Benefit in the Spotlight

Cybercrime is now one of the fastest growing areas of crime.

Given the exponential rise in cybercrime, coupled with more employees than ever now working from home, personal cyber insurance is becoming a necessity.

Whilst businesses are spending increasing amounts on cybersecurity, individuals are often easy targets. Without the same means of protection or knowledge, employees leave themselves open to sophisticated cyberattacks.

Cybersecurity Insurance - why are we shining a spotlight on it?

With technology and online activity at the centre of our daily lives, helping employees stay safe online is of utmost importance. Cybercrime can affect anyone and in many ways e.g. identity theft, online abuse, hacking etc.

Below we highlight 3 key reasons why employers should consider making cybersecurity part of their benefits package.

How can this benefit provide value to your organisation and employees?

Peace of Mind

When we think about core benefits offered by employers, for example Life Assurance or Income Protection, these are designed to give employees peace of mind should the worst ever happen. Similarly, offering employees access to cybersecurity is a way for employers to protect employees. It also demonstrates to employees how important their wellbeing is.

Not only do cyberattacks cause financial loss but the time spent in resolving them is draining. Increasingly individuals who suffer cybercrime attacks report mental health issues, often requiring time off work to deal with the incidents.

A Unique Proposition

This is the first of its kind in the employee benefits space. Whilst there are many ways employees can learn about how to be safe online, there is no benefit to protect them if the worst should happen. From an employee benefits market proposition, this is a unique benefit to offer.

As part of our benchmarking service, we provide clients with invaluable information on how the competition stacks up. As such, offering employees access to cybersecurity Insurance is one way to differentiate from the competition.

Digital Wellbeing

Most UK employers tend to focus on physical, mental, financial and social wellbeing but often don’t consider Digital Wellbeing. Whilst all these wellbeing elements are interlinked, developing a strategy that focuses on employees' Digital Wellbeing can be a key differentiator in the market.

Navigating through our daily digital footprint can be very complex, and as a result it can leave us vulnerable in a number of ways. We know that cybercriminals are only getting better, and so should the support methods to help people protect themselves.

So, what is CyberGard?

Mercer Marsh Benefits have worked to create the first personal cyber insurance product for the UK benefits market. CyberGard is an innovative service-driven personal insurance solution designed for Digital Wellbeing. The insurance element is provided by Azure and the support hotline is provided by CyberScout - a leading provider of incident response.

The service combines insurance cover with ongoing risk education, and digital wellness. There is also a unique 24/7 hotline to support online fraud victims.

This service is designed as an employee benefit to cover relevant risks in the digital age. Some examples of the type of cover it provides are:

  • Personal Telephone fraud
  • Identity theft
  • Unintended beneficiary fraud
  • Online marketplace fraud
  • Severe online abuse
  • Home electronic device impairment

What's next?

CyberGard can now be offered on a company funded or voluntary basis, at very affordable prices.

If you're interested in learning more, please get in touch with us. Our contact details can be found on the next page.