New Zealand company Delta Insurance has launched a service to cover individuals and households from losses through cyber-attacks. It leverages a cyber-risk assessment technology from UK company DynaRisk, under a partnership announced in April.
Delta CEO Craig Kirk said at the time that DynaRisk would mitigate risk by providing an initial assessment of the current state of exposure and then provides practical, guided steps customers could take to improve their risk position.
“While we can provide DynaRisk independent of an insurance solution, it also sits perfectly with a robust insurance package.”
Kirk said the new personal cyber insurance, PerCy would be made available initially to organisations to offer their employees and customers in conjunction with DynaRisk. According to Kirk PerCy has no excess, limited paperwork and sits on a digital platform for ease of use.
“To on-board a group of customers we just need their email addresses and we can then send them an activation email to access the policy benefits and to set up their DynaRisk account,” he said. “It’s a ‘light-touch’ model and designed to be very intuitive.”
Delta cyber-risk specialist Fred Boles said: “The great thing about DynaRisk is that it coaches you through the whole process of optimising your cyber-security and then provides ongoing monitoring and training tools – such as how to spot and avoid ‘phishing’.
“DynaRisk monitors whether your personal information – such as email addresses, credit cards and phone numbers - has been breached - and if any of that information is available on the ‘dark web’.
“It then gives guidance on what to do about that; it will identify your risks such as weak passwords or privacy settings and show how to address these through encryption or secure password-storage software, for example - the basic IT ‘hygiene’ actions people don’t do very well.”
He said individuals could register their devices on DynaRisk, and get a dashboard showing how they are faring, along with a running score for their risk, and coaching to improve that score.
“For the first time in New Zealand, families will really be able to significantly reduce their exposure to hackers and online criminals, but organisations will also benefit,” he said.,
“More and more employees work from home and use their own devices, which raises the risk of a device acting as a Trojan horse, bringing harm into the business.”