Seguros Catalana Occidente focuses on cyber security as one of its innovation axes and launches Personal Cyber Risk

"The aim of the new insurance solution is to protect customers and their families against cyber risks such as theft of funds, identity theft or scams in online purchases, and includes specific coverage for minors against cyberbullying, cyberstalking and loss of reputation. "

Seguros Catalana Occidente has added to its offer Personal Cyber Risk, an insurance policy that aims to offer protection against cybernetic risks, offering customers a wide range of preventive services and providing support in the management and resolution of any type of incident. The launch of this product reaffirms the commitment of insurer Grupo Catalana Occidente's to customer security in the digital environment.

Thus, damage coverage includes theft of funds and identity, cyber extortion, data restoration or decontamination of malicious software, hardware replacement and online purchases and sales. In the case of the latter, the insurance covers compensation for any financial loss arising from a scam during the purchase or sale of goods or services over the internet.

In addition, it also has specific coverage of liability for third-party claims for damages for defamation or copyright infringement; Computer damage caused by a cybernetic incident and a claim by a third party related to the violation of personal and/or confidential data.

One of the particularities of this insurance is its preventive nature, with tools that anticipate online risks and mitigate them. For example, through a vulnerability analysis, the customer can request the analysis of their IP to detect any possible security breaches, classified by their level of seriousness. In this regard, customers can access a service to respond to these vulnerabilities.

Another added value service is the review of the IT system, as well as the detection and elimination of malware, temporary files, cookies and services that slow down or endanger the data or the functioning of the customer's computers. The policy also includes an application that allows the detection and prevention of malicious ransomware activity.  This app, installed in each piece of equipment, will provide a restoration point through backups that are generated periodically so that, in the event of an incident or when needed, it can be returned to the previous point when everything had worked correctly, thus minimising the impact of the attack.

The Personal cyber risk service is provided entirely through a responsive website (adaptable for tablets and mobile phones) so that the customer has the services offered by the product within reach.

Protection of minors on the Internet

Personal cyber risk also offers customers a pack designed to protect the youngest members of the household from the dangers of the Internet, which includes coverage to deal with cyberbullying, cyberstalking and also loss of reputation. Thus, some of the risks covered by the insurance are the costs of civil or criminal proceedings brought against a third party for having committed cyberbullying; school expenses in the event of a change of school and psychological assistance and treatment to treat the after-effects caused by a situation of harassment.

On the other hand, if the minor is able to see his image and reputation tarnished due to a situation of online harassment, the insurer will proceed to handle the case to demand the removal or rectification of the defamatory content.

In the words of the Director of Individuals at Seguros Catalana Occidente, Antonio Tejero, "the launch of Personal cyber risk insurance provides our customers with an extensive range of preventive services and tools that aim to increase their security in the digital field." He added that, "with this new value proposal, Seguros Catalana Occidente completes its offer in the field of cyber risks, which currently covers both companies and individuals."

Committed to cyber security

Personal cyber risk is a product that has been developed within Xplora, Grupo Catalana Occidente's innovation programme that promotes the organisation's cultural transformation through training plans, intra-entrepreneurial programmes for Group employees and an open innovation model through the Group's collaboration with startups, research centres and other institutions.  

Specifically, Personal cyber risk arises from the purpose of Grupo Catalana Occidente to provide solutions adapted to changes in consumption patterns and transformations in today's society. With this vocation, the insurance group identifies cyber security as one of the primary challenges to be addressed from the perspective of insurance. In addition to cyber security, the company is focusing its efforts on creating new products and services focused on the challenges posed by the ageing population and the increase in life expectancy; adopting the IoT (Internet of Things); and the evolution of urban mobility trends.

In this regard, Seguros Catalana Occidente has launched the Personal Mobility product, an innovative insurance policy that protects a person on their journeys regardless of the means of transport used.

From its inception until 2021, the staff has contributed more than 193 ideas to the Xplora programme, of which 43 have reached the level of "supported." Five were approved by the Innovation Committee, twelve were integrated into strategic projects and twelve were incorporated into internal initiatives or materialised in products and services after a pilot phase.