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Alliance Bank Malaysia and Zurich Malaysia have rolled out a cyber-insurance service for Malaysian citizens who want to protect themselves from hackers.

The offering, called Z-ALLIANCE CYBER PROTECT, expands on the bank’s bancassurance collaboration with Zurich.

“Cybercrimes are a prevalent threat of our digitised environment, more so during the COVID-19 pandemic as more consumers go online to shop for their essentials,” Joel Kornreich, group chief executive officer of Alliance Bank, said.

From January to September 2020, Malaysia recorded almost 8,400 cybercrimes, with fraud taking the lead at over 6,000 recorded incidents, and this is expected to beat last year’s 10,772 incidents.