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Horangi will be supplying penetration testing, among other cyber security services, to organisations that take up cyber risk insurance policies from Tokio Marine Insurance Singapore.
In a major win for the Singapore-based cyber security firm, Horangi will also provide Tokio Marine with local insight and expert advice unique to cyber security trends in the Asia-Pacific region.
Horangi counts several Asian tech unicorns such as Gojek, Bukalapak and Ninja Van as clients. The company’s range of products, alongside its combination of professional advisory services, provides the security support required by enterprises in Asia against cyber attacks.
Organisations that purchase cyber risk insurance policies will also receive potential rebates to improve their cyber security posture.
“As companies become more reliant on technology and online data, they become natural targets of cyber attacks. With the increasing number of cyber incidents around the region, we want to ensure that businesses are protected against potential cyber threats,” said Horangi CEO and co-founder Paul Hadjy.
“We see our partnership coming at a time where these cyber incidents are becoming sophisticated, and we want to help mitigate any cyber attacks, ensuring the digital safety of our clients,” he added.
Tokio Marine Insurance Singapore’s CEO and managing director AK Cher said the insurer chose to work with Horangi as the latter was able to tailor services to different organisations across industries, as well as their maturity level, revenue size and global footprint.
“As cyber insurers, we sit as partners to cyber security specialists,” Cher said. “We are all part of the same fight against cyber security threats and we all play a part to ensure companies not only survive but thrive post-incident.”
Adoption of cyber risk insurance remains low in Singapore, particularly among small and medium-sized enterprises (SMEs). According to a study by Chubb, only 34% of SMEs in Singapore are currently insured against cyber attacks, partly because of uncertainty over the value of cyber risk insurance.
For one thing, it is not widely known that cyber risk insurers provide access to security tools and incident response services, according to Andrew Taylor, cyber underwriting manager of Chubb in the Asia-Pacific region.
“Our policy is more than a traditional promise to pay,” Taylor told Computer Weekly in November 2019. “We provide access to free tools like password managers even if you don’t have a claim.”
To help its clients shore up their cyber hygiene, Taylor said Chubb provides information on cyber security training, as well as access to security experts that offer services to simulate cyber attacks.
“We’ve created a policy that’s more than traditional insurance,” Taylor said. “We’re not waiting for clients to make a claim, because we know that’s going to happen.”
Read more about cyber security in ASEAN
- Singapore remained a hotspot for originating cyber attacks in 2019, with 11 million attacks launched from servers in the city-state.
- A Russian-speaking APT group has extended its reach into Asia-Pacific, taking off with millions of dollars of stolen funds from banks in the region.
- A renowned ethical hacker in Malaysia has called for more nations to support the Paris Call for Trust and Security in Cyberspace to counter the threat of cyber warfare.
- Even as Southeast Asia works towards coordinating cyber security strategies, more needs to be done to establish cyber norms.