Supports enterprise cybersecurity protection through both cyber insurance coverage and employee training services
KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, today announced Information Services International-Dentsu, Ltd. ("ISID"; Headquarters: Minato-ku, Tokyo; President: Ryoichi Nawa), a Japanese KnowBe4 reseller and MS&AD InterRisk Research Institute, Inc. (President: Mitsumi Nakamura, hereinafter "MS&AD InterRisk Research") agreed with Japanese major insurance companies, namely, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, to bundle KnowBe4's security awareness training services into their cybersecurity insurance offering*. This new security education service-embedded cyber insurance offering will be available beginning April 1, 2021 for the first time in Japanese damage insurance industry.
According to MarketsandMarkets’ industry research report, the global cyber insurance market in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period. The major factors driving the market include the increasing number of sophisticated cyber attacks amplifying the fear of financial losses and the growing need for compliance with various upcoming regulations. In Japan, cyber insurance is getting more and more attention due to a severe increase in cyber attacks to Japanese enterprises.
“Cybercrime has become big business and it continues to grow every year,” said Stu Sjouwerman, CEO, KnowBe4. In every country, the damage and impact of cyber attacks are significantly increasing. Cyber risk is no longer a technology issue, but rather a business issue to be audited by the board of directors. However, most security risk protection efforts are focused on technologies. To counter cyber attacks that target "people", "people" defense is needed. Once or twice a year, security training is not enough to solve this problem. It is essential to conduct security awareness training at least once a month combined with simulated phishing exercises to instill security awareness in each and every employee, achieve behavioral change, and permeate a strong security culture throughout the organization. This first-of-its-kind initiative in Japan supports cybersecurity measures through both employee education and loss compensation. We believe it is very significant that KnowBe4 is able to collaborate with major Japanese insurance companies.”
For more information on KnowBe4 security awareness training and simulated phishing platform, visit www.knowbe4.com.
Note*: The cybersecurity insurance will become available under the brand names of “Cyber Protector” form Mitsui Sumitomo Insurance and “Cybersecurity Insurance” from Aioi Nissay Dowa Insurance.
KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is used by more than 37,000 organizations around the globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. Kevin Mitnick, an internationally recognized cybersecurity specialist and KnowBe4's Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics. Tens of thousands of organizations rely on KnowBe4 to mobilize their end users as the last line of defense.