NordVPN will enter the cyber insurance market to provide crucial cyber protection benefits backed by insurance in select markets. The initial launch targets the United States and the United Kingdom, with plans to expand to other regions.
By collaborating with chosen insurance companies, NordVPN aims to address cyber threats and support its clientele affected by malicious activities. The benefits are integrated into the NordVPN Ultimate bundle subscription plan, which includes NordVPN virtual private service, the NordPass password manager, and various advanced features, without incurring additional costs for subscribers.
This approach underlines the recent trend of not only offering advanced technological solutions but also recognising the human element in cybersecurity and acknowledging that even tech-savvy users may fall prey to sophisticated cybercriminals tactics.
As per the research by the company, about five million people have fallen victim to online identity theft, with hackers selling stolen information on bot markets for an average price of $6. This escalating threat has affected 125,000 citizens in the US alone, encompassing the sale of compromised materials, such as webcam snaps, screenshots, login IDs, cookies, and digital fingerprints.
NordVPN’s cyber protection benefits cover identity theft and cyber extortion protection with reimbursement of up to $1 million for identity theft fraud. This will also cover legal fees, credit bureau reports, document replacement, mental health counselling, and other expenses. For customers in the UK, the bundle will also provide scam loss recovery and online shopping fraud recovery benefits.
Furthermore, victims gain access to identity theft investigators who can guide them through rectifying their credit history or identity records, alleviating the burden on the affected individuals.
The protection benefits also support those facing payment demands connected to the threat of releasing or deleting information, with up to $100,000 of professional assistance available to advise and respond to these threats.
“While cybersecurity and privacy tools help to protect internet users from a technical perspective, human error remains an essential factor in cybersecurity, and no one is fully protected from scams,” said Tomas Okmanas, co-founder and co-CEO at Nord Security. “Especially considering that the tactics used by cybercriminals are becoming more sophisticated, even cyber-savvy users sometimes get tripped up. With cyber protection benefits backed by insurance in our product bundle, we aim to complement our technological solutions, bridge the cyber protection gap, and support our customers affected by cyberattacks.”
In India, cybersecurity firm Rubrik has also introduced a $10 million Ransomware Recovery Warranty initiative for some qualified customers.
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