Tuesday, May 22, 2018

Cyber coverage surges in Japan as attacks rise

Companies’ fear of sizeable losses from information theft has resulted in a sharp rise in the number of policyholders taking out cyber insurance.

Major non-life insurers said the number of cyber policies sold in fiscal 2016 rose from the previous period.

Mitsui Sumitomo said its cyber insurance policy sales increased by 250% while Tokio Marine said its sales had roughly tripled.

Sompo Japan Nipponkoa saw the highest increase at 350% in terms of premiums paid while AIU said it increased by 50%.

Cyber coverage was first introduced in Japan in 2013.

The number of victims whose personal information was stolen last year from companies and other entities rose by more than 10 million from the previous year.

Last year, there were 468 cases of information theft via cyber attacks and other means, according to research by the Japan Network Security Association.


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