Munio, dubbed as the only company in Malaysia that offers a unique combination of cybersecurity technology and cybersecurity financial assurance, introduced a package that provides a complete top-of-the-line cybersecurity technology and cybersecurity assurance package, the first-of-its-kind in Malaysia, ServerSure.
The launch was held at a press conference which took place during the opening of the Cyber Security Malaysia – Awards, Conference & Exhibition (CSM-ACE) 2017 held in Royale Chulan Hotel here yesterday.
Bernard Seah, Business Development Director of Munio said, “Munio was conceived as an answer to companies’ uncovered financial risks due to digital threats. As first movers, we hope to educate the market on how to implement a comprehensive digital security plan. We aim to deliver complete, easy-to-understand digital risk solutions that will protect, assure, and insure our customers’ digital assets”.
With technology booming, and businesses becoming increasingly dependent on digital and everything that comes with it, it makes way for cybercrime to become more rampant and therefore calls for cybersecurity to be a prerequisite for businesses to survive and grow.
Munio was founded in 2017 by Seah, who was previously a private wealth consultant attached with one of Singapore’s largest independent wealth advisories. While building his career as a financial advisor, Seah saw the need for a very particular service in the cybersecurity division faced by his private wealth clients. With his knowledge and partners at Glocomp Systems, they outlined a service that protects parties against digital invasions and at a worst-case scenario, mitigates the costs of being attacked.
Cybersecurity has been advancing at considerable rates to meet the threat of cybercrime. Despite that, cyber threats are still expected to accelerate even faster. According to Juniper Research, a research house based in Hampshire, United Kingdom, the cost of data breaches caused by cybercrime is expected to reach up to $2.1 trillion globally by 2019, quadruple the estimated cost of breaches in 2015.
The company’s first offering is targeted towards the needs of small and medium enterprises (SMEs). “This is an extremely relevant market as over 98% of business establishments in Malaysia are SMEs . Not only that, this market is expected to contribute to over 40% of the nation’s total GDP, and are often the most digitally vulnerable,” Seah added.
CyberSecurity Malaysia (CSM) Chief Executive Officer, Dato’ Haji Amiruddin Abdul Wahab has applauded Munio for taking the initiative to provide a boosted level of cybersecurity to Malaysian businesses. “As champions for digital security among Malaysian businesses, no matter how big or small, we are pleased that budding enterprises now have a package that provides high quality cybersecurity from Glocomp, and financial assurance should the worst-case scenario occur. This is a timely move by Munio, in view of ever escalating digital attacks happening around the globe and in Malaysia”.
Munio’s cybersecurity solution package offers will have their customers’ digital assets protected by Munio’s technology partners such as SecureKi, Symantec, and FireEye. Apart from that, Munio’s customers will also be financially protected by Chubb, one of the largest insurers in the world. Munio will be supported by Glocomp, who will act as the sole distributor of this cybersecurity bundle programme.
The assurance covers not only losses from incidences of breaches or attacks, but also in cases of rogue employees. When asked how their insurance policy would cover incidences where rogue employees cause the company to lose valuable data or market segments and reputation, Seah said that they will bring in an incident manager and an expert panel that will determine the costs and help mitigate the losses incurred from the incident.
Joseph Giam, Executive Director of Glocomp Systems, saw this opportunity to address the escalation of cybercrime. “All of us at Glocomp are excited to start rolling out our services to Malaysian businesses. With the escalating cybercrime happening at our very doorsteps, such as the WannaCry ransomware, we must act now to prevent similar events from happening to us, and only then will we be able to progress smoothly as a business and ultimately as a nation,” he said.
Seah added that Munio also intends to expand its solutions to better cater to enterprise clients and even public listed Malaysian businesses. It expects to make significant headway in neighbouring regional markets as well, as part of its expansion plans and vision in the coming years.
“We are looking forward to providing a digital peace of mind to all businesses in the region and we envision that in the near future, businesses and organizations will be able to ensure digital security and continuity in terms of operations, information, and costs. Munio aims to encourage the public in realizing the importance of digital security, and help to provide digital security solutions that can be effortlessly implemented and accessible for businesses of all sizes and industries,” Seah concluded.