Zurich, GXBank Unveil Cyber Insurance Solution

Zurich General Insurance Malaysia Berhad and GXBank Berhad have teamed up to unveil their new digital insurance product, Cyber Fraud Protect. This innovative offering, available through the GXBank app and powered by Zurich Edge, aims to safeguard Malaysians from financial losses due to cybercrime.

• New Digital Insurance Product: Cyber Fraud Protect is designed to shield users from financial losses resulting from unauthorized electronic transfers caused by cybercrime or scam messages.

• Staggering Scam Losses: According to the Federal Commercial Crime Investigation Department, Malaysians have lost a staggering MYR 1.6 billion (about $370 million) to online scams over 19 months up to July 2024.

• Comprehensive Coverage: The Cyber Fraud Protect insurance offers coverage for losses due to unauthorized transactions from any local bank account, e-wallet, or credit/debit card. This protection is crucial in today’s rapidly evolving digital landscape.

• Partnership Highlights: Since their partnership began in May, Zurich and GXBank have leveraged Zurich’s expertise and digital capabilities to deliver this robust insurance solution.

With Cyber Fraud Protect, Zurich and GXBank are setting a new standard in digital insurance, ensuring that Malaysians are better equipped to handle the growing threats in the digital world.