Tokio Marine Insurance picks Singapore cybersecurity startup Horangi as its 1st Asia-Pacific partner
SINGAPORE, NNA - Tokio Marine Insurance Singapore Ltd. has teamed up with local cybersecurity startup Horangi Pte. Ltd. to provide cybersecurity services to the insurer’s corporate customers amid growing global awareness of cyberattacks.
This is the first such partnership for the major Japanese insurer in the Asia-Pacific region and is also the first tie-up for the four-year old Singapore-based cybersecurity services provider with an insurance company.
The partnership will allow Tokio Marine Insurance’s customers who purchase a cybersecurity insurance policy to receive information about criminal trends in the region and advice on improving their cybersecurity status.
Tokio Marine Insurance’s cybersecurity insurance policy is designed to provide protection against liabilities due to security and privacy breaches, regulatory defense and penalties arising from breaches, where permissible by law, or costs for crisis management, loss of digital assets, business interruption and cyber extortion, according to Horangi’s press release on Wednesday.
As part of the partnership, Horangi will be providing services including penetration testing, network vulnerability assessment, cybersecurity assessment and a “virtual” Chief Information Security Officer, or vCISO, which are used by many of the unicorns in Asia.
A K Cher, Tokio Marine Insurance Singapore’s CEO and managing director, said in the statement, “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.”
Losses due to cyberattacks around the Asia-Pacific region are estimated to be worth $1.75 trillion, the statement said, citing Microsoft and Frost & Sullivan’s 2018 Security Study report.
Malwarebytes Labs’ 2020 State of Malware report shows that while the number of ransomware attacks decreased by 6 percent last year, the attacks became more sophisticated and damaging to the companies, demanding larger sums in ransom.