Over the last few months, the buzzword from the cyber and internet security community has been “insurance”. At first glance it might seem like a concept that doesn’t have much to do with the online world, but more people are coming around to the idea of having insurance against online dangers like phishing, hacking and scams.
Technology retailer Incredible Connection has also come around to the idea, and together with cyber-security based insurance company Phishield, will be adding on phishing insurance cover for all internet-enabled products sold.
“We understand that as a responsible retailer we need to optimise all touch points of the product experience – those that have a potential impact on the consumer. We need to find ways to mitigate any negative experience they may have, and of course, the protection against a global phenomenon such as phishing is certainly another way we are able to do just this,” explained Mastura Ahmed, Marketing Executive at Incredible Connection, in a press statement.
One year of protection
The company explained that the Phishield cover that will be tacked on to internet-enabled products will give buyers a 12-month policy against loss of funds through phishing. But there is a bit of a catch – the insurance will only kick in if the bank does not reimburse the customer.
“The cover is worth R5 000, where consumers have the opportunity to upgrade to a higher cover – either at time of registration or after the initial 12-month period. Incredible Connection customers will be given a premium discount on any upgrades as well as policy continuation after the 12-month period,” Incredible Connection said.
Bruce Goodwill, Director at Phishield, added that people are most at risk against phishing attacks when using a mobile phone.
“Consumers are at very high risk when it comes to phishing, given the increasing use of mobile and online platforms to bank, shop, get around town or make in-app purchases. In fact, according to Kaspersky Lab, 884 774 new malicious programs were detected in 2015, a three-fold increase on 2014, indicating the vast risk as well as global need for financial protection for consumers.”
Keep an eye out for cyber insurance in South Africa, as it will become increasingly common as hackers and their tools become more sophisticated.
Sadly, other than being vigilant when online, there is very little one can do if something goes wrong on the internet. Cyber insurance will at least help you and companies buffer some of the financial loss that might be incurred from being tricked online, or worse – hacked.
[Image – CC by 2.0/Steve Rhodes]