Tokio Marine Videos
Tokio Marine HCC Cyber
Tokio Marine HCC is a leading specialty insurance company offering a diverse range of products and services. Its portfolio includes coverage for business expenses and losses due to adverse publicity, contamination, and malicious tampering, as well as specialized coverages for water and wastewater systems, mortgage insurance, and protection for artisan contractors. The company emphasizes empowering its employees to provide innovative solutions at every level, demonstrating a commitment to adaptability in the ever-changing insurance landscape.
A significant focus of Tokio Marine HCC’s offerings is its comprehensive cyber insurance solutions. Their NetGuard® Plus Cyber Liability insurance combines broad first-party and third-party coverage with access to expert cyber security resources, addressing the growing threat of data breaches and cyber attacks in the corporate world. For healthcare providers, they offer e-MD®, a tailored cyber liability insurance solution that covers unique medical billing and regulatory exposures. Additionally, their TechGuard® product merges Errors & Omissions (E&O) and Cyber Liability coverages, providing a one-stop solution for tech companies’ insurance needs. These offerings demonstrate Tokio Marine HCC’s recognition of the increasing importance of cyber security in various sectors and their commitment to providing specialized protection in this rapidly evolving field.
Cyber & Professional Lines (short)
Tokio Marine HCC introduces the Cyber and Professional Lines Group, formerly known as NAS Insurance, and the Professional Lines Group at HCC. This combined force brings together over 40 years of specialty insurance leadership with the global strength and expertise of Tokio Marine. The Cyber and Professional Lines Group offers a wide range of innovative specialty insurance products, including cyber liability, tech E&O, professional lines, and embedded reinsurance solutions. The group emphasizes its commitment to building strong relationships, providing simple and flexible insurance products, and implementing effective risk management practices.
CyberNet Risk Management
Tokio Marine HCC introduces Cybernet, a comprehensive online suite of cybersecurity tools and resources that it has developed. This robust platform offers interactive cyber training courses, sample policies, incident response plan templates, and one-on-one expert consultations to help organizations understand and implement best data security practices. Cybernet’s core feature is its online courseware, covering essential topics like ransomware, social engineering, phishing scams, and industry-specific subjects such as HIPAA for healthcare and PCI security compliance for businesses accepting credit cards. The platform provides step-by-step guides, articles, and customizable templates to assist businesses in establishing a strong defense against cyber attacks. Cybernet offers personalized support from cybersecurity experts to address specific questions and ensure optimal security measures are in place.
Ransomware Attack Surge
This video features an interview with Mike Palotay, Chief Underwriting Officer at Tokio Marine HCC Cyber and Professional Lines Group, discussing the surge in ransomware attacks. Palotay explains that ransomware has become a dominant form of cyber attack due to its ease of monetization through cryptocurrency payments. He highlights a 700% increase in ransom demands and frequency, with demands reaching up to $50 million. The conversation covers the evolution of ransomware tactics, including “ransomware as a service” and the increased vulnerability of various industries. Palotay emphasizes the importance of cybersecurity awareness, employee training, and implementing protective measures such as multi-factor authentication. He also discusses Tokio Marine HCC’s approach to helping clients improve their security posture through risk assessment, training, and partnerships with security providers.
Ransomware Insights
Tokio Marine HCC discusses cyber insurance, featuring experts Ari Giller from Tokio Marine HCC, Matt Shanks from Amwin’s Group, and Charlie Groves from CrowdStrike. The panel explores critical issues in the cyber insurance space, focusing on ransomware, the SolarWinds hack, and the impact of COVID-19. They discuss how insurers respond to the growing ransomware threat with rate increases, coverage reductions, and stricter underwriting guidelines. The SolarWinds breach is examined as a sophisticated supply chain attack with far-reaching implications for cybersecurity. The experts also discuss how COVID-19 accelerated cyber vulnerabilities, particularly due to the rapid shift to remote work. The discussion emphasizes the importance of proactive risk management, strong security controls, and partnerships between insurers and insureds.
