Tokio Marine HCC – Cyber & Professional Lines Group today announced an alliance with managed services provider OneIT, Inc. (OneIT) to offer the group’s insureds multi-factor authentication, as well as secure, off-site backup and recovery for their vulnerable data.
As the trend toward remote work and the use of personal devices continues, the threat of ransomware attacks is forcing small and medium-sized companies to re-evaluate their data security. A complete cybersecurity strategy must not only focus on defending against attacks, but also on rapid and effective remediation if a breach occurs.
“The single most important thing an organization can do to reduce the risk of ransomware is to properly secure remote access into their network. Over half of all ransomware attacks begin with unauthorized remote access to the victim’s network. Multi-factor authentication provides a crucial additional layer of security,” said Michael Palotay, Chief Underwriting Officer of the Cyber & Professional Lines Group.
“However, if and when a hacker gains entry into a system with sensitive data, it’s also imperative that you have measures and protocols in place to minimize downtime as aresult of the breach,” continued Mr. Palotay. “If you have regularly tested and maintained off-site backups, you can likely restore your data without paying the ransom—often with only trivial gaps in service or information.”
Just as the Cyber & Professional Lines Group’s recent arrangement with CrowdStrike highlighted the need for robust endpoint security in the age of ransomware, the relationship with OneIT highlights the need for two equally critical elements in policyholders’ ransomware-readiness strategies: multi-factor authentication and off-site data storage and recovery. The Cyber & Professional Lines Group will now offer a discount to its policyholders who use a cloud backup service provider and multi-factor authentication technology to secure all remote access to their networks.
The disaster-recovery technology used by OneIT is from Datto, the leading global provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs). Datto’s business continuity and disaster recovery solutions protect servers, files, PCs, and SaaS applications and help businesses reduce downtime and data loss. OneIT will offer multi-factor authentication from Cisco’s DuoSecurity.
About 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 Delawareincorporatedinsurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.