Takaful Brunei Am (TBA) has developed an Islamic insurance policy that protects businesses from suffering large financial losses due to a cybersecurity breach.

The new Cyber Security Takaful protection scheme assists companies in managing the risk of liabilities that arise from a data breach, including hacker attacks; ransomware or third-party data theft.

TBA introduced the new cyber insurance policy as it foresees a digital transformation in Brunei Darussalam with the advent of the Fourth Industrial Revolution.

Through the new protection scheme, TBA hopes to promote awareness towards taking effective measures that mitigate cyber security threats.

Brunei reported a 39% rise in cyber attacks in 2018, with malicious software accounting for the majority of 2,976 cases.

From startups to large organisations, the Cyber Security Takaful product gives all business owners a peace of mind when they create digital platforms as well as use data analytics and e-commerce to meet their customers’ evolving needs.

The protection scheme plays a vital part in effective crisis management planning and mitigation for any companies that create, store or manage electronic data, such as customer details; customer sales and credit card details.