Tokio Marine & Nichido Fire Insurance Co., Ltd. has launched a website that specializes in information on cyberattack measures. The website, targeting small and medium-sized businesses, aims to enhance the knowledge of and boost interest in cyber-related information among Tokio Marine Nichido’s customers. Small and medium-sized businesses, with their limited labor forces, have been slow to adopt measures against cyberattacks. Most are not enrolled in insurance that compensates for damage and losses from cyber crimes. Tokio Marine Nichido wants to increase awareness of the importance of countermeasures and boost its enrollment.
The website, called Tokio Cyber Port, publishes articles by Financials Information Sharing and Analysis Center (ISAC) managing director Keisuke Kamata and other experts. Member companies are eligible to receive free of charge a simple diagnosis that rates their countermeasure level and anti-phishing training. Tokio Marine Nichido expects 50,000 views per month and aims for sales of cyber insurance to reach 2 billion yen by 2023.
Leakage of intellectual property is an enormous loss for a company. By Tokio Marine Nichido’s estimates, not only do many small and medium-sized businesses not realize the importance of cyber insurance but are unaware that they are under cyberattack. Tokio Marine Nichido launched the website with the viewpoint that it first needs to heighten its customers’ awareness and knowledge.
According to a survey by Japan Network Security Association, the cyber insurance market in 2018 was 20.8 billion yen. The enrollment rate for corporations is about 10%, with practically no small or medium-sized companies enrolled.