With cyber-attacks and online scams on the rise, Tune Protect Malaysia has launched its first personal cybercrime insurance to provide protection against online fraud and ensure a safer cyber ecosystem. Offered from RM145 per annum, Tune CyberSecure aims to protect customers against cyber risks which include electronic fund transfer fraud, online retail fraud and identity theft, with protection coverage of up to RM10,000.
Quoting an incidents report published by Cybersecurity Malaysia, more than 4,7000 online fraud cases were reported in 2022. With the rising trend of cyber-attacks, Tune Protect says it is taking a forward step by launching its first personal cyber offering to address the challenges and provide customers with the necessary protection.
Tune Protect Malaysia Chief Executive Officer Jubin Mehta said “Cyber insurance has previously been seen as something only relevant to businesses, but this is no longer the case due to the rapidly increasing number of cybercrimes against individuals. In line with our digital and mobile-first strategy, we are thrilled to introduce Tune CyberSecure as one of our initiatives to make cybersecurity accessible to everyone.”
According to Tune Protect, the online insurance application is simple and it won’t take more than 7 minutes to complete. During registration, you’ll have to select the number of family members living at your address and also the number of devices connected to the internet. Take note that the RM145 premium excludes the 6% service tax and RM10 stamp duty. It is open to residents in Malaysia of at least 18 years old and the premium can be paid via credit card or online banking.
Tune CyberSecure has a 24/7 incident response call centre at 1800 819 783 where customers can seek clarification or direct their queries at any time. Tune added that the call centre is supported by an army of cyber experts and there’s also a household cybersecurity monitoring tool which helps to identify potential vulnerabilities or data breaches.
According to the FAQ, the CyberSecure plan covers electronic fraud transfers which include phishing attacks where victims voluntarily disclose their online banking details, and the information was misused to transfer or steal funds from your bank account, payment cards or eWallet. Tune Protect says it will provide reimbursement of financial loss due to the unauthorised use of your online payment services.
If you purchase goods from a fake online store, the plan also provides reimbursement for goods purchased but not received. Also, if your card details were stolen and sold on the dark web, the CyberSecure plan promises to reimburse the cost of rectifying records with banks and authorities, and also the cost of restoring credit records and personal identity. Customers can submit a claim online or call 1800 819 783. It is stated that successful claims will be reimbursed within 7 working days.
However, there are several major exclusions under the policy which include abnormal conditions/mass cyberattacks, confidence scams, infrastructure failure, lost or stolen plastic cards, voluntary disclosure and corporate cyber liability exclusion. The underwriter for this protection plan is Tune Insurance Malaysia Berhad.
For more info, you can check out their official website and product disclosure sheet.
As always, if you believed to have been scammed, you should call the National Scam Response Centre (NSRC) at 997 immediately.
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