Alliance Bank And Zurich Introduce Nation’s First Cyber Insurance Plan

Jacie Tan

2nd November 2020 - 2 min read

Alliance Bank Malaysia and Zurich Malaysia have teamed up to offer Z-Alliance Cyber Protect, a personal cyber insurance plan designed to safeguard Malaysians against financial losses arising from cybercrime. The cyber insurance plan is the first of its kind in Malaysia.

The Z-Alliance Cyber Protect covers losses caused by online identity theft, extortion, and fraud. It also provides for restoration costs, such as laptop repair fees due to malware incidents, and loss from fraudulent transactions arising from undelivered goods or services. Furthermore, you can get coverage on overseas purchases delivered to Malaysia. The protection extends to the insured’s spouse and children within the same household, too.

“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,” said Joel Kornreich, group chief executive officer of Alliance Bank. “This makes Z-Alliance Cyber Protect personal cyber insurance a timely solution to protect customers from being victims of cybercrime.”

Zurich General Insurance Malaysia Berhad Chief executive officer Junior Cho observed that Malaysians are becoming more comfortable purchasing things online, with e-commerce transactions growing 1,380% in August compared to the year before. Likewise, he cited that between March to June, reported cyber fraud cases have expanded by 90% over the same period last year, with losses estimated at RM247 million.

“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,” he said. “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.”

Z-Alliance Cyber Protect is also affordable, costing only RM116 a year or 31 sen a day, inclusive of sales and service tax. The plan can be easily purchased online, and customers who buy Z-Alliance Cyber Protect online from 1 November 2020 until 31 March 2021 get an additional month of complimentary coverage for their thirteenth month.

If you are one of the first 100 customers to buy the plan using an Alliance Bank Visa Infinite or Platinum credit card, you are also eligible for a complimentary RM10 shopping voucher and a one-year subscription to CTOS Secure ID, a fraud protection and credit monitoring system worth RM86.90.

Find out more about the Z-Alliance Cyber Protect plan here.

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