TOZ debuts one-stop cybersecurity risk assessment + insurance services

Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

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.” *** About TOZ *** TOZis a ground-breaking, one-stop cybersecurity and insurance service provider in Hong Kong. It is committed to provide comprehensive cybersecurity solutions, combining cyber risk assessment and insurance services, for corporate customers covering financial institutions, online businesses, digital asset, critical infrastructure and NGOs, to provide long-term protection for business operations, reputation and privacy.