New insurance offers protection against cyber attacks
Previously, this type of product had been limited to companies and high net worth customers. The new product will pay out if an individual needs to recover their data, for example, or if there are losses incurred through defamation and cyber-bullying.
Cyber-bulling is commonplace. The NSPCC says 1.26 million children experience cyber-bullying on a daily basis. At the same time, impersonation and deception scams are also increasing. In 2016 fraudulent activity resulted in financial losses of £432.3m in the UK, nearly double the 2011 figures of at £220.9m.
UK General’s chief commercial officer, Matthew Schofield, said: “Our cyber product is a first in the personal lines market offering protection against certain forms of cybercrime affecting ordinary people everyday. These crimes typically include online fraud, hacking and cyber-bullying.”
He added: “Insurance for cyber has focused on the corporate sector and high net worth individuals, but we believe it is important for ordinary people to be able to benefit from this form of protection. Cyber-bullying and other crimes such as fraud respects no boundaries, and many thousands of ordinary people have been affected by fraudsters, criminals and bullies.”
The insurance is only available via insurance brokers.