10 September 2018, 09:00
10 September 2018, 09:00
Saga is first to launch personal Cybercrime Insurance within their legal expenses cover
- Saga launches brand-new proposition to the market with cyber insurance.
- Designed to cover growing concerns raised by Saga customers.
- Seven in ten Saga Members reported to feel at risk from being the victim of cyber scams and online fraud.
- One in five of those polled have been victims of cyber crime
Saga Home Insurance has launched Personal Cybercrime cover, providing customers with comprehensive protection against cyber risks on their personal devices, including ransomware attacks.
The Saga Home Insurance add on is a brand-new proposition to market, designed to help those impacted by cyber-attacks, fraud and scams. It also offers help and advice to protect people falling victim to cyber criminals. Developed based on the growing concern raised by Saga customers, the product has been designed specifically to cover the rise in risks surrounding cyber security. Currently, there are no other standard home insurance providers in the market offering this type of cover, making the product exclusive to Saga customers.
New research by Saga Home Insurance has found that amongst over 11,300 over 50s, seven in ten (72%) feel at risk of being the victim of cyber scams and online fraud. However, due to the caution they exercise, just one in five said they had been a victim of cybercrime.
The internet has revolutionised the buying behaviours amongst people aged over 50. Three-quarters of Saga Members now use the web for both online shopping and banking, as well as booking holidays and hotels, and are also using social media to stay in touch with friends and family. However, although increasing numbers are utilising the technology available, there is real concern about the threat posed to them online.
As part of Saga’s Personal Cybercrime cover, customers will have access to expert advice in the unfortunate event of a cyber-attack and can feel confident knowing they will receive practical advice and guidance on immediate actions they need to take, as well as assistance to manage the issue. The cover, included as part of the legal cover add-on, proposes to restore, where possible the customer’s electronic devices to the state they were in prior to the cyber-attack; subscriptions to credit monitoring companies will be reimbursed following a cyber-attack and the add on also offers an advice line to discuss concerns over cyber security issues.
The introduction of this cover means that Saga Home Insurance now offers a comprehensive package to protect people against fraud. The legal cover also offers protection for ID Theft, and a fraud and scam helpline which people can call if they are suspicious of anything from an email, a website or even a mailing they receive in the post.
Simon Mcphee, Head of Saga Home Insurance said, “
“As the majority of our personal transactions are now conducted online, the need to ensure we are protected from a personal perspective, in the event of becoming a victim of a cyber-attack. Many of our Saga Members have embraced digital apps and platforms and have integrated these into their day to day lives. However, as technology continues to evolve, so do the methods used for online fraud and cyber scams.
Previously insurers have responded to cyber risks in the commercial sector, but there was very little available for personal cover. We are excited to be able to offer our customers a unique product, which has been developed to help with issues they have told us they have real concerns about. In addition to assisting our customers in the event of becoming a victim of a cyber-attack, there is also an advice line to discuss cyber-attack matters that may be of concern.”
Notes to editors
1Populus interviewed 10,104 adults, all aged 50+ online between 17th and 23rd October 2017 and a further 11,334 between 19th & 25th June 2018. Data was weighted to be nationally representative. Populus is a member of the British Polling Council and abides by its rules; for more information www.populus.co.uk
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About Saga Home Insurance
Saga is the leading specialist insurance provider for people aged 50 and over. Saga Home Insurance covers more than one million people and is Defaqto 5 Star rated, as is their specialist Landlord Insurance and TailorMade cover, for those who need a higher sum insured. Plus Saga also provides holiday home insurance, giving peace of mind to those with property abroad. For more information, visit Saga Home Insurance website or call 0800 001 5892.
Saga specialises in the provision of products and services for life after 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high quality, award-winning products and services including cruises and holidays, insurance, personal finance and publishing. Visit saga.co.uk