ALLOW, the information privacy company, announced on Monday the launch of the UK’s first social media insurance cover.The cover will protect ALLOW members against the impact of reputational damage, account jacking and all other forms of ID theft. The cover will pay for legal advice and expert support in the event of a claim and is included in their service at no additional cost.
The company will be offering up to £10,000 in professional fees and ancillary costs for any one incident in respect of identity theft or account jacking, or £3,500 in respect of any reputational damage that any of their customers sustain .
Justin Basini, ALLOW’s CEO said: “There are more cases of hacking, account hijacking and reputational damage emerging all the time. Anyone that has suffered as a result of having their identity stolen or a third party taking over their accounts will know that this can be a distressing and arduous process to put right. We’ve got the solution.”
“This is a unique piece of consumer social media protection, which perhaps wouldn’t have been needed a few years ago. That’s all changed now. Every internet user faces a certain level of risk that one day a digital criminal will target them or that they will suffer damage to their reputation.”
The cover, at a cost of 3.99 pounds a month, will pay for legal advice and support if someone suffers an online attack and seeks some form of redress.
The insurance includes the cost of disabling accounts, suppressing offensive material and stopping any legal action triggered by hacking, for example if a hacker posts illegal material under a victim’s name, the paper said.
Stating the importance of this cover, the company reported that 600,000 Facebook accounts are hacked on the daily basis and in May this year, around 5500 Twitter profiles was compromised in a single shot.
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