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.
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.
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.
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."
TOZ is 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.