Takaful Brunei introduces cyber security insurance for businesses

Voice of Brunei Darussalam
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Red Fox
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Takaful Brunei introduces cyber security insurance for businesses

Post by Red Fox » Tue Mar 03, 2020 9:59 am

BANDAR SERI BEGAWAN – Takaful Brunei Am (TBA) has developed an Islamic insurance policy that protects businesses from suffering large financial losses due to a cybersecurity breach.

The new Cyber Security Takaful protection scheme assists companies in managing the risk of liabilities that arise from a data breach, including hacker attacks; ransomware or third-party data theft.

TBA introduced the new cyber insurance policy as it foresees a digital transformation in Brunei Darussalam with the advent of the Fourth Industrial Revolution.

Through the new protection scheme, TBA hopes to promote awareness towards taking effective measures that mitigate cyber security threats.

Brunei reported a 39% rise in cyber attacks in 2018, with malicious software accounting for the majority of 2,976 cases.

From startups to large organisations, the Cyber Security Takaful product gives all business owners a peace of mind when they create digital platforms as well as use data analytics and e-commerce to meet their customers’ evolving needs.

The protection scheme plays a vital part in effective crisis management planning and mitigation for any companies that create, store or manage electronic data, such as customer details; customer sales and credit card details.

It is cheaper to prevent a data breach by securing data than it is to lose data from a cyber attack.

The Syariah-compliant protection scheme covers privacy liability; network security liability; media liability, cyber extortion; data asset loss and business interruption.

Businesses that store customer information on any digital platform can benefit from the liability coverage that TBA Cyber Security provides, including protection and coverage for business interruption as downtime related to cyber incidents can cause a loss in sales and customers.

Cyber Security Takaful also allocates resources that keep businesses’ data secure and reduce the financial losses that are incurred from cyber attacks, including costs associated with remediation.

Any enquiries on TBA’s Cyber Security Takaful can be addressed to Takaful Brunei Corporate at 2442222 ext 9003 or visit Takaful Brunei Corporate at its Beribi headquarters.

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