Tokio Marine's Singapore unit hit by ransomware

TOKIO Marine Insurance Singapore (TMiS) has emerged as another local victim of ransomware attacks this week.

The Singapore branch of Japan-headquartered insurer Tokio Marine Group disclosed the attack on Monday. It said some of its internal servers were targeted by ransomware on July 31.

When the attack was detected, the company isolated the network to prevent further damage and filed reports to local governmental agencies.

While the group is still identifying the extent of damage, there has been no indication of any loss of customer information or confidential information.

None of TMiS' core insurance operating systems were affected, and insurance operations functioned without interruptions.

The incident did not affect the life insurance operations, Tokio Marine Life Insurance Singapore (TMLS), as they maintain different servers from TMiS. TMLS also took immediate action to screen their servers and adopted additional safeguards to prevent a similar occurrence.

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The disclosure of the incident at Tokio Marine comes after another Singapore-based tech company, Pine Labs, was also found to have been hit by ransomware. In that matter, the alleged attackers claimed to have obtained confidential documents between Pine Labs and multiple Indian banks, according to a post on the hacker's website seen by The Business Times.

Tokio Marine has appointed an external specialised vendor to perform a third-party analysis of its systems to determine the scope of the ransomware attack's impact.

"We sincerely apologise for any inconvenience and concern caused to our customers or related parties," the group said.

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