive cyber security service that would equip them with the right expertise to combat cyber threats, whilst assuring their network security."

 

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