According to experts, the increasing number of online scams such as fake emails, calls and text messages designed to steal personal details, money, and even identities, has led to warnings that individuals should consider obtaining personal insurance to protect themselves. The Covid-19 pandemic and the resulting rise of remote working and rapid digital transformation have increased the global incidence of cybercrime.
As a result, the UAE’s Etisalat has become the latest company to offer personal cyber crime insurance policies to safeguard against various types of cyber threats including online banking fraud, credit card scams, loss of internet purchases, cyber extortion and identity theft.
Etisalat’s personal insurance policies start from Dh63 for a single device and offer coverage up to $5,000 in case of stolen funds. Etisalat customers can purchase these policies directly from the provider’s website by sharing their contact details and providing photo identification, such as an Emirates ID. Cybercrime is a broad term and encompasses various types of financial theft and data breaches. As cyber threats continue to rise, many individuals may not have the time to protect themselves, creating a growing need for simpler and more accessible solutions like personal insurance.
Vitaliy Trifonov, the creative technical director for cyber security company Group-IB, explains that as the demand for insurance against cyber threats has grown over the past five years, certain types of financial transactions or services could eventually require proof of cybercrime insurance to mitigate risk for both customers and financial institutions. While personal cybercrime insurance may not become as ubiquitous as car insurance, it could play a crucial role in protecting individuals against the growing threat of cybercrime.
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