Preventing cybercrime and promoting private cyber insurance
The coronavirus crisis is driving us towards a more digitised world – but it is also providing more opportunities for hackers and cybercriminals. Whether it's a home office, homeschooling or online shopping, our usual way of life has changed and cybercriminals are following us onto the internet. Cybercrime is booming and anyone can be targeted, with sometimes serious and costly consequences.
Innovation: cyber module option for home contents insurance
Thanks to private cyber insurance – a relatively new business area – everyone can now be protected against cybercrime. Together with Alte Leipziger, we have developed and launched private cyber insurance. What makes this insurance unique is that Alte Leipziger have created a cyber module as an optional package within their home contents insurance, meaning that clients can purchase comprehensive protection against online crime at a relatively low price. The services that are included are also a great advantage. An IT service provider will be made available in the event of cyberbullying or data hacks, with professional support also being provided for cases of cyberbullying, which is affecting more and more children and teenagers. Online sales and purchases are also covered.
We are proud that, following the development of a new cyber module within its home contents insurance, our German client, Alte Leipziger, was recently featured as product of the month in the insurance experts ("Versicherungsprofi") section of Focus Money's 12/2020 issue. "The most notable innovation is the comprehensive cyber protection, which is offered through an optional tariff module, which is not yet available on the market in this form."
Cyber products are becoming increasingly important
Swiss Re cyber experts predict that the threat of cyber attacks will continue to rise and that the cyber insurance market will see a boost as a result of the coronavirus crisis. The premium volume in the cyber insurance market is expected to grow to USD 5.5 billion this year, up 20% from USD 4.5 billion in 2019.
However, the number of private individuals with cyber protection coverage is still very low. This is why we are making it a priority to develop further private cyber insurance products – we could even develop a stand-alone product. The coronavirus crisis could prove to be a turning point for the cyber insurance market and serve as a wake-up call for clients to take out private cyber insurance in order to protect themselves against online risks.