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Risks in Digital Crimes

For the first time, individuals can buy insurance cover against cybercrime, including loss of funds to online fraud, identity theft, cyber stalking and extortion, phishing and malware attack. While customized cyber liability cover for businesses has been around for years, these were not over-the-counter covers that could be bought by individuals. The Cyber Safe policy designed is aimed at securing individual internet and ecommerce users. According to officials the rate will vary depending on the number of hours the individual spends online. “The cover is not device-specific and will cover transactions made using family devices or devices at work. However, the policy expects the insured to not undertake transactions in cybercafes or suspect devices.

November 2017