Hong Kong – 12 September 2023 — OneInfinity by OneDegree, the sole provider of digital asset insurance in Asia, announced a strategic alliance with Reimagine CyberBay Limited (“CyberBay”), a digital crowdsourcing and consumer-to-business (C2B) marketplace between bounty hunters and enterprises. This partnership enhances the services offered to CyberBay’s clientele through OneInfinity by OneDegree’s cyber insurance solutions, bolstering protection against potential cybersecurity threats.
Established in 2022, CyberBay is a participant in PwC Hong Kong’s incubation programme, and is a promising startup fostered by the Hong Kong Cyberport Incubation Programme, sharing roots with OneDegree. With its first-of-its-kind digital crowdsourcing bug bounty marketplace, CyberBay provides sustainable and cost-effective cybersecurity testing solutions for businesses of all sizes across various industries.
Alvin Kwock, co-founder of OneInfinity by OneDegree, said, “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.”
Felix Kan, founder of CyberBay, added, “CyberBay is dedicated to providing businesses with proactive vulnerability assessment services for their digital assets. We help them identify potential cybersecurity vulnerabilities early on to allow proactive prevention. Our partnership with OneInfinity by OneDegree offers our clients a more comprehensive protection, ensuring they benefit from unparalleled cybersecurity safeguards during their innovative pursuits.”
