Insurtech reveals partnership for cyber coverage of Hong Kong businesses

Insurtech reveals partnership for cyber coverage of Hong Kong businesses | Insurance Business Asia

Cyber

Insurtech reveals partnership for cyber coverage of Hong Kong businesses

Addressing the city’s huge issue with cybercrime

OneInfinity by OneDegree, a digital asset insurance provider in Asia, has announced a strategic partnership with CyberBay which aims to enhance the services available to the latter’s clients by incorporating the insurance provider’s cyber solutions, providing protection against potential cybersecurity threats.

Founded in 2022, CyberBay is a participant in PwC Hong Kong’s incubation program and is an emerging startup nurtured by the Hong Kong Cyberport Incubation Program, sharing common roots with OneDegree. CyberBay offers a digital crowdsourcing bug bounty marketplace, delivering sustainable and cost-effective cybersecurity testing solutions to businesses of all sizes across various industries.

“Cybersecurity risks escalate due to rapid tech advancements. In 2020, the Insurance Authority reported a staggering HK$2.9 billion in financial losses from cybercrime, a 20-fold increase over the past decade. As a pioneering insurtech, our collaboration with CyberBay aims to develop avant-garde solutions and offer a holistic risk management framework for Hong Kong businesses, shielding them from potential financial damage from cyber-attacks,” OneInfinity by OneDegree co-founder Alvin Kwock (pictured left) said.

CyberBay founder Felix Kan (pictured right) also commented on the partnership, underscoring the platform’s dedication to providing firms with proactive vulnerability assessments for their digital assets.

“We help them identify potential cybersecurity vulnerabilities early on to allow proactive prevention,” Kan said. “Our partnership with OneInfinity by OneDegree offers our clients a more comprehensive protection, ensuring they benefit from unparalleled cybersecurity safeguards during their innovative pursuits.”

What are your thoughts on this story? Please feel free to share your comments below.