Personal Cyber Protection Insurance
The statistics surrounding cyber crime are simply astonishing. It is easy to become desensitised to media coverage on trendy topics, but cyber crime has risen at an alarming pace – and is not expected to slow down. The situation was described as “Epidemic Proportions” last year when figures for 2016 showed over 5 million cyber offences reported in England and Wales, affecting nearly one in 10 people. There are 500 new victims a day according to Cifas.
This product is available to insurance brokers and intermediaries only.
According to the ONS, over 50% of total UK crime in 2015 involved either computer misuse (17%) or cyber enabled fraud (36%).
Cyber Insurance has been available for the SME, and to a lesser degree, the High Net Worth market for a little while now, but not so for the personal lines market. Vantage Protect has teamed up with UKG to provide cover for your personal lines clients.
Covering immediate family at the policyholder’s home address, those over 18 can be covered for:
- Cyber bullying or defamation £2,500
- Recovery of insured data £2,500
- Online sales fraud £2,500 per claim
- Online shopping fraud £2,500 per claim
- Online theft of personal funds £10,000 per claim
The cyber bullying section also includes cover for up to three hours counselling following an incident.
Up to date anti-virus and regular device backups are a required condition of cover, which if nothing else is a useful reminder for all of us, that the basic precautions should be heeded.
PCPI is available with home insurance either as an optional add-on, built in on a mandatory basis or standalone – allowing you to decide how best to promote this cover to your clients.