From Monday 15 June, ICMIF member NFU Mutual (UK) will be including Personal Cyber cover as standard for new Bespoke home insurance customers, ensuring that their privacy, data and assets receive specialist cover just as their home and contents do.
- The embedded cover will provide protection of up to GBP 50,000 from NFU Mutual for five key cyber risks
- Partnerships with fellow ICMIF member CyberScout and with data recovery specialist Ontrack will provide holistic support for customers, through a 24/7 cyber helpline, and data restoration services
- Cyber experts provide tips for staying secure online
NFU Mutual says the introduction of this cover helps to strengthen the mutual insurer’s position in the High Net Worth market, following the relaunch of its Bespoke proposition during October 2019. NFU Mutual Bespoke offers a tailored approach to home insurance and has been specially designed for those properties that have high-value contents such as fine art, jewellery and collections.
Recent figures from the Cabinet Office estimate the overall cost of cybercrime to UK citizens is GBP 3.1bn per annum, while Cyber Security Ventures released a prediction that by 2021 a ransomware attack will occur every 11 seconds. In 2019, Help Net Security estimated that 65.1% of consumers or their family members lost data – a jump of 29.4% from the previous year.
NFU Mutual’s embedded personal cyber cover incorporates a 24/7 cyber helpline and data restoration services delivered by partners CyberScout and Ontrack. The aim of the cover is to provide peace of mind to NFU Mutual’s Bespoke home insurance customers that they have access to a holistic suite of support should they fall victim to cybercrime.
Customers will benefit from unlimited, 24/7 telephone assistance through a dedicated NFU Mutual Bespoke cyber assistance helpline delivered by CyberScout, a leading incident response vendor and one of ICMIF’s Supporting Member organisations. CyberScout’s expert advisors will coach customers through the 'up to the minute’ methods of protection from criminals, as well as being at the end of the line in the event of an attack to manage the process and limit damage.
If the issue cannot be solved over the phone, the NFU Mutual cover will also insure customers financially against the five most common types of cyber risks up to GBP 50,000, including cyber attack, ransomware, identity theft, cyber crime, and smart devices and wearables.
In the event of a claim, customers will also be supported by the world’s largest data recovery company, Ontrack. They offer a full suite of professional services for those that have been affected by cybercrime, ransomware or any other data loss scenario. Their expert team of in-house cleanroom and laboratory engineers utilise their wealth of experience and proprietary data recovery tools and techniques to ensure you will stand the best possible chance of recovering valuable data.
Nick Wilmot (pictured), Bespoke Manager at NFU Mutual, said: “Developing relevant, tailored and comprehensive cover that adds value to our customers in a meaningful way is vital in continuing our growth in the High Net Worth market. We have designed this cover in direct response to the increasing cyber risks our customers are facing, due to their digital and technology exposure and the growing sophistication of brazen criminals looking to reap higher rewards from wealthy individuals.
“Anyone can be a victim of cybercrime and an attack can bring enormous distress to individuals and families. Even the savviest of customers still feel anxious and vulnerable to cybercrime, in particular that their bank account and identity can be compromised, and customers told us that they wouldn’t know what to do or who to turn to in the event of an attack.
“This is why as well as providing up to GBP 50,000 in protection from the financial impacts of an attack, our customers have unlimited access to the NFU Mutual Bespoke Cyber Assistance Helpline providing unlimited 24/7 technical cyber support from CyberScout. The helpline can be utilised for advice to prevent security issues, or for urgent help in the event of an attack. Incident responders will walk the customer through a series of solutions that aim to limit the damage before the need to make a claim. Where a claim arises, our partnerships with CyberScout and Ontrack ensure we have access to cyber and data restoration experts, providing comprehensive protection to our customers.”
“In our increasingly digital lifestyles, cybercrime can pose a greater risk to people than burglary or fire,” said Tom Spier, Commercial Director – Global Markets at CyberScout. “We are delighted to partner with NFU Mutual to provide world-class personal cyber protection services to their policyholders. Historically, high-net-worth programmes have proven an indicator of where the market is moving and this programme is no exception - by embedding cyber services into their existing programmes, NFU Mutual is leading the way to protect and empower policyholders today and into the future.”
President of Ontrack, Phil Bridge, comments, "The rise of ransomware has been the most significant trend in cybersecurity in the past year. No one is safe from cyber-attacks or ransomware; it impacts everyone. More personal data is being produced than ever before and its loss can have devastating implications for its owner. It is vital for individuals to know that data recovery is achievable. Our goal is to support our customers in their efforts to get back to normal as soon as possible.”
NFU Mutual’s Personal Cyber cover will be included in new business Bespoke quotes from 15 June 2020. Any existing customers and policies quoted prior to 15 June will see Personal Cyber cover added to their Bespoke policy at renewal starting 1 September 2020.
For further information, visit: www.nfumutual.co.uk/bespokecyber