Alliance Bank Malaysia Berhad (Alliance Bank) and Zurich Malaysia (Zurich) have jointly introduced Z-Alliance Cyber Protect, Malaysia’s first cyber insurance to safeguard Malaysians against financial losses arising from cybercrime.
The affordable solution with RM0.31 a day per policy complements Alliance’s suite of protection for customers and is an expansion of its bancassurance collaboration with Zurich.
The solution offers coverage on overseas purchases delivered to Malaysia for the insured. This extends to the insured’s spouse and children residing in Malaysia within the same household.
Z-Alliance Cyber Protect aims 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.
“Our alliance with Zurich enables us to continue to propose relevant digitised innovations that meet our customers’ needs. Cybercrimes are a prevalent threat to our digitised environment, more so during the Covid-19 pandemic as more consumers go online to shop for their essentials.
This makes the personal cyber insurance a timely solution to protect customers from being victims of cybercrime,” said Joel Kornreich, Group Chief Executive Officer of Alliance Bank.
From January to September 2020, Malaysia recorded close to 8,400 cybercrimes, with fraud taking the lead at over 6,000 recorded incidents. This is expected to exceed last year’s 10,772 incidents.
“Events of this year have accelerated digital adoption among consumers, with e-commerce transactions growing 1,380 percent in August compared to a year prior. As Malaysians become more familiar and comfortable with purchasing things on e-commerce, they spend more time online and are potential victims of cyber scams.
Just between March to June this year, reported cyber fraud cases expanded by 90 percent over the same period last year, with losses estimated at RM247 million. Our new product can help alleviate some of the concerns customers face when transacting online,” said Junior Cho, Chief Executive Officer, Zurich General Insurance Malaysia Berhad.
He also commented that the coverage extends to other members of the household for added peace-of-mind.
“We understand assurance and protection is invaluable in enhancing the lifestyle of Malaysians, and are pleased to introduce this product that meets the need of consumers through Alliance Bank.”
There will be an additional month of complimentary coverage for the 13th month (pay for 12 months, get 13 months of coverage) for those who subscribe to Z-Alliance Cyber Protect online from 1 November 2020 until 31 March 2021.
Additionally, there is a special introductory package to the first 100 customers when they purchase the Z-Alliance Cyber Protect using Alliance Bank Visa Infinite or Platinum credit card. The offer includes a complimentary RM10 shopping voucher and a one-year subscription of CTOS SecureID alerts, a fraud protection and credit monitoring solution worth RM86.90.