In parallel with the need for greater vigilance against cybercriminal threats, an insurtech initiative now compensates victims when all else fails.
Did you just fall prey to data breaches or ransomware and lose personal data and other assets? If you had insurance coverage against such events, using e-commerce may be less harrowing perhaps?
The interesting news is that a New Zealand-headquartered insurtech firm, Delta Insurance Group, has launched its Personal Cyber (PerCy) coverage in Singapore and the wider Asian market.
PerCy offers protection for individuals against cyber-risks such as ransomware and data loss. The company has also signed an agreement with London-based Lloyd’s of London specialty reinsurance brokers Prospect Insurance Brokers to market and distribute Delta’s Personal Cyber Insurance product outside of the Asia-Pacific region.
The firm’s Chairman and Managing Director Ian Pollard said the agreement means the company’s Personal Cyber (PerCy) insurance offering will shortly be available in the UK and Europe through Prospect and will possibly be released into the United States in the future.
According to Pollard, PerCy provides a one-stop solution, accessed through an integrated customer portal provided by NZ-based Insurtech company Sentro, that also enables clients to access a unique personal risk-assessment and monitoring tool supported by DynaRisk, and general insurance policy administration.
The cyber insurance product is a sign of the times and has attracted considerable interest both here and in Asia since its NZ release, said Pollard. “There was already a significant growth in risk to people in their homes from cyber-criminals and that has soared since COVID-19 arrived. Globally, around 64% workers are now remote, a 148% increase with the pandemic, and there’s been an almost 100% increase in the personal use of managed devices.”
Pollard said the research also showed a 161% increase in traffic to high-risk apps and sites and a 600% increase in traffic to porn sites under COVID-19, while cloud-based delivery of malware, rather than web-based delivery, now counted for 63% of incidents.
Will this initiative compel other insurers to join in the fray? Will it lead to less vigilance among personal users since they are now covered beyond their own countries’ regulatory safeguards? Only time will tell.