cyber security insurance not optional anymore

Cybersecurity & Cyber Insurance Under the 2024 Act

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If Airports Can Be Attacked, What About Your Business?

🛡 With the Cyber Security Act 2024 in Effect, Cyber Insurance Is No Longer Optional

📖 Inspired by: “Cybersecurity is National Security” – The Edge Malaysia, March 25, 2025

When Malaysia Airports Holdings Bhd (MAHB) was hit with a US$10 million ransom demand during a major cyberattack, it became painfully clear— cyber threats aren’t just IT problems. They are national threats.

And if our airports aren’t safe, how prepared is your business? Cybercriminals now target not just governments, but also companies across sectors: logistics, finance, healthcare, utilities, retail, and even SMEs. One breach can shut down operations, leak data, ruin reputations, and trigger regulatory penalties.

What Is the Cyber Security Act 2024?

To strengthen national cyber resilience, Malaysia passed the Cyber Security Act 2024, introducing sweeping regulations—especially for National Critical Information Infrastructure (NCII) entities.

If your business falls under key sectors like banking, telecoms, healthcare, transportation, or energy, take note: you may be designated as an NCII entity—and be legally bound to comply with strict cybersecurity requirements.

What Does the Act Require from NCII Entities?

If designated, your business must:

✅ Conduct Annual Cyber Risk Assessments

You are required to evaluate cyber vulnerabilities yearly and undergo external audits at least once every two years—or more frequently if NACSA (National Cyber Security Agency) requires it.

✅ Report Incidents Promptly

Cyber incidents must be reported immediately, with a full report due within 6 hours, followed by a detailed submission within 14 days to your sector lead and NACSA.

✅ Meet Cybersecurity Standards

The Act sets strict compliance standards. Failure to comply can lead to enforcement actions and penalties.

✅ Use Licensed Cybersecurity Providers

All cybersecurity vendors must now be licensed under the Act, ensuring consistency and accountability across the ecosystem.

Why Does This Matter?

The stakes are higher than ever. A failure to secure your systems or respond to a breach can now result in legal, financial, and reputational fallout—not to mention regulatory penalties for non-compliance under the new Act.

Cyber insurance is no longer a luxury—it’s a critical layer of protection.

What Cyber Insurance Can Do for You

A robust cyber insurance policy goes beyond financial protection.

It gives you:

  • đŸ’» Immediate access to IT forensics and cyber response teams
  • đŸ’Œ Coverage for business interruption and data restoration  
  • 🏛 Legal support for regulatory investigations and lawsuits  
  • 💬 Crisis management and public relations
  • 💰 Reimbursement for cyber extortion or ransomware

Is Your Business Prepared?

Ask yourself:

  • Do you operate in a regulated or critical sector?
  • Could you afford to shut down for days due to a cyber breach? Would a ransomware demand cripple your cash flow?
  • Are your reporting protocols aligned with the Cyber Security Act 2024?

If you’re unsure about any of the above—it’s time to act.

Minaris Risk Management Is Here to Help

As an experienced insurance agency, we work closely with businesses to evaluate their risk exposure and match them with custom cyber insurance solutions that meet operational and regulatory needs—especially under the latest Malaysian cyber laws.

👉 Request a Free Quote 

👉 Talk to an Expert at Minaris today.

Get protected with a plan that fits your business.

Final Thought

Whether you’re a healthcare provider, logistics firm, financial services company, or tech startup—don’t wait until your data is locked or leaked.

📞 Contact Minaris Risk Management today to learn how cyber insurance can be a vital part of your business continuity and compliance strategy.

🔐 Because cybersecurity isn’t just about firewalls—it’s about staying in business.

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