Hana Bank "Free Cyber Financial Crime Insurance Support for Small Business Owners"

Support for Related Insurance for Small Business Owners
Full Compensation for Damages up to 5 Million Won

[Asia Economy Reporter Minwoo Lee] Hana Bank will provide a free insurance product to help small business owners prevent damage from cyber financial crimes.

Hana Bank announced on the 7th that it will offer this "Cyber Financial Crime Safety Insurance" free of charge to small business borrowers. The purpose is to protect small self-employed business owners, who are experiencing financial difficulties, from cyber financial crimes that impersonate financial institutions and cause monetary damage under the pretext of supporting low-interest loans.

The supported product is Carrot Insurance's "Carrot Phishing & Hacking Financial Fraud Safety Insurance." The insurance coverage includes losses caused by cybercrimes occurring in Korea such as phishing, pharming, smishing, and memory hacking. The coverage period is one year starting from 00:00 the day after the insurance subscription, and the compensation limit is up to 5 million KRW during the coverage period, reimbursing the full amount of the damage within this limit.

To receive the free support, applicants can apply through Hana Bank's mobile application "Hana One Q." The target beneficiaries are approximately 100,000 small business owners who have received COVID-19 related loans from Hana Bank. Small business borrowers who newly received loans secured by regional foundation guarantees with COVID-19 support special clauses from January 2020 to the end of July this year, or who newly received the "Hope Plus Special Guarantee & Credit Loan" between January and July this year, can enroll in the free insurance until the end of September next year.

Eligible individuals will be guided on how to participate via individual text messages (LMS). The insurance premium will be fully covered by Hana Bank.

A Hana Bank official stated, "We will continue to strive to protect the valuable financial assets of small business owners through substantial support projects for financially vulnerable borrowers and to promote mutual growth between the bank and small business owners."