According to a recent report by cyber security firm Norton, more than 978 million adults experienced cybercrime globally in the last 12 months, 17million in Britain alone. With people becoming more frequently targeted by hackers, ransomware, phishing and online fraud we asked, are there better solutions to protect your online information than just off the shelf security systems.
Cyber insurance has traditionally been used to protect businesses from internet-based risks but in recent years has become significantly more prevalent in the personal lines space. However, risks of this nature are often not specifically defined in traditional insurance products.
Geo Private Clients has just launched their own high net worth household policy with Cyber Risk Assessment and Insurance included as standard. The policy provides access to a ground-breaking software platform - from cyber security experts Dynarisk - that provides a bespoke analysis of a family’s cyber risks.
Dynarisk’s innovative software platform works by assessing the online behaviours of individuals and families across numerous digital devices to give them a unique ‘risk score’. The software then advises what action to take to reduce the risk of an online crime or to prevent a cyber incident. The platform can also be used to assess a consumer’s cyber risk presale, enabling brokers to provide a bespoke cyber insurance policy while helping consumers to mitigate cyber threats.
The product’s home emergency, legal expenses and cyber cover will be underwritten by DAS and administered by Geo. The cyber aspects of the product, meanwhile, have been developed as part of an ongoing collaboration between DAS, part of the ERGO Group - one of Europe’s largest insurance groups - and HSB, part of Munich Re, the world’s largest insurer and ERGO’s majority shareholder.