Tokio Marine Insurance Singapore Selects Singapore-based Cybersecurity Startup Horangi To Protect Corporates From Cyber Threats

Singapore, 4 March 2020 – Singapore-based cybersecurity company Horangi, has today announced their partnership with Tokio Marine Insurance Singapore (TMiS), making Horangi its first cybersecurity partner in the Asia-Pacific region. This partnership will involve Horangi providing a suite of cybersecurity services to TMiS’ clients in Singapore. TMiS’ partnership with Horangi will provide Tokio Marine with local insight and expert advice unique to cybersecurity trends around Asia-Pacific. Corporates who purchase TMiS’ cybersecurity insurance policy, will be offered services provided by Horangi, including potential rebates, to improve their Cybersecurity posture. The rebate is vital especially in an environment where cyberattacks are on the rise, with losses estimated to be worth US$1.75 trillion across the Asia-Pacific region, according to Microsoft and Frost & Sullivan’s 2018 Security Study report. Malwarebytes Labs’ 2019 State of Malware report also shared that while there was a 6 per cent decrease in the number of ransomware attacks last year, the attacks were more sophisticated and damaging to the companies, demanding larger sums in ransom.

 

Horangi is a Singapore-based cybersecurity startup founded in 2016 by former Palantir cybersecurity experts Paul Hadjy and Lee Sult. The company’s range of products, alongside its combination of professional advisory services, provides the security support required by enterprises in Asia against cyberattacks. Horangi’s cloud security product – Warden – helps organisations using Amazon Web Services (AWS) infrastructure to configure their infrastructure according to globally recognised compliance standards, enabling these organisations to protect themselves against policy violations and related penalties of regulations such as the General Data Protection Regulation (GDPR). As part of the partnership, Horangi will be providing services including Penetration Testing, Network Vulnerability Assessment, Cyber Security Assessment and vCISO – or “virtual” Chief Information Security Officer – services used by many of the unicorns in Asia including GoJek, Bukalapak and Ninja Van.

 

Horangi CEO and Co-Founder Paul Hadjy said, “Horangi is honoured to be working with Tokio Marine to provide cybersecurity services to its clients. As companies become more reliant on technology and online data, they become natural targets of cyberattacks. With the increasing number of cyber incidents around the region, we want to ensure that businesses are protected against potential cyber threats. We see our partnership coming at a time where these cyber incidents are becoming sophisticated, and we want to help mitigate any cyberattacks, ensuring the digital safety of our clients.”

 

TMiS’ cybersecurity insurance offering is designed to provide protection against liabilities due to security and privacy breaches, regulatory defence and penalties arising from breaches, where permissible by law, or costs associated with crisis management, loss of digital assets, business interruption and cyber extortion. This is especially important in an environment where ransomware attacks are on the rise, with a new organisation falling victim to ransomware every 14 seconds, according to the Webroot Quarterly Threat Trends 2017 Report. Horangi’s suite of cybersecurity products is designed to prevent such issues in the first place.

 

On the partnership, Mr AK Cher, CEO and Managing Director of TMiS said, “Tokio Marine has approached Horangi as we feel they can adapt and tailor their services to the different clients we have in our portfolio based on industry sector, maturity level, revenue size and global footprint. As cyber insurers, we sit as partners to cybersecurity specialists; we are all part of the same fight against cybersecurity threats and we all play a part to ensure companies not only survive but thrive post-incident. Given Horangi’s strong presence in the region and a proven ability to serve industry leaders such as GoJek and Bukalapak, we see Horangi as a great fit for our growing cybersecurity needs moving forward. We are incredibly excited about this partnership for both Tokio Marine and our clients.”

 

Horangi names former Gemini CISO Jim Rouse its new VP of Cyber Operations

 

Horangi has announced the hiring of Jim Rouse as the new Vice President of Cyber Operations. In his capacity, Jim will build a world-class cybersecurity team and help customers to tackle their most complex and challenging cybersecurity problems while achieving their business outcomes. Jim was most recently the Chief Information Security Officer (CISO) at Gemini, one of the world’s largest cryptocurrency exchanges. Prior to Gemini, he was Director of Investigations and Analysis at Sony. Jim has also held roles with the Naval Criminal Investigative Service (NCIS) and at the National Aeronautics and Space Administration (NASA).

 

“We are thrilled and honoured to welcome Jim to the team,” said Paul Hadjy. “He is a highly respected CISO who has built and led multiple professional teams in the world’s largest organisations. As Horangi’s business – in both our products and services – continues to grow, Jim’s deep expertise makes him an invaluable asset to the company, in a world where businesses are looking at cyberattacks from multiple angles. I am confident that with his leadership and multi-disciplinary experience, our customers will be able to streamline and shed years off their organisational and capabilities development.”

 

On his new appointment, Jim said, “I am very excited to be joining the team at Horangi. At its core, security, whether it is information security or physical security, is a people problem. As cybersecurity threats continue to evolve, we will be better placed to protect our clients and organisations from threats if we understand people and their behaviour better. I look forward to using my extensive experience as a CISO to build a world-class cybersecurity team to complement Horangi’s offerings and help the company reach new heights.”

 

In 2018, Horangi partnered with Athena Dynamics, a unit of BH Global Corporation, a supplier of engineering and cybersecurity solutions to the offshore and marine sector. They have also been working with many small and medium enterprises (SMEs), who are the most vulnerable to cybersecurity threats. In 2017, Horangi raised US$3.1 million (S$4.3 million) in its Series A funding round, led by Monk’s Hill Ventures.

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