Japanese insurers team up with Verizon to assess cyber risks

Partnership to launch cyber security diagnostic service alongside insurance against attacks

Japanese insurers team up with Verizon to assess cyber risks

Insurance News

By Gabriel Olano

Two Japanese insurers, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, are working with US-based Verizon Communications to launch a risk assessment service for cyberattacks.

The collaborative service, which is set to launch in February, seeks to learn about companies’ cybersecurity measures. Risks will be quantified and verified using data from Verizon encompassing over 40,000 cyberattacks and breaches.

The assessment will cover system vulnerabilities and weaknesses in information management, in addition to various technological aspects such as network surveillance, according to a report by Nikkei.

Risks will be sorted by industry, with contingency plans for countering damage caused by viruses, spyware, insiders, and other threats in each field.

BitSight Technologies, a US-based security ratings provider, will also contribute to the joint project.

Depending on the assessment’s results, the service will provide support in fixing weak points, such as updating cyber security measures and improving network safeguards. The two insurers, sister firms under the MS&AD Insurance Group, will provide cyber insurance policies which will cover damage caused by cyberattacks and system repair costs.


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