Personal cyber insurance: the smart solution to countering cyber crime

Pioneers in cyber underwriting, Emergence, have today released a whitepaper titled: ’Personal cyber insurance: the smart solution to countering cyber crime’.

The paper highlights 88 percent of the Australian population use the internet and 71 percent use social media[1] providing fertile ground for criminal activity and antisocial behaviour to take place online.

 

To download a copy of the Emergence white paper, click here.

 

From 1 July 2019 to September 2019 the ACSC’s cyber crime reporting tool, ReportCyber, received almost 14,000 reports. That’s an average of around 148 reports a day, or one cybercrime report every ten minutes. Over this time, individuals and small to medium businesses self-reported financial losses to ReportCyber of more than $890,000 each day, representing an estimated annual loss of approximately $328 million.[2]

 

Troy Filipcevic, Founder and CEO of Emergence Insurance said: “Our dependence on the internet, and exponential growth of web-enabled devices and social media has made us much more interconnected, which increases our vulnerability to cybercrime at an alarming rate.

 

To coincide with the release of the white paper, Emergence has also launched Australia’s first stand-alone personal cyber product which provides cover for families and individuals in the event of a cyber attack. In today’s digital world, cyber fraud is becoming more and more prevalent, which is where this type of product steps in. Cyber insurance can help cover the financial losses that occur online all too frequently.

 

“In response to these emerging risks, Emergence is thrilled to now offer Australia’s first stand-alone personal cyber policy to combat the impact of cyber and identity fraud for Australian families and individuals.”

 

To download a copy of the Emergence white paper, click here or to learn more about the Emergence Personal Cyber Insurance Product, click here.

 

Emergence Insurance Pty Ltd (ABN 46 133 037 153, AFSL 329634) distributes products as agent for the insurer, certain underwriters at Lloyd’s. Your client should consider the relevant Product Disclosure Statement available on this website in deciding whether the product is appropriate for them, and whether to acquire, or to continue to hold, this product.

[1] Simon Kemp, “Digital 2020: Australia,” DataReportal, accessed 23 July, 2020, https://datareportal.com/reports/digital-2020-australia.

[2] Cybercrime in Australia July to September 2019, 2019, Australia Cyber Security Centre