Horangi, has today announced their partnership with Tokio Marine Insurance Singapore (TMiS), making Horangi its first cybersecurity partner in the Asia-Pacific region. This partnership will involve Horangi providing a suite of cybersecurity services to TMiS’ clients in Singapore. TMiS’ partnership with Horangi will provide Tokio Marine with local insight and expert advice unique to cybersecurity trends around Asia-Pacific. Corporates who purchase TMiS’ cybersecurity insurance policy, will be offered services provided by Horangi, including potential rebates, to improve their Cybersecurity posture. The rebate is vital 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. Malwarebytes Labs’ 2019 State of Malware report also shared that while there was a 6 per cent decrease in the number of ransomware attacks last year, the attacks were more sophisticated and damaging to the companies, demanding larger sums in ransom.
Horangi is a Singapore-based cybersecurity startup founded in 2016 by former Palantir cybersecurity experts Paul Hadjy and Lee Sult. The company’s range of products, alongside its combination of professional advisory services, provides the security support required by enterprises in Asia against cyberattacks. Horangi’s cloud security product – Warden – helps organizations using Amazon Web Services (AWS) infrastructure to configure their infrastructure according to globally recognized compliance standards, enabling these organizations to protect themselves against policy violations and related penalties of regulations such as the General Data Protection Regulation (GDPR). As part of the partnership, Horangi will be providing services including Penetration Testing, Network Vulnerability Assessment, Cyber Security Assessment and vCISO – or “virtual” Chief Information Security Officer – services used by many of the unicorns in Asia including GoJek, Bukalapak and Ninja Van.
Horangi CEO and Co-Founder Paul Hadjy said, “Horangi is honored to be working with Tokio Marine to provide cybersecurity services to its clients. As companies become more reliant on technology and online data, they become natural targets of cyberattacks. With the increasing number of cyber incidents around the region, we want to ensure that businesses are protected against potential cyber threats. We see our partnership coming at a time where these cyber incidents are becoming sophisticated, and we want to help mitigate any cyberattacks, ensuring the digital safety of our clients.”
TMiS’ cybersecurity insurance offering is designed to provide protection against liabilities due to security and privacy breaches, regulatory defence and penalties arising from breaches, where permissible by law, or costs associated with crisis management, loss of digital assets, business interruption and cyber extortion. This is especially important in an environment where ransomware attacks are on the rise, with a new organization falling victim to ransomware every 14 seconds, according to the Webroot Quarterly Threat Trends 2017 Report. Horangi’s suite of cybersecurity products is designed to prevent such issues in the first place.
On the partnership, Mr AK Cher, CEO 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. As cyber insurers, we sit as partners to cybersecurity specialists; we are all part of the same fight against cybersecurity threats and we all play a part to ensure companies not only survive but thrive post-incident. Given Horangi’s strong presence in the region and a proven ability to serve industry leaders such as GoJek and Bukalapak, we see Horangi as a great fit for our growing cybersecurity needs moving forward. We are incredibly excited about this partnership for both Tokio Marine and our clients.”