Kuala Lumpur, 2 November 2020 - Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) and Zurich Malaysia (“Zurich”) today introduced Z-ALLIANCE CYBER PROTECT, Malaysia’s first cyber insurance to safeguard Malaysians against financial losses arising from cybercrime. The affordable solution complements the Bank’s suite of protection for customers and is an expansion of the Bank’s bancassurance collaboration with Zurich.
“Our alliance with Zurich enables us to continue to propose relevant digitised innovations that meet our customers’ needs. Cybercrimes are a prevalent threat of our digitised environment, more so during the COVID-19 pandemic as more consumers go online to shop for their essentials. This makes Z-ALLIANCE CYBER PROTECT personal cyber insurance a timely solution to protect customers from being victims of cybercrime,” said Mr. Joel Kornreich, group chief executive officer of Alliance Bank.
Zurich General Insurance Malaysia Berhad chief executive officer Mr. Junior Cho commented, “Events of this year have accelerated digital adoption among consumers, with e-commerce transactions growing 1,380% in August compared to a year prior1. 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% over the same period last year, with losses estimated at RM247 million2. Our new product can help alleviate some of the concerns customers face when transacting online. The coverage even 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.”
From January to September 2020, Malaysia recorded close to 8,400 cybercrimes, with fraud taking the lead at over 6,000 recorded incidents3. This is expected to exceed last year’s 10,772 incidents4.
The Z-ALLIANCE CYBER PROTECT safeguards 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. Available at an affordable RM0.31 a day per policy, the solution offers coverage on overseas purchases delivered to Malaysia for the insured. This extends to the insured’s spouse and children within the same household, who are residing in Malaysia. Customers can conveniently purchase the Z-ALLIANCE CYBER PROTECT online without having to visit a physical branch.
Alliance Bank and Zurich are now offering customers who subscribe to Z-ALLIANCE CYBER PROTECT via online from 1 November 2020 until 31 March 2021, an additional month of complimentary coverage for the thirteenth month (pay for 12 months, get 13 months of coverage).
In addition, 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 one-year subscription of CTOS SecureID alerts worth RM86.90. CTOS SecureID is a fraud protection and credit monitoring solution by CTOS that helps safeguard consumers against identity theft, fraud, and scam. Subscribers will receive a quarterly update of MyCTOS Score credit report and will be alerted to any changes in their credit profiles including data leak in the dark web. The solution helps consumers to be more proactive instead of reactive in safeguarding their identity.
For more information on Alliance Bank and Zurich’s Z-ALLIANCE CYBER PROTECT, or to subscribe, please visit www.alliancebank.com.my.
1Report by Commerce.Asia Enterprise
2Cyber Security Malaysia, Ministry of Communications and Multimedia
3Reported incidents based on general incident classification statistics 2020 - Malaysia Computer Emergency Response Team (Mycert), October 2020
4Spike in cyber threats; fraud tops list – New Straits Times, 8 September 2020