Palo Alto Networks (NASDAQ: PANW) and Samsung Fire & Marine Insurance (hereinafter referred to as Samsung Fire & Marine Insurance) announced that they have signed a memorandum of understanding (MOU) to explore cooperation in the field of cybersecurity.
This MOU aims to strengthen mutual understanding and identify areas of common interest in cybersecurity between the two companies. By exchanging information and expertise and discussing cooperation plans, the two companies will explore various opportunities for future joint ventures.
Under the agreement, both companies will maximize their respective capabilities and resources to achieve mutual benefit, enhance understanding through specialized exchanges, and discuss cooperative measures to expand cyber insurance and related business activities. They will also explore areas such as cyber insurance business development and operation support, new business feasibility studies, and customer discount service offerings.
Through this collaboration, Samsung Fire & Marine Insurance and Palo Alto Networks plan to strengthen cyber resilience and deliver enhanced value to customers by combining their insurance and risk management expertise with global cybersecurity capabilities.
“Through this partnership, we will provide comprehensive security and insurance services from cyber incident prevention to post-accident response,” said Baek Dong-heon, head of Samsung Fire & Marine Insurance’s Special Business Unit. “Through 17 services including surface diagnosis, mock hacking, and incident response training, we will support systematic responses and practical compensation so that companies can continue to run stable businesses from cyber risks.”
“Cybersecurity incidents are a threat to every company today, and Palo Alto Networks aims to provide the best security technology and services while delivering more value to our Korean customers,” said Sang-Kyu Park, CEO of Palo Alto Networks Korea. “Through our partnership with Samsung Fire & Marine Insurance, we will enable customers to have a complete security posture through security technology and cyber insurance.”
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