Palo Alto Networks and Samsung Fire & Marine Insurance Join Forces on Cyber Insurance Business to Counter Hacking

MOU Signed for Cybersecurity Collaboration
"Supporting Stable Business Operations for Enterprises"
"Enhancing Security Posture with Cyber Insurance"

On November 17, global cybersecurity leader Palo Alto Networks and Samsung Fire & Marine Insurance announced that they have signed a memorandum of understanding (MOU) to explore cooperation in the field of cybersecurity.

Sangkyu Park, CEO of Palo Alto Networks Korea (left), and Dongheon Baek, Head of Special Business Unit at Samsung Fire & Marine Insurance, are posing for a commemorative photo at the signing ceremony of the cybersecurity threat management service cooperation MOU.

This MOU aims to establish a framework for discussions between the two companies in the cybersecurity sector, strengthen mutual understanding, and identify areas of shared interest. Through this agreement, the companies plan to explore various opportunities for future joint initiatives by discussing potential avenues for collaboration.

Under the terms of the agreement, the two companies will: ▲ maximize the use of their respective capabilities and resources to pursue mutual benefit; ▲ enhance mutual understanding through exchanges in their areas of expertise; and ▲ discuss strategies to expand cyber insurance and related business activities. In addition, they will consider ▲ mutual support for the development and operation of cyber insurance businesses; ▲ reviewing and pursuing the feasibility of new business initiatives; and ▲ providing customers with products and services at discounted rates.

Through this MOU, the two companies plan to combine their expertise in insurance and risk management with global cybersecurity capabilities to strengthen "cyber resilience" and deliver greater value to customers.

Dongheon Baek, Head of Special Business Unit at Samsung Fire & Marine Insurance, stated, "Through this partnership, we will provide customers with comprehensive security and insurance services, ensuring peace of mind from pre-incident prevention to post-incident response for cyber incidents." He emphasized, "With 17 services currently being prepared, including surface diagnostics, penetration testing, and incident response training, we will support companies with more systematic responses and practical compensation, enabling them to maintain stable business operations in the face of cyber risks."

Sangkyu Park, CEO of Palo Alto Networks Korea, said, "Through our partnership with Samsung Fire & Marine Insurance, all customers will be able to achieve a more complete security posture by combining Palo Alto Networks' security technologies with Samsung Fire & Marine Insurance's cyber insurance offerings."

Palo Alto Networks leverages the expertise of its threat intelligence unit, Unit 42, to help enterprise customers respond quickly and systematically to all stages of a cyber incident-before, during, and after an event. The Unit 42 team uses proven technologies and methodologies to rapidly investigate security incidents, work with customers to prevent the spread of incidents, and resolve issues at an early stage. Samsung Fire & Marine Insurance has extensive experience in designing and operating customized cyber insurance products for domestic companies.