Tokio Marine Holdings, a multinational insurance coverage holding firm in Japan, introduced this week that its Singapore department, Tokio Marine Insurance coverage Singapore (TMiS), suffered a ransomware assault.
The announcement got here at the start of the week and accommodates little details about the incident exterior the motion taken to cope with the intrusion.
As the most important (revenue-wise) property and casualty insurance coverage group in Japan, Tokio Marine Holdings is a beautiful goal for cybercriminals, who can use the breach to seek out and compromise clients of the group.
Tokio Marine notes that the ransomware assault affected Tokio Marine Insurance coverage Singapore and that different corporations the group has within the nation suffered no harm.
It’s unclear how or when the assault unfolded and the harm it brought about however the TMiS remoted the community instantly after detecting it and knowledgeable the native authorities businesses.
The dad or mum firm says that it will probably “can affirm that there is no such thing as a indication of a breach of any buyer info nor confidential info of the Group.”
Most ransomware assaults lately are additionally handled as knowledge breach incidents as a result of the attacker additionally steals recordsdata from the sufferer community earlier than encrypting them.
Nonetheless, a 3rd celebration has been introduced in to investigate the methods and assess the impression of the assault.
Rash of assaults hitting insurers
Tim Starks of CyberScoop notes that Tokio Marine is the second insurer this week to announce a cyber assault, with Ryan Specialty Group additionally disclosing on Monday that again in April it detected unauthorized entry on some worker accounts.
Nonetheless, a number of the bigger insurers fell sufferer to ransomware assaults earlier this 12 months.
In March, CNA Monetary Company – the seventh-largest business insurance coverage firm within the U.S. – was breached by Phoenix CryptoLocker ransomware, which additionally stole recordsdata containing buyer info.
In Might, the Avaddon ransomware gang hit AXA branches in Thailand, Malaysia, Hong Kong, and the Philippines, claiming the theft of 3TB of knowledge within the course of.
The extortionist’s enchantment for insurance coverage corporations has been defined by a consultant of the REvil ransomware gang in an interview earlier this 12 months with Dmitry Smilyanets, intelligence analyst at Recorded Future.
Going by the alias Unknown, the gang’s consultant stated that insurers are “one of many tastiest morsels.” Hacking them will get the attacker entry to the corporate’s buyer base after which they hit the insurer on the finish.