Hackers cause rise in cyber-risk insurance

PETALING JAYA: The number of “cyber intrusions” is on the rise, and to protect themselves, companies and businesses are now moving towards insuring their money and data against cyber-criminals.

CyberSecuriy Malaysia’s chief executive officer Dr Amirudin Abdul Wahab said the number of “intrusions” had been steadily increasing from 1,714 cases last year to 1,705 as of July this year.

“We have received reports of incidents where spoof emails impersonating the company’s chief executive officer were sent, instructing the finance manager to transfer money to another account,” he told The Star.

He also said there was concern over incidences of online fraud with the agency receiving 3,257 reports last year compared to 2,290 reports as of July this year.

Dr Amirudin said there were se­veral basic steps companies could take to minimise risks of their emails being hacked or company data stolen.

“It is critical that you work with a professional to audit your IT infrastructure such as computers, network, and mobile devices,” he said.

Meanwhile, General Insurance Association of Malaysia’s chairman Antony Lee Fook Weng said companies and businesses were becoming more aware of the need for cyber-risks insurance.

“There is a growing interest for cyber-risk insurance. The pre­miums are not expensive,” he said.

He noted that cyber-risk was not confined to a company’s monetary dealings but also to vital data.