Takaful Brunei Am (TBA) has developed a new insurance policy called ‘Cyber Security Takaful’ that protects businesses against risks and financial losses caused by cyber threats.
The new protection scheme allows companies and organisations to manage risks that arise from the event of damages stemming from hackers’ attacks, ransomware and theft of third-party data.
It plays a vital part in effective crisis management planning and mitigation for any companies and organisations that create, store or manage electronic data, such as customer details, customer sales and credit card details.
Moreover, through the new protection scheme, TBA hopes to promote awareness towards taking effective measurements that mitigate cybersecurity threats.
The Cyber Security Takaful is fully Shariah-compliant and 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 the Islamic insurance policy provides, including protection and coverage for business interruption as downtime related to cyber incidents can cause a loss in sales and customers.
TBA foresees a digital transformation in the sultanate’s race towards global competitiveness and digital infrastructure development – from preparing a digital platform for their customers to the evolving needs of companies and organisations, looking towards optimising key functions of data analytics and e-commerce.
In previous reports, it was said that in 2017, Brunei Computer Emergency Response Team (BruCert) recorded over 2000 cybersecurity attacks in the country whereby 38 per cent due to malicious software.
The loss, compromise or theft of electronic data can have a devastating impact on businesses and organisations, including the loss of customers and revenue.
It is cheaper to prevent a data breach by securing data than it is to lose that data from a breach, said TBA in a statement.
TBA’s latest protection scheme can give customers peace of mind and allow allocation of resources that help keep data secure.
The Cyber Security Takaful contributes in line with the nation’s Vision 2035, ensuring strategic and skilled approaches in safeguarding the critical information infrastructure of companies within Brunei.
For inquiries about TBA’s Cyber Security Takaful, contact their Takaful Brunei Corporate at 244 2222 ext 9003 or visit Takaful Brunei Corporate at their Beribi Head Office.
The Bruneian | BANDAR SERI BEGAWAN