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Tokio Marine HCC
Cyber Insurance
Tokio Marine HCC
Cyber Security Insurance
Tokio Marine HCC offers Cyber Security Insurance as an essential comprehensive risk management strategy component in today’s digital world. This insurance is designed to protect businesses against a wide range of cyber threats, including data breaches, ransomware attacks, industrial espionage, and accidental system infections.
Key Features of Tokio Marine HCC’s Cyber Security Insurance
- Financial Capacity: The policy offers coverage up to €25 million, US$25 million, or £15 million per Cyber policy.
- Customization: Policies are tailored to individual businesses across multiple jurisdictions, ensuring comprehensive and innovative protection.
- Coverage Scope: The insurance includes pre-incident prevention, crisis response, and post-incident expertise.
- Flexibility: Policies can be structured as primary or excess coverage.
Risk Landscape
Cyber incidents can originate from various sources, both internal and external, and can be either intentional or accidental. Potential threats include:
- Hackers
- Political hacktivists
- Terrorists
- Nation states
- Competitors
- Disgruntled employees
- Human error
The consequences of a cyber event can be severe, potentially leading to:
- Business interruption
- Notification costs
- Third-party claims
- Fines
- Significant financial losses
Tokio Marine HCC’s Approach
The company emphasizes a smart approach to cyber security insurance, characterized by:
1. Centralized and unified management structure
2. Real-time interaction between transnational teams
3. Quick response times
4. Intelligent advice and innovative solutions
5. Efficient claims handling
This approach allows Tokio Marine HCC to provide:
- Local service and support worldwide
- Fast and fair claims services
- Customized policies for individual businesses
Company Structure and Ratings
Tokio Marine HCC is part of a group of companies that includes:
- HCC International Insurance Company plc (HCCII)
- Tokio Marine Europe S.A. (TME)
- HCC Underwriting Agency Ltd (HCCUA)
The insurance companies within the group are highly rated by various rating agencies, indicating financial stability and reliability.
Tokio Marine HCC’s Cyber Security Insurance offers a comprehensive solution for businesses looking to mitigate cyber risks in an increasingly digital world. With its customizable policies, global presence, and efficient approach to underwriting and claims handling, the company aims to provide robust protection against a wide range of cyber threats.
Tokio Marine HCC
Cyber Landscape
Tokio Marine HCC
Cyber Insurance Landscape 2022
Tokio Marine HCC International’s Cyber Team focuses on cyber insurance trends in Financial Institutions, Manufacturing, and Transportation. At the end of 2021, these sectors represented 72% of TMHCC International’s book of business and are among the top 10 targeted by cyber threat actors.
Tokio Marine HCC provides insights into each industry’s business models, cyber exposures, readiness levels, and common incidents. It uses a traffic light system to highlight exposure and readiness at a glance and offers concrete examples and underwriting considerations.
Key points for each industry include:
Manufacturing
- Increasingly relies on Operational Technology (OT) and Internet of Things (IoT), expanding the attack surface
- Often more exposed to availability failures than confidentiality breaches
- Lower maturity in cyber management due to historically less regulation
- Challenges include managing obsolete systems, cloud computing risks, and business continuity across multiple locations
- Notable incidents include the Honda ransomware attack and Bombardier data breach
Financial Institutions
- Highly mature cybersecurity position due to extensive regulations
- Faces challenges such as GDPR fines, state actor threats, and system migrations
- The average cost of a data breach in 2021 was $5.72 million
- New services like open banking and blockchain create additional risks
- Supply chain attacks are a significant concern, especially for retail and commercial banks
Transportation
- Undergoing significant digitalization across various subsectors (aviation, marine, rail)
- Increasing reliance on computers creates new threats in navigation, cargo control, and industrial processes
- Risks include compromises to critical infrastructure and operational systems
- Challenges arise from connecting traditional IT systems with previously unconnected OT systems and expanding IoT endpoints
Tokio Marine HCC emphasizes the importance of industry-specific risk assessment, proper network segmentation, third-party management, and robust monitoring and response capabilities. It also highlights the need for clear cyber insurance coverage to avoid disputes and potential litigation.
