Cyber-attack insurance is gathering momentum

The initiative is being rolled out by the insurance firm AXA which already has such policies in France and is looking to initiate them in the UK market.

The initiative is being rolled out by the insurance firm AXA which already has such policies in France and is looking to initiate them in the UK market.

The aim of the policy is to clean up private information posted online or made public. Nicolas Moreau, senior executive of AXA, gave the example of a boyfriend taking photos of a teenage girl. He told delegates at the World Economic Forum: “If your reputation has been damaged, or your kids’ reputation, we have people clean up the issue.”

The cyber-attack insurance will be sold as an add-on to home insurance.

AXA said it is also hiring its own cyber professionals to test, or in other words ‘hack’, internal online security. Moreau warned that successful cyber-attacks aimed at financial platforms, such as payments systems and the stock exchange, could be as ‘effective as bombing a city’.

He added that the company was working on the best way to offer its new service in the UK. The insurance giant already sells policies to businesses to cover any liabilities that may be the consequence of a cyber-attack.