Hyundai Marine & Fire Insurance Launches Cyber Insurance for SMEs with Sales Under 100 Billion Won

Hyundai Marine & Fire Insurance announced on the 17th that it has launched a cyber insurance product targeting small and medium-sized enterprises with sales of less than 100 billion KRW.

'Cyber insurance' is a product designed to cover risks arising from activities involving information, such as identity theft by hackers, business interruptions due to network shutdowns, damage to corporate reputation, loss of customer information, and digital assets. Considering that cyber attack targets have recently expanded not only to large corporations but also to small and medium-sized enterprises, this product was launched.

This product comprehensively covers third-party liability such as defamation caused by confidential information and personal data leaks or cyber activities, as well as the company's own losses due to cyber incidents and defense costs for lawsuits.

A Hyundai Marine & Fire Insurance official said, "Cyber risk is a significant threat, ranking first among the top 10 risks affecting corporate activities," adding, "According to last year's ransomware report rates by company size, 78.1% occurred in small and medium-sized enterprises, showing rapid expansion regardless of company size."