Security News > 2021 > August > Japanese insurer Tokio Marine discloses ransomware attack
Tokio Marine Holdings, a multinational insurance holding company in Japan, announced this week that its Singapore branch, Tokio Marine Insurance Singapore, suffered a ransomware attack.
As the largest property and casualty insurance group in Japan, Tokio Marine Holdings is an attractive target for cybercriminals, who can use the breach to find and compromise customers of the organization.
Tokio Marine notes that the ransomware attack affected Tokio Marine Insurance Singapore and that other companies the group has in the country suffered no damage.
Most ransomware attacks these days are also treated as data breach incidents because the attacker also steals files from the victim network before encrypting them.
Tim Starks of CyberScoop notes that Tokio Marine is the second insurer this week to announce a cyber attack, with Ryan Specialty Group also disclosing on Monday that back in April it detected unauthorized access on some employee accounts.
Some of the larger insurers fell victim to ransomware attacks earlier this year.
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