Alliance Bank, Zurich offer Malaysia’s 1st cyber-crime insurance

by S BIRRUNTHA / pic by ARIF KARTONO

ALLIANCE Bank Malaysia Bhd and Zurich Malaysia have introduced Z-Alliance Cyber Protect, the country’s first cyber insurance to safeguard policyholders against financial losses arising from cyber crime.

Alliance Bank group CEO Joel Kornreich (picture) said the partnership with Zurich enables the bank to continue to propose relevant digitised innovations that meet its customers’ needs.

“Cyber crimes are a prevalent threat of our digitised environment, more so during the Covid-19 pandemic as more consumers go online to shop for their essentials.

“This makes Z-Alliance Cyber Protect personal cyber insurance a timely solution to protect customers from being victims of cyber crime,” he said.

Zurich General Insurance Malaysia Bhd CEO Junior Cho said the new policy can help alleviate some of the concerns customers face when transacting online.

According to Malaysia Computer Emergency Response Team (MyCert), from January to September 2020, Malaysia recorded close to 8,400 cyber crimes, with fraud taking the lead at over 6,000 recorded incidents.

This is expected to exceed last year’s 10,772 incidents recorded.

The Z-Alliance Cyber Protect aims to safeguard consumers from financial losses arising from online identity theft, extortion and fraud.

The solution also provides for restoration costs such as laptop repair fees due to malware incidents and reimbursement for loss from fraudulent transactions arising from undelivered goods or services.

The offer includes a complimentary RM10 shopping voucher and one-year subscription of CTOS SecureID alerts worth RM86.90.

CTOS SecureID is a fraud protection and credit monitoring solution by CTOS that helps safeguard consumers against identity theft, fraud and scam.

Subscribers will receive a quarterly update of MyCTOS Score credit report and will be alerted to any changes in their credit profiles, including data leak in the dark web.

The solution helps consumers to be more proactive instead of reactive in safeguarding their identity.