DB Insurance to Strengthen SMEs' Cyber Risk Response... Linking Security and Insurance

DB Insurance said on October 21 that it had signed a three-party memorandum of understanding (MOU) with the Korea Inno-Biz Association and SK Shieldus to strengthen the cyber risk response capabilities of the association's member companies.

From left, DB Insurance division head Cha Juyong, acting full-time vice chairman of the INNOBIZ Association Kim Hongseok, and SK Shieldus Cyber Technology Center head Choi Jaeho pose for a commemorative photo after signing a business agreement at SK Shieldus's Pangyo headquarters in Bundang-gu, Seongnam, on the 20th. DB Insurance

Small and medium-sized enterprises (SMEs), which generally have fewer specialized personnel and less capacity for security investment, face difficulties not only in preventing cyber incidents but also in responding quickly and recovering from damage after an incident occurs. The agreement was established to address these security vulnerabilities and provide systematic support for SMEs, from preventing cyber incidents and responding to them to compensating for losses and restoring business operations.

The three organizations plan to draw on their respective expertise to build a collaborative framework linking security services with insurance and raise member companies' level of cyber risk management.

Under the agreement, the three organizations will expand cybersecurity and insurance-linked services that reflect member companies' needs and strengthen their cooperation so SMEs can continue to innovate and grow in a more stable business environment.

A DB Insurance representative said, "Cyber risk is a significant risk that can affect every aspect of a company's operations. By combining SK Shieldus' security expertise and the Korea Inno-Biz Association's network supporting SMEs with DB Insurance's risk management and insurance claims capabilities, we will actively help member companies prepare for cyber risks more systematically and recover quickly even after an incident occurs."

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