Did you know that alone in the Netherlands 1,8mn people were affected by cyber-crime in 2019? This makes up an incredible 13% of the population above the age of 15 according to the Central Bureau of Statistics in the Netherlands. The numbers have been strongly increasing in recent years with larger parts of our daily lives taking place online. In particular online shopping fraud is increasing rapidly. In 2019, 4.6% of the Dutch people were affected – up from 2.9% in 2012. While these statistics focus on one market, the number are likely to be representative of activity across most European countries. Wherever you are, it’s clear – cybercrime is on the rise.
The COVID-19 pandemic has fuelled cyber-crime even more. By end of March Interpol had registered tens of thousands of malicious domains with luring content about the COVID-19 pandemic, many of them either fake web shops or websites aimed at malware downloads. And by end of May more than one million new spam messages related to COVID-19 were registered. Many of them were phishing emails. Immorally yet not unsurprisingly, cyber criminals try to exploit our human weakness in uncertain times and crises.
In the current situation, consumers have a need for vital online protection against the most common cyber risks. That’s why iptiQ teamed up with Independer in the Netherlands and together we created “Veilig Online Verzekering” – a first-of-its-kind cyber insurance for private individuals against the most common cyber risks. The insurance combines financial protection against fraud in online shopping and online payments with data recovery service and a 24/7 expert helpline. Customers are not only supported after a cyber-attack occurs but the insurance aims to prevent incidents thorough education and best practice sharing. For example, customers receive a best practice checklist and information the optimal technical set-up to help them prevent cyber-attacks, such as how to activate automatic software updates and advice on downloading software only from official app stores and websites. And when an cyberattack does occur cyber experts will assist policyholders with the incident and guide them through their claim. In fact, policyholders can reach out to the cyber experts at any time for individual advice on cyber issues. All of this is available for an affordable premium starting from EUR 4.10 per month.
Swiss Re research has shown that cyber-crime is a growing concern for consumers globally with individuals being mostly worried about misuse of online payments (81% of respondents) and data loss (69%). Yet many customers don’t realize that insurance against these risks exists and, in some countries, limited coverage is available to consumers.
This distinct customer need and the increase in awareness of cybercrime is an opportunity for insurers and consumer businesses to protect more individuals’ digital lives. Closing the cyber protection gap for consumers should become a priority for our industry.
That’s why iptiQ teams up with trusted brands like Independer, amongst others, to create and offer straightforward insurance products that address unmet needs, on our mission to make insurance accessible and affordable for all.