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(Nikkei BP Group)

(No.1 High-Tech News Site in Japanese)

  • Daitokyo to Offer Insurance for Internet Banking
  • November 30, 1998 (TOKYO) -- Daitokyo Fire & Marine Insurance Co., Ltd., a non-life insurance company, said that it will offer in December an Internet banking insurance service for financial institutions that operate Internet banking.
    This service will compensate Internet banking users for losses that are due to illegal acts, and it will be the first such insurance in Japan.

    This insurance service applies to policyholders for three cases: (1) illegal access via the Internet; (2) illegal acts taken by the policyholders' employees; and (3) illegal acts by staff dispatched by other computer service-related firms.

    The standard annual insurance fee is about 4.5 million yen (US$37,000). Daitokyo will pay compensation of up to 1 million yen (US$8,220) to a single user.

    GAB Consulting Inc., in collaboration with Daitokyo, will inspect security levels of Internet banking systems prior to the writing of insurance contracts, Daitokyo officials said.

    (Nikkei Digital Money Systems)

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    Updated: Fri Nov 27 23:52:40 1998 PDT