Meritz Fire & Marine Insurance Launches Cyber Insurance Covering Ransomware Damage for SMEs

Meritz Fire & Marine Insurance launched a comprehensive cyber insurance product on the 1st through a business partnership with the IT security startup Exosphere Labs.

[Asia Economy Reporter Oh Hyung-gil] Meritz Fire & Marine Insurance launched a comprehensive cyber insurance policy on the 1st through a business partnership with IT security startup Exosphere Labs.

This insurance is targeted at small and medium-sized enterprises and covers losses from ransomware extortion and data recovery costs among the cyber comprehensive insurance coverages. It provides comprehensive coverage for cybercrime losses, from direct losses due to data damage, loss, or theft to indirect losses such as payments made due to cyber extortion and expert consultation fees, covering up to 10 million KRW per PC and a maximum of 100 million KRW per company.

The subscription-based security service 'ExoOldefender' provided by IT security startup Exosphere Labs is included by default, allowing protection against security and cyber risks at a cost of 4,800 KRW per PC per month.

A Meritz Fire & Marine Insurance official stated, "We have launched a customized product to respond to various cyber risks in line with the digitalization of the economy, and it will serve as a practical security measure for small and medium-sized enterprises that are relatively vulnerable to cybercrime."