TOKYO -- Tokio Marine & Nichido Fire Insurance looks to improve its ability to insure against cyberattacks on businesses by working with U.S. specialist Cyence.
The Silicon Valley company collects and analyzes data for cybersecurity purposes, serving Western financial institutions such as banks and insurers. Risks for each business are evaluated on factors including the company's name recognition and the nature of its operations.
The Tokio Marine Holdings unit seeks to model its insurance against various risk factors based on Cyence's massive amount of data. In Japan, cybersecurity risks are evaluated on basic information such as sales, operations and information reported directly by the company itself. The partnership will let Tokio Marine grasp risks for customers more precisely and broadly. Highlighting risks for each company will let the Japanese company refine its insurance offerings.
Cyberattacks are a growing threat worldwide. A major attack in mid-May affecting more than 150 countries reached Japan as well, slowing email transmissions and causing other problems at some companies.