With online scams and attacks happening more and more frequently, cyber security and protection in the form of cyber insurance are now top of mind for every business. And not just businesses, but also consumers who are experiencing more scams online and seeking protection and security.

F-Secure is an online security expert, offering products like identity protection and internet security to complement any personal insurance product.

We sat down with Laura Kankaala, Threat Intelligence Lead at F-Secure, to talk about why online scams matter to insurers, the role of F-Secure in the insurance industry, and the future of scam protection in insurance.

Laura, why do online scams matter to insurers and what are the latest developments in online security – and how can insurers help?

“According to Statista data, people spend an average of over 8 hours online every day. That’s more time than most of us spend sleeping. But there’s much more to protect than our internet-connected devices – the moments spent online are where consumers want to feel safest. That’s where insurers can help: in the F-Secure Simply Protected survey, we found that an overwhelming majority of people globally view their insurance providers as a trusted provider for cyber security, with 71% of them saying that their choice of insurer is impacted by whether they include online security in their home insurance. I’d say that’s a huge opportunity for growth. Adding cyber security to insurers’ offering unlocks the potential for improved trust, satisfaction and relevancy in their customer base. Not to mention the societal impact of helping to tackle fraud and cybercrime.

F-Secure works with insurers to create a holistic cyber care package for their consumers that includes preventative internet security, cyber insurance to cover any losses, educational tips on staying safe online, and phone assistance to help in instances of identity theft or other incidents. Our comprehensive portfolio of go-to-market cyber security business models has proven to add value to businesses – boosting retention rates and gaining consumer trust, creating a higher margin for recurring revenue, and decreasing overall churn to help grow a business.”

What’s the role of F-Secure in the insurance industry?

“People spend an average of 8 hours online every day. That’s more time than most of us spend sleeping. But there’s much more to protect than our internet-connected devices – the moments spent online are where consumers want to feel safest. That’s where insurers can help: 71% of consumers globally consider their insurance provider a trusted provider of cyber security, and 71% say that their choice of insurer is impacted by whether they include online security in their home insurance. This gives insurers a huge opportunity to drive growth. Adding cyber security to their offering unlocks the potential for improved customer satisfaction and retention, improved relevancy in their customer base, and reduced fraud and cybercrime for their customers.

F-Secure works with insurers to create a holistic cyber care package for their consumers that includes preventative internet security, cyber insurance to cover any losses, educational tips on staying safe online, and phone assistance to help in instances of identity theft or other incidents. F-Secure’s comprehensive portfolio of go-to-market cyber security business models has proven to add value to businesses – boosting retention rates and gaining consumer trust, creating a higher margin for recurring revenue, and decreasing overall churn to help grow a business.”

What’s the future of scam protection in insurance?

“64% of people that we surveyed think that their cyber threat risk is going to increase next year, with a further 59% feeling that they are likely to be victims of cybercrime in the future. Scammers and other cyber criminals aren’t going anywhere. What insurance providers and their customers can control is how they respond to the increasing volume of cyber-attacks and protect themselves from future threats. They can choose to go with a preventative solution to stop online threats and save costs – not only from claims but from blocked attacks. A whopping 84% of people expect home insurance to contain internet security and insurance for cybercrime, so the expectation is already there for insurers to provide digital protection for their customers. But most consumers find cyber security too complex – highlighting the need for F-Secure's simple, all-in-one solution.

The future of insurance is online scam protection, and partnering with F-Secure is an opportunity for insurers to provide simplified security for their customers. Complete security, scam, privacy, and identity protection in one brilliantly simple app, co-branded in your look and feel or embedded into your own customer user experience with security building blocks deployed via SDKs and APIs. A unique offering for your business and customer base that will keep them safe and worry-free online.”

Who is F-Secure?

F-Secure makes every digital moment more secure, for everyone. They deliver simple, frictionless security experiences that make life easier for the tens of millions of people they protect and their 200+ service provider partners worldwide. For more than 30 years, they have led the cybersecurity industry in delivering business outcomes with a holistic consumer security offering that strengthens partners’ customer value propositions.

At ITC DIA Europe Amsterdam 2024, F-Secure will be present to give insights into how they protect the digital lives of their customers.

Learn more here