With many transactions and activities now being carried out online, cyber insurance is becoming an indispensable tool in the arsenal of businesses and even individuals aiming to protect themselves against attacks and preparing for a fallback if one indeed takes place. 

Such is the motivation behind PhilFirst Cyber Insurance, one of the newest offerings of Philippines First Insurance Co. Inc. (PhilFirst). This protection product, one of the first in the country geared toward the public, covers identity theft, electronic fund transfer fraud and online retail scams, with round-the-clock assistance that can detect attacks and guide clients on what to do, such as gathering necessary documentation. 

The product has been in the pipeline since 2017, says PhilFirst assistant vice president and head of marketing Luis Cebrero Jr., with the company seeing increased demand during the pandemic. 

PhilFirst partnered with Cyberscout, a multinational company that provides “concierge cyber services and support,” as its adjuster of sorts. The PhilFirst Cyber Insurance will keep up with cyber threats as they become more sophisticated by the day.  

So far, the company is introducing the product to the public, explaining the importance of the 24/7 assistance and the different types of coverage. Cebrero notes that most of their clients are Baby Boomers and Gen Xers. “We firmly believe that the acceptance of the market will continue to grow. After all, who doesn’t know anyone who has been hacked before?” 

 
Read the full article here: Insurer offers protection vs cyber threats