Overall, Tokio Marine HCC provides a comprehensive overview of these three critical industries’ cyber risks and insurance considerations, reflecting TMHCC International’s deep understanding and data-driven approach to cyber underwriting.
Tokio Marine HCC
Cyber Menu
Tokio Marine
Cyber Menu
Tokio Marine HCC is a leading specialty insurance group operating in approximately 180 countries and underwriting over 100 classes of specialty insurance. With headquarters in Houston, Texas, the company boasts highly entrepreneurial teams and industry-leading experts among its 3,000 employees. Tokio Marine HCC’s major insurance companies hold strong financial ratings from reputable agencies, and it is part of Tokio Marine, a global company with a market cap of about $36 billion.
Cyber Security Approach
Tokio Marine HCC emphasizes the importance of preventing cyber-attacks rather than just paying for damages. They employ a multifaceted approach called the Golden Triangle, encompassing people, processes, and technology.
Key Services Offered
1. Media and Crisis Response Training: Fleishman Hillard provides training that helps organizations manage media effectively during cyber attacks.
2. Phishing Simulation: CyberScout conducts mock email phishing campaigns to assess an organization’s attack vulnerability.
3. Working from Home Exercise: This service helps IT teams and C-suite executives understand and mitigate risks associated with remote work.
4. Penetration Testing: CyberScout simulates real-world attacks to identify internal and external vulnerabilities.
5. Compromise Assessment: Grant Thornton scans systems for signs of existing and historical data breaches.
6. Vulnerability Scan: CyberScout tests systems and conducts an active analysis of network services for weaknesses.
7. Cyber Security Design & Implementation: Grant Thornton advises improving cyber security defenses.
8. Dark Web Review: Grant Thornton scans the dark web for identifiable client vulnerabilities or data in the hands of bad actors.
Insurance Coverage
Tokio Marine HCC offers cyber policies with a financial capacity of up to €25 million (US$25 million or £15 million).
Global Presence
The company has offices in Barcelona, London, and Munich, providing local service and support worldwide.
Approach to Client Service
Tokio Marine HCC prides itself on:
- Quick response times
- Providing intelligent advice and innovative solutions
- Efficient claims handling
- Customizing policies for individual businesses in multiple jurisdictions
- Long-term partnerships with clients
Tokio Marine HCC offers a comprehensive suite of cyber security services and insurance products, leveraging its global presence and expertise to provide tailored solutions for businesses facing cyber threats.
What is Cyber Insurance
Cyber insurance is a specialized insurance product designed to protect businesses against the financial losses and disruptions that can arise from cyber-related incidents, such as data breaches, ransomware attacks, and other cyber threats. This type of insurance typically covers costs related to data recovery, legal fees, notification of affected parties, regulatory fines, and business interruption losses. Businesses need cyber insurance to mitigate the financial impact of cyber-attacks, ensuring they can quickly recover and continue operations while minimizing the potential damage to their reputation and customer trust.
What does cyber insurance cover?
Cyber insurance typically covers costs related to data breaches, including data recovery, legal fees, notification of affected parties, and regulatory fines. It may also cover business interruption losses and expenses related to restoring business operations.
Why is cyber insurance important for SMBs?
Small businesses, often with potentially weaker security measures, are prime targets for cyber attacks. Cyber insurance is a crucial tool in managing the financial burden of such attacks, ensuring they can recover quickly and sustain minimal operational disruption.
How is the cost of cyber insurance determined?
Factors such as the size of the business, the industry, the amount and type of data handled, and the company’s existing cybersecurity measures influence the cost of cyber insurance. Higher-risk businesses or those with poor security practices may face higher premiums.
What are the exclusions in a cyber insurance policy?
Standard exclusions in cyber insurance policies include claims related to pre-existing breaches, acts of war or terrorism, and the failure to maintain minimum security standards. It’s essential for businesses to review policy details to understand specific exclusions and limitations.