11 February 2016 Insurance

SafeShare Global teams up with cybersecurity firm on identity theft solution

British cybersecurity firm Solfyre and London-based SafeShare Global, an insurance and technology start-up enabling the sharing economy, have partnered to develop what they claim is the world’s first identity theft and identity fraud insurance solution.

A white paper released in 2011 by the Detica and the UK Cabinet Office on the Cost of Cybersecurity estimated the total cost of cybercrime in the UK is £27 billion annually, of which it costs UK citizens £3.1 billion (£1.7 billion identity theft and £1.4 billion online scams).

The Office of National Statistics (ONS) has now included cybercrime statistics for the first time when releasing national crime statistics. Due to cybercrime and other fraud being missed out of official data - the Office for National Statistics has carried out new research showing the total number of crimes is double what was previously thought.

There were 5.1 million estimated cybercrimes and frauds last year plus 2.5 million offences under the Computer Misuse Act – hacking, identity theft, malware, and so on.

The partnership between Solfyre and SafeShare will provide another layer of protection to those active online by developing new state of the art, pay as you use, identity insurance products.

SafeShare’s ambition is to protect every transaction that occurs in the sharing economy, and to create the necessary security to ensure that it thrives. Through striving to protect the platforms, it hopes to simultaneously offer assurance to relevant investors that their interests are also protected.

Craig Vallis, founder and chief executive officer (CEO) of Solfyre, said: “I am very encouraged to see that the authorities are at last taking cybercrime very seriously and feel that we as individuals need to be keeping up to speed with our online identity and safety.

“This is why we are anticipating great success in partnering with SafeShare to help people satisfy their identity and privacy insurance requirements.”

Alexander Steinart, CEO of SafeShare, added:  “Solfyre is a shining technology business giving back personal data ownership to consumers. We are extremely excited about working together on this project, as SafeShare’s ethos is based around enabling more control and peace of mind for our online activities.”

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