CyberScout partners with Pioneer Insurance & Surety Corp. (Pioneer Insurance) and MSIG Mingtai Insurance Co. to deliver the first embedded, retainer-based cyber insurance offering to the Southeast Asia market. Together they will deliver award-winning services, including multilingual 24/7 breach response, consumer cyber assistance, remote consulting and data forensic services to both individuals and small and medium-size businesses in Taiwan and the Phillipines.
SCOTTSDALE, Arizona, FEBRUARY 26, 2019 — CyberScout, the gold standard in identity and data defence services, is pleased to announce two new global partnerships that will introduce accessible cyber insurance solutions in Southeast Asia. Individuals and small to medium-size businesses will receive CyberScout’s award-winning, best-in-class services through a robust and innovative distribution model designed to reach an underserved Asian mass market.
The global cyber insurance market is expected to reach $14 billion by 2022, a compound annual growth rate of 28 percent, according to the Cyber Insurance Market Report. However, the complex nature of cyber risks and stale distribution models have historically limited market growth to these previously ignored market segments.
CyberScout’s in-house global response network surmounts those obstacles and is powered by services that include 24/7 breach response and consumer cyber assistance, international risk management platforms, multilingual support, remote consulting and IT/data forensic services, as well as sales and marketing support for new partners.
The solutions are being embedded into existing products, services and customer portfolios without the need to opt-in to service. This truly treats Cyber Insurance as the new Fire Insurance; a universal risk that cannot be ignored by any individual or business.
“These two new partnerships will provide access to high quality global response capabilities to consumer and mass-market Asian audiences where this previously would have been unavailable to them,” said CyberScout Managing Director Matt Cullina. “Pioneer Insurance and MSIG Mingtai are the perfect partners to spread our joint message that the insurance industry will step up and protect vulnerable small to medium-size businesses and consumers that previously had no access to cyber insurance.”
“High-quality mass-market products that can be embedded across existing customer portfolios lower aggregation risk, demonstrate innovation and reduce friction in the underwriting process, added Tom Spier, CyberScout Commercial Director, Global Markets. “We are delighted to be a small part in the evolution of how cyber will be distributed in the future. Global expert response will underpin local expertise from a language, legislation and consultancy perspective. We are confident that together these will be amongst the fastest growing portfolios of their kind with real customer demand behind them.”