In recent years, cyber criminals have increasingly used targeted ransomware attacks to cripple their victims’ systems, causing considerable economic damage. As the trend toward remote work and the use of personal devices has intensified during 2020, the frequency and severity of these attacks have increased. Often, these sophisticated attacks can bypass a victim’s legacy antivirus protection.
“Legacy antivirus products traditionally have relied on comparing virus signatures with files on a computer to identify if there is a virus on the machine,” said Mike Palotay, Chief Underwriting Officer of the Cyber & Professional Lines Group. “This kind of antiquated technology is incapable of protecting against the new breed of ransomware variants, which can easily be modified to evade detection by traditional signature-based virus scanners. The leading endpoint protection solutions have expanded their detection methods beyond signatures and do a much better job identifying and stopping dangerous malware. We are excited to work with CrowdStrike because we think our policyholders will benefit from implementing their technology to stop breaches.”
The Cyber & Professional Lines Group will offer insureds CrowdStrike’s Falcon Prevent™, which protects against all types of attacks, ranging from commodity malware to more sophisticated attacks such as ransomware, with one solution – even when offline. It combines machine learning, artificial intelligence, indicators of attack, exploit blocking and threat intelligence to stop even malware-free and fileless attacks.
“We think CrowdStrike is the best fit for our clients, whose needs vary a great deal depending on their business models and user bases,” commented Mr. Palotay.
The Cyber & Professional Lines Group will offer a discount to insureds on their policy who choose an endpoint detection protection solution.
Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $30 billion as of June 30, 2020. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “A+ (Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “A+ (Strong)” from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com