Personal Cyber Insurance: the Smart Solution to Countering Cyber Crime

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.

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.

Read the Full Story from Emergence Here https://www.emergenceinsurance.com.au/personal-cyber-insurance-the-smart-solution-to-countering-cyber-crime/

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