S2W announced on the 1st that it has signed a memorandum of understanding (MOU) with Samsung Fire & Marine Insurance to strengthen mutual cooperation for expanding the cyber insurance market.
The two companies plan to collaborate through this MOU on ▲ cooperation to expand the cyber insurance market and enhance sales activities, ▲ mutual support for the development and operation of cyber insurance businesses, ▲ sharing information related to cyber threats, such as the status of dark web leaks, and ▲ reviewing and advancing the feasibility of new projects.
They will also pursue joint development of various business models that encompass business-to-consumer (B2C) and business-to-business (B2B) transactions. The companies plan to cooperate to launch new services, including corporate cyber insurance that combines data leak diagnosis and reputation risk management services, based on S2W's dark web monitoring, and information leak detection services for individual customers.
In this process, S2W will provide its industry-leading artificial intelligence (AI) security solutions and technologies, recognized through references from international organizations, domestic and foreign government agencies, and large corporations. Meanwhile, Samsung Fire & Marine Insurance, as the number one property and casualty insurer in Korea, will offer risk management and protection systems based on the insurance infrastructure and know-how accumulated over more than 70 years since its establishment, enabling its clients to proactively respond to cyber threats.
Baek Dong-heon, head of the special business division at Samsung Fire & Marine Insurance, noted, "We plan to provide customized cyber insurance products based on the nature of corporate operations and cyber threats, as well as a hotline that can respond immediately in the event of an incident." He added, "Through this, we aim to minimize the impact of cybercrime and contribute to creating a safe management environment, while further promoting the strengthening of the domestic and international cybersecurity ecosystem."
Seo Sang-deok, the representative of S2W, stated, "This agreement is significant in that it combines insurance and technology to build a new digital safety net in an era where cyber threats have become commonplace," and added, "S2W will create an innovative service model that enhances security for both corporations and individuals based on AI-driven cyber threat intelligence (CTI) technology."