TOKIO Marine Insurance Singapore (TMiS) selects Singapore-based cybersecurity startup Horangi to provide cybersecurity services for its clients.
This is the global insurance company's first partnership with a cybersecurity firm in the Asia-Pacific region.
Through this partnership, Horangi on Wednesday announced that corporates that purchase TMiS’s cybersecurity insurance policy will be offered services provided by the startup, along with potential rebates.
As part of the partnership, Horangi said it will be providing services including penetration testing, network vulnerability assessment, cybersecurity assessment and vCISO – or “virtual” chief information security officer – services used by many of the unicorns in Asia including Gojek, Bukalapak and Ninja Van.
This will help the company improve its cybersecurity posture - or its overall defence against cyberattacks, the startup said in a press statement.
The rebate is vital, said Horangi, especially in an environment where cyberattacks are on the rise, with losses estimated to be worth US$1.75 trillion across the Asia-Pacific region, according to Microsoft and Frost & Sullivan’s 2018 Security Study report.
On the partnership, Mr AK Cher, chief executive and managing director of TMiS, said: “Tokio Marine has approached Horangi as we feel they can adapt and tailor their services to the different clients we have in our portfolio based on industry sector, maturity level, revenue size and global footprint."
Founded in 2016 by former employees of Silicon Valley data-mining company Palantir, Paul Hadjy and Lee Sult, Horangi helps provide security support required by enterprises in Asia against cyberattacks through its suite of products and professional advisory services.
For example, Horangi’s cloud security product – Warden – helps organisations using Amazon Web Services (AWS) infrastructure to configure their infrastructure according to globally recognised compliance standards.
This will help enable these organisations to protect themselves against policy violations and related penalties of regulations such as the General Data Protection Regulation.
"We see our partnership coming at a time where cyber incidents are becoming sophisticated, and we want to help mitigate any cyberattacks, ensuring the digital safety of our clients,” said chief executive and co-founder Mr Hadjy.