Syarikat Takaful Malaysia Keluarga Berhad (Takaful Malaysia), is a home-grown Islamic insurance provider committed to helping customers achieve their ambitions of a brighter and financially secure future since 1984. For more than thirty-five years, Takaful Malaysia has evolved alongside the changing needs of its clients and strengthened its business to include financial and risk management competencies. Takaful Malaysia has a portfolio of Family and General Takaful businesses, multi-channel distribution capabilities, well-established partnerships, and a suite of customer-centric products and services. Today, the company serves 24 service centers; their share capital stands at RM211.9 million with total assets of RM11.8 billion at the Group level.
In line with the growing demand for digital services, Takaful Malaysia has recently embarked on a digital transformation journey to provide Takaful coverage more directly to consumers, reduce costs and enhance their customer experience. This new reliance on online services means that Takaful Malaysia needs to adopt a more proactive approach to cybersecurity, to ensure a safe and secure environment for its customers. With that, Takaful Malaysia incorporated the LogRhythm NextGen SIEM Platform into its security solutions.
The Business Challenge
Driving new values in today’s digital age
Takaful Malaysia has long established itself as a trusted and reliable Islamic insurance provider, and this success stems from an unwavering commitment to its customers. Takaful Malaysia is constantly looking at how to innovate its products and services in ways that generate new value and meet customer needs. Today, this means digitising its platform to reduce costs and offer increasingly personalised services. For instance, Takaful Malaysia has introduced new online Takaful products alongside a mobile appto provide more seamless and convenient access for today’s tech-savvy audience.
However, these new opportunities bring new risks. As customers increasingly engage in digital transactions, Takaful Malaysia must contend with an exponential amount of personal and confidential data. The Islamic insurer recognizes the need to ensure that these transactions and data are transmitted and stored securely, or they risk falling victim to cyberattacks. Under local regulations, any data breach will result in a fine or temporary suspension – but more crucially, any threat or disruption to the business will erode consumer trust and confidence in the long run.
To minimise security vulnerabilities and strengthen its cybersecurity infrastructure, Takaful Malaysia partnered with Vigilant Asia, a service provider to helm their Security Operation Center (SOC) and deploy a security information event management (SIEM) solution. By doing so, Takaful Malaysia will have real-time visibility and round-the-clock threat automation capabilities across its entire network.
Single pane visibility across network
Seamless and flexible integration
Takaful Malaysia worked closely with their service provider, Vigilant Asia, and LogRhythm’s engineering team to manage their entire SOC and engineering services. While it took additional time to build and engineer customized dashboards in line with financial regulations, it was straightforward to onboard existing logs and set up new rules. With that, the system was quickly up and running to deliver actionable insights.
Vigilant Asia was also tasked with developing detection rules and fine-tuning the SIEM solution, tailored to best suit their SOC needs. During this period, the team obtained a baseline of user behaviour and network and endpoint activity. This enabled them to tailor their alarms based on the baseline with the help of LogRhythm’s SIEM, reducing noise and false positives. This resulted in a 36% reduction in false positives, enabling the team to hone in on more critical alarms.
At the same time, they were responsible for crafting an operational roadmap for the use of the SIEM solution, recommending product improvements and detection rules to enhance its efficacy. The entire solution has now been integrated seamlessly into the Cyber Emergency Response Team (CERT) process. Takaful Malaysia now also complies with Bank Negara Malaysia’s Risk Management in Technology (RMiT) regulation.
Real-time actionable insights
Since implementing LogRhythm’s SIEM solution, Takaful Malaysia has benefited from the enhanced security capabilities needed to secure its IT estate. This is especially important for such a trusted, high-value organisation that stores troves of confidential customer information.
Now, the Islamic insurer has access to real-time alerts for severe issues, as well as zero-day vulnerability escalation. These valuable insights equip them to act quickly and take action, to prevent any breaches in their network. In addition, they rely on monthly reports to assess their cybersecurity posture and inform upcoming priorities. The LogRhythm SIEM solution has become an integral part of Takaful Malaysia’s cybersecurity strategy, and the team continues to explore new solutions and ways to enhance their capabilities.
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