KUALA LUMPUR, September 20, 2016 – In a first-of-its-kind partnership, Dimension Data (Malaysia) Sdn Bhd and AIG Malaysia Insurance Berhad have signed a Memorandum of Understanding to offer clients more extensive end-to-end cyber security solutions tailored to their risk profiles.
The partnership, piloted in Malaysia, brings together the cyber security capabilities of Dimension Data to assess the risk level of an organisation’s IT systems and AIG’s CyberEdge insurance, which provides the insurance coverage, access to tools, and best practices to increase their security posture.
This joint effort is a response to requests from clients for a more comprehensive risk management approach that includes the assessment of risks. With Dimension Data’s assessment in hand, organisations are able to customise the right protection plan that AIG offers to meet each of their needs.
According to a Fitch special report in August entitled US Cyber Insurance Market and Performance 2016*, last year saw AIG enjoying the biggest market share of 22% in cyber insurance in the US market. The second top insurer in cyber insurance garnered a distant 12% in a market totaling approximately $1 billion in direct written premiums.
Recent statistics from CyberSecurity Malaysia, the national cyber security specialist agency under the Ministry of Science, Technology and Innovation (MOSTI), showed that in 2015, Malaysia reported a total of 27 million cases involving Botnets. Botnets are a number of computers that have been set up to forward transmissions, which include spam or viruses, to other computers on the internet.
According to the 2016 Global Threat Intelligence Report released by the NTT Group Security, the retail sector experienced the most attacks of any industry, recording three times as many attacks as those in the financial industry.
Retail companies are becoming increasingly popular targets, as they often process large volumes of personal information, including credit card data, in highly distributed environments with many endpoints and point of service devices. Such diverse environments can be difficult to protect.
“The complexity of today’s cyber threats have shown that it is essential for organisations to implement a comprehensive information security program against any form of breach that would be detrimental to their business,” said Antony Lee, Chief Executive Officer, AIG Malaysia Insurance Berhad.
“AIG’s partnership with Dimension Data brings together an integrated approach that provides our clients with the tools to detect, respond, understand and mitigate cyber-attacks, while being assured that their key assets are protected by a leading global insurer,” he added.
Henrick Choo, Managing Director of Dimension Data Malaysia, added, “This partnership addresses the demands of organisations for an all-inclusive cyber security service that would equip them with the right expertise to combat cyber threats, whilst assuring their network security.”
“With Dimension Data’s extensive global footprint, we are well-positioned to help meet the needs of AIG’s clients across Asia Pacific. In addition, Dimension Data will extend special packages to AIG’s clients who are keen to engage us for all their security and IT management needs. For now, the partnership is focused on the Malaysian market with the ongoing plan to expand to other countries in the region,” he said.
For more information on Dimension Data’s Managed Security Services, visit www.dimensiondata.com/Global/Downloadable%20Documents/Managed%20Security%20Services%20Overview%20Brochure%20Global.pdf and visit https://www.aig.my/business/products/financial-lines/cyber-insurance
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today we provide a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions. Our diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com and www.aig.com/strategyupdate | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guarantee funds, and insureds are therefore not protected by such funds.
About Dimension Data
Founded in 1983, Dimension Data plc is an ICT services and solutions provider that uses its technology expertise, global service delivery capability, and entrepreneurial spirit to accelerate the business ambitions of its clients. Dimension Data is a member of the NTT Group.
In Asia Pacific, we operate in 60 offices across 13 countries. We help clients enable technology, operate their IT infrastructures and transform technology solutions that deliver value. It combines an expertise in networking, security, communications, data centre and end-user computing, with advanced skills in Enterprise Services, IT-as-a-Service, Systems integration services and training. www.dimensiondata.com
For further information:
T: +603 2118 0007