Cyber Insurance: The Key to Safer Online Activity

Cyber insurance might reduce the billions of dollars in cybercrime losses incurred each year, according to a new poll from security firm Avast. However, the survey of UK businesses and consumers found that over a third (37%) are unaware what cyber insurance is. Almost half of those who didn’t know (46%) said it protected them from something.

In reality, cyber security can protect you or your company from a variety of threats, according to Avast, including identity theft and ransomware. Aside from these concerns, UK citizens are also concerned with personal data theft and stalkingware assaults.

The survey, according to the report, claims that firms that provide cyber insurance are not doing enough to promote their services. According to the poll, 58 percent of respondents believe none of their insurance providers offer coverage for cybersecurity breaches.

A large majority of Americans (84 percent) do not have cyber insurance, according to a recent poll. Insurance companies were among those who responded that they had cyber insurance (6%). Cyber insurance is also available from banks, pension providers, device manufacturers and service providers, according to Avast.

However, the majority of UK customers are not interested in purchasing a cyber insurance policy alone. If cyber insurance were included with antivirus software, 71 percent of consumers would use it to secure their online security (up from 63% last year). Four out of five (78%) consumers would use privacy-protecting solutions (such as a VPN or password manager) to safeguard their privacy.

“The findings from this survey highlight a general call for insurance providers to educate customers on the benefits of cyber insurance and a huge commercial opportunity for insurance companies to capitalize on the increased demand for protection of personal data,” said Nick Viney, Senior Vice President & General Manager at Avast.