Protection scheme to tackle risks of cyber threats

Lyna Mohamad

From preparing a digital platform for customer needs to the evolving needs of companies and organisations looking towards optimising key functions of data analytics & E-Commerce, Takaful Brunei Am Sdn Bhd (TBA) has been gearing up towards the Industrial Revolution 4.0, as it foresees a digital transformation in the country’s race towards global competitiveness and digital infrastructure development.

TBA has recently developed an innovative Takaful protection scheme to tackle the increasing risks of cyber threats in Brunei where the TBA’s Cyber Security Takaful protection scheme assists large business entities, large private companies and government-linked companies.

These companies and organisations are exposed daily to the risk of liabilities in the event of damages stemming from hackers’ attacks, ransomware and the theft of third-party data.

The protection scheme is also developed for small and medium enterprises (SMEs), in managing risks that arise from breached critical information infrastructures.

Cyber Security Takaful helps manage those liabilities and reduce the financial losses that are incurred due to cyber threats, which includes the costs associated with remediation.

Fully Syariah-compliant, the new protection scheme covers Privacy Liability, Network Security Liability, Media Liability, Cyber Extortion, Data Asset Loss and Business Interruption.

This protection scheme 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.

The liability coverage that TBA Cyber Security provides can benefit businesses that store customer information on any digital platform, which also include protection and coverage for Business Interruption, since downtime related to cyber incidents can cause a loss in sales and customers.

The Brunei Computer Emergency Response Team (BruCert) recorded over 2000 attacks on cybersecurity in Brunei Darussalam in 2017, of which 38 per cent was caused by malicious software.

The loss, compromise or theft of electronic data can have a devastating impact on a businesses and organisations, including the loss of customers and revenue; hence, it is cheaper to prevent a data breach by securing data than it is to lose that data from a breach.

TBA’s Cyber Security Takaful can give peace of mind and allow allocation of resources that help to keep data secure, and through this new protection scheme, TBA hopes to promote awareness towards taking effective measurements that mitigate cyber-security threats.

This Takaful contributes in accordance with Brunei Vision 2035, ensuring strategic and skilled approaches in safeguarding the critical information infrastructure of companies within the country.

Any inquiries regarding TBA’s Cyber Security Takaful can be addressed by calling Takaful Brunei Corporate or visiting Takaful Brunei Corporate at its Beribi Head Office.