Allianz may enter data security insurance space, says CEO

ALLIANZ Malaysia Bhd has confirmed that the insurance player may move into the data security insurance space, pending a “standard that can be applied to everyone.”

This was confirmed by Allianz chief executive officer Zakri Khir, who shared this at the launch of the insurer’s latest offering today.

“Will Allianz be in the data protection space? We are thinking about it, we are exploring and looking at the data,” said Zakri, who admitted that the space is a complex area for Allianz to enter.

The complexity comes from the fact that there are multitudes of standards when it comes to data protection, according to Zakri.

“Every time we want to provide protection, there must be a standard with which we protect against,” he explained.

“We hope that at some point in time, in the IT security world, there will be a certain standard that can be applied to everybody, and insurance products to protect personal data can be more readily available to everyone.”

The latest offering from Allianz currently offers a segment for the loss of the physical device, with nothing about the data as of yet.

At 11.26am, Allianz’s shares were last done at RM14.34, up 8 sen with 6,200 shares changing hands. – July 7, 2020

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