The partnership between Tokio Marine and CrowdStrike aims to enable insureds to assist customers in dealing with ransomware attacks and other sophisticated threats
The number and severity of targeted ransome attacks has further escalated during the pandemic when employees started to work remotely and started using their personal equipment for work. Credit: Pete Linforth from Pixabay.
Tokio Marine – Cyber & Professional Lines Group has teamed up with cloud-delivered endpoint and workload protection company CrowdStrike to offer the latter’s antivirus solution to insureds.
CrowdStrike’s endpoint protection solution is designed to enable insureds to assist customers in dealing with ransomware attacks and other sophisticated threats.
This cloud-native CrowdStrike Falcon platform is said to bring together next-generation antivirus (NGAV), endpoint detection and response (EDR), cyber threat intelligence, managed threat hunting capabilities and security hygiene.
As part of the tie-up, Cyber & Professional Lines Group will provide CrowdStrike’s Falcon Prevent to insureds.
It is said to protect against all types of attacks, ranging from commodity malware to more sophisticated attacks such as ransomware, with one solution – even when offline.
The solution utilises machine learning and artificial intelligence to deliver indicators of attack, exploit blocking and threat intelligence to stop even malware-free and fileless attacks.
Increasing ransomware attacks during Covid-19 pandemic
There has been an increase in the targeted ransomware attacks by cyber criminals, causing considerable economic damage to the victims, noted the company.
It is said that the number and severity of these attacks has further escalated during the Covid-19 pandemic when employees started to work remotely and started using their personal equipment for work.
Sometimes, these sophisticated attacks can bypass a victim’s legacy antivirus protection, the company added.
Cyber & Professional Lines Group chief underwriting officer Mike Palotay said: “Legacy antivirus products traditionally have relied on comparing virus signatures with files on a computer to identify if there is a virus on the machine.
“This kind of antiquated technology is incapable of protecting against the new breed of ransomware variants, which can easily be modified to evade detection by traditional signature-based virus scanners.
“The leading endpoint protection solutions have expanded their detection methods beyond signatures and do a much better job identifying and stopping dangerous malware. We are excited to work with CrowdStrike because we think our policyholders will benefit from implementing their technology to stop breaches.”