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Malaysia’s First Personal Cyber Insurance Is Here To Protect You From Online Scams

Malaysia’s First Personal Cyber Insurance Is Here To Protect You From Online Scams

The personal cyber insurance plan aims to protect consumers from online identity theft, fraud and extortion.

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Cybercrimes have been steadily increasing especially during the Covid-19 pandemic as many Malaysians find themselves drawn towards online shopping for goods and other daily necessities.

In a statement released by Alliance Bank Malaysia and Zurich Malaysia, approximately 8,400 cybercrimes are reported in our country alone between January to September 2020.

But fret not fellow Malaysians, as we now have a layer of protection with Alliance Bank Malaysia and Zurich Malaysia’s first personal cyber insurance.

Credit: Pixabay

The Z-Alliance Cyber Protect is a personal cyber insurance plan offered to individuals aged 18 and above aims to safeguard consumers from financial losses that derive from online identity theft, fraud and extortion.

It is offered for RM116 per year (about RM0.31/day) inclusive of Sales & Service Tax including restoration costs like laptop repairs affected by malware attacks and repayment for the loss of transactions from undelivered goods or services.

According to the announcement, the insurance plan is listed with a sum of RM10,000 insured for Cyber Financial Fraud, Cyber Extortion, Identity Theft and Restoration Costs.

Credit: Freepik

Meanwhile, there will be a sum insured of RM1,000 for online shopping, which is a maximum annual aggregate of RM2,000.

As a primary offer, Alliance Bank and Zurich are offering an additional month of complimentary coverage for subscribers that sign up from 1 November 2020 to 31 March 2021 earning consumers 13 months of protection for the price of only 12 months.

Moreover, the first 100 customers who sign up for the plan via Alliance Bank Visa Infinite or Platinum credit card will get a shopping voucher worth RM10 and a one-year subscription of CTOS SecureID alerts worth RM86.90.

Credit: Pixabay

CTOS SecureID is a fraud protection and credit monitoring service that provides quarterly updates of MyCTOS score credit report.

This service allows you to be alerted of any changes made in your credit profile including leaks in the dark web.

Are you interested in the offer of Malaysia’s very first cyber insurance plan?

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