A new study shows British people (Brits) now rank personal data as their most important asset to protect from everyday risks (such as accident, damage, or crime) out of all non-legally obligatory policies in the UK.
While legally mandated home (82%) and car (77%) insurance tops the table, an almost equal number of respondents (76%) ranked their personal data as their most valuable asset in need of protection, above household items (71%) and health (70%).
Over the past eighteen months, global digital security and privacy leader Avast has observed an increase in Covid-inspired attacks designed to take advantage of increased time spent online in all areas of life during the pandemic.
Covid-19 scams, socially engineered phishing attacks, and high-profile ransomware incidents on critical services, have contributed to the majority of respondents voicing concern over issues such as identity theft (69%), leaks of personal data (67%), ransomware attacks (64%) and stalkerware attacks (63%).
Despite this, over half (58%) of Brits say none of their insurance providers have offered cyber insurance as an option so far, and although 57% reported they are aware of cyber insurance, over half did not know what it would protect them from.
With a growing number of people more afraid of the potential for cyber-attacks than physical crime, there is a clear demand for insurers to augment their offerings to include securing consumers’ digital infrastructure.
Nick Viney, Senior Vice President & General Manager, Partner, at Avast, said, “With a clear lack of consumer awareness of available cyber insurance policies and scope of what they cover, it is unsurprising that such a small number of people (only 6%) have personal data protection in place. With concerns rising and the threat landscape increasing, now is the time for insurers to be addressing this critical issue.”
With personal data currently being sold on the dark web for the same price as a small bar of chocolate, there is a substantial case for consumers to get a hold of cyber insurance policies to prevent them losing out to cybercriminals. Cybercrime costs the UK economy £11 billion a year (£210 for every British adult), according to insurance company RSA.
Avast recently reported a significant increase in ransomware attacks during the early pandemic months, with ransomware having grown by 20% during March and April 2020 in comparison to January and February – including multiple ransomware attacks targeting hospitals, putting an enormous pool of consumer data at risk.
Avast partners with insurance providers to offer their customers personal data and identity protection, along with cyber insurance programs. The company also offers threat intelligence feeds which insurance providers can leverage as an add-on service for their customers, sharing insights on the latest cyber threats.