Yesterday the UK based company ALLOW announced a launch of the first social media insurance to protect against reputation issues, social network account jacking and ID theft.
It is no a secret that social networks users do care a lot about their online reputation and cyber criminals get profit out of hacking Facebook or Twitter accounts.
Justin Basini, CEO of the ALLOW, said that insurance “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 Survey by Chartered Insurance Institute, shows that 56% of the social networks users ready to buy insurance to protect their profiles from jacking.
ALLOW Protect service offers coverage of 10,000 pounds for the Facebook account hacking, which hurts the professional reputation and 3,500 pounds for personal reputation damage.