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Insurance

Sompo Japan to offer cyberattack insurance with variable premiums

Hitachi Solutions to help measure policy risk in covering IoT-exposed factories

Sompo Japan and Hitachi Solutions will measure cyber risk and reflect it in premiums for a new insurance service.

TOKYO -- Sompo Japan Insurance will next year launch a policy in which premiums vary depending on readiness for potential cyber risk by companies with factories exposed to the internet of things, or IoT, Nikkei has learned.

Along with Hitachi Solutions, owned by Hitachi, Sompo Japan will consider how well such facilities are prepared to deal with potential cyber attack. If they take sufficient preventive measures to lessen risk, their insurance premiums will be reduced.

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