UK consumers may soon obtain digital identity theft insurance to protect themselves from online threats and risks, thanks to new solutions from the insurance company Wallife.
Wallife’s insurance policies, soon to be available in the UK, protect and compensate users if their digital identities are compromised, for example if their social media or financial savings are accessed illegally.
New risks deriving from technological innovation are becoming more prevalent as people go online, as technology develops, and as criminals become more sophisticated. Wallife’s digital identity solutions are the first services available to protect UK consumers from those new digital threats with an individual behavioural signature, which establishes whether a device user is the real owner or an imposter.
Wallife Chief Growth Officer Bruno Ferreira said: “In Western Europe, around 1 in 3 people have had their digital identities attacked in some way – whether that’s their social media profiles or emails being hacked, or their financial accounts being attacked. But to date, there have been no insurance products to protect affected consumers and help them get back on their feet. Considering how much of our lives are now lived online, it’s a huge gap in the market that isn’t being served by existing insurance providers.”