Most consumers want insurers to handle personal cyber threats

Nearly four out of five consumers (79 percent) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to new report from Accenture.

A new global report, titled “Three ways COVID-19 is changing insurance” and based on a survey including 3,000 UK consumers, aims to understand how consumers’ experience with, and expectations of, insurance products and services during the pandemic may drive permanent changes in the industry.

With consumers spending significantly more time online, the pandemic has increased the risk of cyberattacks and fraud. This is driving consumers to go beyond traditional identity theft solutions and turn to their insurers for personal cybersecurity needs, even though cyber insurance has traditionally been offered primarily as a commercial product. At the same time, however, the report found that consumers are concerned about identity and personal data protection issues, with one in five (21 percent) saying they worry their data will be stolen if they share it with insurance providers.

The report also finds that as COVID-19 has significantly disrupted work under stay-at-home restrictions, consumers expect long-term changes to their lives that require new demands of their insurer. More than half (59 percent) of respondents who can work from home said they expect to do so more frequently in the future. And as homes are now the epicenter of their working life, just under half (46 percent) of respondents said they would be interested in home cybersecurity insurance where premiums are tied to using the latest virus protection software.

“This has been a year like no other with the exponential rise in the risk and sophistication of personal cyber-attacks,” said Max Richter, a managing director in Accenture’s Insurance practice who leads on cyber insurance.

“Drastic changes to living and working habits resulting from the pandemic mean that customers require more support than ever from their insurers to protect their identity and personal data. Trustworthy insurers who are able to win over consumers and mitigate their cyber threats will play a key role in a more vulnerable and digital world.”