[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance announced on the 23rd that it has launched 'Samsung Cyber Plus,' a simple cyber insurance product for small and medium-sized enterprises (SMEs).
This product is a general insurance policy subscribed on an annual basis, targeting SMEs with annual sales of 200 billion KRW or less.
Samsung Cyber Plus is an insurance product that comprehensively covers various incidents occurring in cyberspace. It covers not only liability for damages due to personal information leakage but also direct/indirect financial losses to the company caused by cyber incidents and liability for damages to third parties.
Specifically, it compensates for △ accident cause investigation costs △ data recovery costs △ losses due to business interruption △ cyber extortion resolution costs △ financial losses caused by cybercrime △ liability for damages due to confidential information leakage △ liability for damages due to personal information leakage △ liability arising from online media activities.
The subscription process has also been simplified. Previously, subscribing to cyber insurance required filling out about 20 questionnaires, but Samsung Cyber Plus has reduced this to one sheet. The risk assessment process by specialized firms, which was mandatory before subscribing, has also been omitted.
A Samsung Fire & Marine Insurance official said, "According to the cyber threat analysis report by the Ministry of Science and ICT, 93% of domestic cyber attack reports involve SMEs," adding, "Insurance is essential to prepare for increasing cyber risks due to the rise in non-face-to-face work caused by COVID-19 and rapid digitalization."
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