Lockin Company, The First Mobile Security Company to Sign Up for ‘Hacking Damage Compensation Insurance’
2016.02.17
- Providing customers with peace of mind with confidence in security that cannot be breached by any hacking
- Taking the lead in preventing financial damage due to information breaches by signing up for hacking damage compensation insurance
The first mobile security solution in Korea to sign up for hacking insurance has been released.
Mobile security specialist Lockin Company (CEO Choi Myoung Kyu, www.lockincomp.com) announced on the 17th that it has signed up for ‘hacking damage compensation insurance’ to enable users to use its mobile app security solution ‘LIAPP (LOCKIN APP PROTECTOR)’ with greater peace of mind. With the hacking insurance that has been signed up with the largest fire insurance company in Korea, all Lockin Company customers will be able to receive up to 100 million won in financial compensation in the event of a hacking problem while using LIAPP. With this, Lockin Company plans to take a step closer to its corporate vision of creating the safest mobile world based on strong confidence in its security that can block any hacking.
This is the first time that a mobile security company has signed up for hacking insurance to protect customers who apply its security solutions. In the past, there were cases where financial companies signed up for personal information leak compensation insurance, but it is not common for security solution companies to sign up for hacking insurance. This is Lockin Company’s answer to the special nature of the security solution market where technical skills alone cannot be the answer for customers at the product purchase stage. It is to protect all customers’ information using the customer’s mobile app from any hacking and take responsibility for any concerns. Lockin Company’s LIAPP is also an expression of its confidence that it is absolutely impenetrable to hacking.
Hacking techniques are becoming more sophisticated by the day. Previously, there were DDoS and APT attacks, and recently, ransomware is on the rise. The mobile security solution LIAPP, which is a shield that blocks windows, is equipped with the most cutting-edge technology in Korea, but it alone cannot satisfy customers. To ease the concerns of these customers, Lockin Company found an insurance that can compensate for all hacking after three months of effort. In the future, Lockin Company can compensate for financial losses in case of damages due to leakage of core technologies and important information in mobile apps operated by all financial institutions, public institutions, and general companies that apply Liapp. All apps that apply LIAPP, including electronic transaction apps in the financial sector, business apps in public institutions, mobile game apps in game companies, and O2O (Online To Offline) service apps in general companies, can be covered by hacking damage compensation insurance, providing a double layer of peace of mind. In particular, by directly subscribing to IT specialized insurance called hacking insurance, a security specialized company can reduce the burden on customers who are reluctant to subscribe to insurance due to low awareness of intangible losses and cost burden, and can consider only introducing efficient security solutions. This insurance subscription is an additional benefit of Lockin Company for customers who cannot shake off all worries just by introducing security solutions as the speed of cyber attacks such as hacking is rapidly increasing. Lockin Company's strategy is to actively promote and sell the reliability and stability of its products by subscribing to this industry's first hacking insurance. Choi Myoung Kyu, CEO of Lockin Company, said, “There is a saying that goes, ‘When a horse is stolen, it’s too late to lock the barn,’ but Lockin Company’s trustworthy and reassuring service, which builds the barn and even repairs it if it collapses, will be able to protect our customers’ valuable assets.” He added, “Strong security and stable technology are a given, and we plan to continue to actively pursue customer satisfaction, starting with this insurance subscription, which was made from the perspective of our customers who need to prepare for contingencies.”
