If adoption were more widespread, cyber insurance could mitigate the billions of dollars in cybercrime losses incurred each year, a new survey from security firm Avast suggests.
However, the poll of UK businesses and consumers also revealed that more than a third (37%) don’t know what cyber insurance is. Of the remaining 63%, almost half (46%) don’t know what it protects them from.
In reality, there’s plenty cyber security can defend an individual or business from, Avast says, including identity theft and ransomware. Besides these threats, UK consumers also face personal data theft and stalkerware attacks.
But companies that offer cyber insurance are not doing enough to promote their services, the report asserts. According to the survey, 58% of the respondents think none of their insurance providers offer cybersecurity-related plans.
Among respondents who do have cyber insurance policies in place (6%), roughly a third (37%) receive it from insurance companies. Banks, pension providers, device manufacturers and service providers all offer cyber insurance too, Avast claims.
But the average UK consumer doesn’t seem to be particularly interested in a standalone cyber insurance policy. The majority (71%) would take up antivirus products to protect their online security if it was bundled with cyber insurance, while four in five (78%) would take up privacy-protecting products (such as a VPN, or password manager).
“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.