Research confirms the cyber risk

Cyber risks feature amongst the most prevalent risks worldwide. The potential financial impact from cyberattacks is estimated in trillions of USD. While close to three quarters (73%) of respondents rank their digital identity as most important to protect along with their job and income (59%), and well ahead of items like jewellery (35%), only six percent have online identity insurance or job loss cover right now. The need for a relevant solution is enhanced with the exponential growth of online shopping and working from anywhere. (Source: Asian Insurance Review)

That leaves consumers vulnerable. Asia is 80 percent more likely to be targeted by hackers than other parts of the world, due to the growing speed and scope of digital transformation and the expanding sources of vulnerability stemming from increased IoT connectivity.

Imagine the following scenario

You receive an email, supposedly from your internet service provider, asking you to “re-confirm” your login credentials via email. You follow the instructions and confirm the credentials. The next day, you realize a substantial amount of funds have been withdrawn from your bank account. Your online banking login was similar to your internet service provider. So, you soon realize the email you received the day earlier was actually a phishing email from which the fraudsters were able to guess your login credentials.

The solution

Hannover Re along with its ecosystem partners designed a unique user centric solution encompassing the entire risk chain from prevention to insurance to crisis assistance, empowering end users to:

  1. Gain awareness of their digital vulnerability through end point analysis and scoring, encompassing current dark web exposure and potential user id and password leaks
  2. Implement a necessary action plan with the assistance of our cyber risk dashboard and hotline and regularly check on your score
  3. Insure the consequences of a cyber-attack or leak
  4. Assist the end user in all measures to take while being hacked and to be taken to be safe again post claim.