Facebook and Twitter account attacks are causing notable damage, but coverage is now available.
A company in the United Kingdom has just released a first of its kind form of cyber insurance in order to help protect against hackers that break into Facebook and Twitter accounts.
This social media coverage is the first of this nature in the U.K.
The policy provides services that are geared specifically toward protecting against damage to a reputation, identity theft, and hijacked accounts. This has made insurance news across the country and around the world.
The creation of this cyber insurance is in response to the large number of hacked accounts.
It is quite common for Facebook, Twitter, and LinkedIn accounts to be broken into, these days, as it isn’t rare for other social media sites to be hacked. These lead to offensive or derogatory posts from unauthorized logins, leading to significant damage to the image of a business or individual.
According to the CEO of the insurer offering the ALLOW cyber insurance, Justin Basini, this new coverage “perhaps wouldn’t have been needed a few years ago.” However, he went on to say that “That’s all changed now. Every internet user faces a certain level of risk that one day a digital criminal will target them or that they will suffer damage to their reputation.”
This coverage comes with premiums at approximately $6.50 per month (£3.99), and provides access to support and legal advice in the event of an online social media attack, so that the account owner can work to quickly and effectively overcome the problem and restore the previous good reputation.
The premiums include protection against the cost of suppressing the offensive material, disabling the compromised accounts, and halting any legal action that may be triggered as a result of the hacked account. An example of this type of legal action could be the outcome of the posting of illegal material under the name of the victim.
The ALLOW Protect service will also step above cyber insurance and helps users to be able to monitor the way that their personal data is being used on the internet. Though overall coverage regarding online attacks is already commonly available, this is among the first that is specialized for social media.