Non-life insurance firm FPG Insurance is introducing its latest solution in the Philippines called MyCyberProtect Mate which provides protection against cybercrime ranging from online fraud to cyberbullying and identity theft.
Cyber threats and scams are increasing with the surge in digitalization during the COVID-19 pandemic over the last two years. This opened up more attack surfaces, including home networks, which are vulnerable to attacks because of their lack of security. FPG has on its insurer’s sights at least 10% of the 43 million internet users in the Philippines.
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“Customer will just need to call the 24/7 call assistance hotline to inform a (cybersecurity) issue,” said Sharon Navarro, chief underwriting officer, FPG Insurance. “The customer will then be guided through the process of immediately securing the customer’s e-accounts and the claim documents that need to be prepared/submitted. If fraud resulted in the loss of $ 1,000, we will reimburse the exact expense up to the limit of the coverage.”
Navarro also highlighted that FPG wants to provide assistance to victims of cyberbullying through reimbursement of costs for psychological consultation. The “MyCyberProtect Mate” will become both a defense and an offense partner to remedy online breaches.
MyCyberProtect Mate insurance solution comes with the following features:
- On online purchases: Insurance claim on items bought online that have not been delivered to the customer at all;
- On Internet payment scams: Covers financial losses arising from unauthorized transfer of funds to online bank accounts, e-wallets, or credit/debit cards caused by phishing and social engineering, pharming, malware, and fraudulent electronic fund transfer;
- On identity theft: Compensation to recover, for example, public records in the course of processing a new passport and other related documents.
- On cyberbullying: Financial assistance for psychological consultation, relocation costs, online reputation restoration, and legal expenses of the insured bullied, provided the incident is reported within 72 hours of discovery.
- 24/7 assistance services: Round-the-clock hotline manned by dedicated cybersecurity experts who are ready to provide support to the insured;
The process of compensation or reimbursement will require the submission of documents and related proof that cybercrime has been committed against the insured. The reimbursement will also depend on the insurance policy.