TOZ debuts one-stop cybersecurity risk assessment + insurance services

HONG KONG, CHINA – Media OutReach – 16 April 2019 – TOZ, Hong Kong’s first one-stop cybersecurity and insurance service provider, officially launches its services today. With Hong Kong becoming a frequent target for cyber-crimes, TOZ aims to provide its comprehensive solutions to several target groups, including licensed financial companies, online businesses, digital assets, critical infrastructures and NGOs.

Over the past three years, the Hong Kong public has become more cognizant about cybersecurity risk, as cyber-crime becomes more frequent. According to the SCMP, there has been more than 9,000 cyber-crime in 2018 alone, accounting for financial losses of HK$2.2 billion. Another survey conducted by a major insurer indicates that 70 percent of small-medium enterprises in Hong Kong had experienced a cyber incident in 2018.

As the frequency of cyber-crime increases, the socio-economics costs also escalate dramatically. When cyber-crime takes place in higher value targets such as financial institutes, the costs of recovering from client/staff data breaches, ransom, reputation repair also become much higher. In 2018, a Ponemon Institute study found that the average cost of a data breach was US$3.86 million, whereas the “mega-breach” (such as the Facebook and Equifax incidences) could cost anywhere from US$150-350 million.

As a result, more businesses are seeing cyber liability insurance as an essential line of business insurance, alongside general liability or directors’ and officers’ insurance. TOZ fills that demand by providing vertically integrated cybersecurity risk assessment and insurance services in unison. The risks covered include (but not limited to) costs of remediation, compliances and regulatory investigations, business interruption loss, and third-party liability arising from a cyber incidence. TOZ also have established a local disaster recovery and incidence response centre, providing its clients timely notification and supports when cyber incidences occur.

Mr. Ronald Pong, TOZ cofounder, said: “With cyber-crime reoccurring year after year, we foresee that over half of the commercial electronic services will face severe cybersecurity challenges, as the average Hong Kong enterprises lack the appropriate means to defend themselves. The situation is worsened by companies not picking the correct type of insurance or subscribing the right amount of coverage, and with limited solutions offered by current insurers in the market. TOZ address the heart of those problems, by combining its well-resourced insurance unit (offshore captive insurer) with its cutting-edge cybersecurity team, in an unprecedented manner. It seeks to restore public’s confidence in the cyber domain, by providing a unique two-step assurance service: assessment and insurance.”