Press ReleaseKuala LumpurNovember 2, 2020

Alliance Bank and Zurich Offer Malaysia’s First Personal Cyber Insurance

– 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.

About Z-ALLIANCE CYBER PROTECT
  1. Malaysia’s first personal cyber insurance for individuals aged 18 years old and above.
  2. Immediate policy issuance upon online premium payment.
  3. Priced at an affordable RM116 a year or RM0.31/day (inclusive of Sales & Service Tax).
  4. Provides extended coverage to spouse and children within the same household residing in Malaysia.
  5. Covers the insured against:
    • Cyber financial fraud
    • Cyber extortion
    • Online identity theft
    • Restoration costs, e.g. laptop repair due to malware
    • Online shopping fraud
  6. Easy online application.

 

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

Zurich Insurance Group

Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com

Zurich Malaysia

Zurich Malaysia is a collective reference term for the Zurich Insurance Group (Zurich) business subsidiaries operating in Malaysia: Zurich General Insurance Malaysia Berhad, Zurich Life Insurance Malaysia Berhad, Zurich General Takaful Malaysia Berhad and Zurich Takaful Malaysia Berhad. Zurich Malaysia offers a broad range of comprehensive insurance and takaful solutions; helping individuals as well as business owners understand and protect themselves, their businesses and their assets from risk. Zurich Malaysia has an integrated branch network in major cities nationwide as well as dedicated agency and distribution channels nationwide to serve the needs of its customers. For further information on Zurich Malaysia, visit www.zurich.com.

Alliance Bank Malaysia Berhad

Alliance Bank Malaysia Berhad and its subsidiaries, Alliance Investment Bank Berhad and Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering banking and financial solutions through its consumer banking, SME banking, corporate and commercial banking, Islamic banking, investment banking, and stockbroking businesses. The Bank provides easy access to its broad base of customers throughout the country via multi-pronged delivery channels which include retail branches, Privilege Banking Centres, Business Centres, and Investment Bank branches, as well as mobile and Internet banking.