Banca March steps up defences against cyber-attacks and launches Digital Protection insurance
23 February 2023 Category: Digitization
- This new insurance product offers comprehensive cover against the various types of cyber-attacks that can impact retail clients.
- The protection afforded under the Digital Protection policy covers every member of a family unit.
- The product covers the insured party against online fraud, identity theft, attacks on household systems, cyberextortion and cyberbullying.
- It also offers preventive solutions, including anti-ransomware software, vulnerability analysis and next-generation anti-virus systems.
Banca March has launched Digital Protection insurance to safeguard the online activity of its customers in Spain. This new insurance product offers comprehensive cover against the various types of cyber-attacks that can impact retail clients.
Digital Protection cover, which can only be taken out through Banca March's telephone banking service, covers every member of a family unit, including the policyholder's spouse or civil partner and any children or parents who live with them permanently. The policy also covers children aged up to 22 who are studying at university during the academic term and live at home with the policyholder during the holidays.
Carlos Navarro, Assistant Deputy Managing Director of Banca March and head of the Insurance area, said: “At Banca March, we are committed to digital safety. We understand the risks inherent to the unstoppable digitalisation process, which is why we offer the maximum possible protection for all our customers. We see technology as a way to further enhance the excellence that has always defined us, and to deliver even greater diversification and convenience in the services we offer. Digital Protection insurance is designed to offer security in a world where we are all seeing ever more news stories on attacks perpetrated by cyber-criminals.”
Advantages of Banca March's insurance cover against cyber-attacks
The benefits offered by Banca March's Digital Protection insurance fall into two categories: prevention and mitigation. Firstly, it provides a prevention and prudence framework for the management of online activity and access to intrusion prevention and vulnerability scanning software. Secondly, should these preventive measures fail, it provides support with cyber-incidents, help managing the stress caused by cyber-attacks from experienced professionals and coverage for any losses caused as a result of the attack.
As regards the insured amount to cover any financial losses stemming from the cyber-attack, policyholders can choose between two options: €5,000 or €15,000.
The product offers cover for online fraud, identity theft, attacks on household systems, cyberextortion and cyberbullying.