Dec 22, 2015 09:34 PM EST
With the world slowly shifting more towards the internet age and the use of social media is omnipresent, avoiding cyberbullying is a daunting task. This is especially true to those who are having more followers on their social media causing a company to come out with a cyberbullying insurance.
The insurance was launched by Chubb insurance company which is one of the biggest insurance company in the world. However, according to CNN Money, the insurance will only be offered to the wealthy client in the United Kingdom and Ireland only for now and will not be sold to the public yet.
According to the company's spokesperson, the insurance will help its client to recover back from the cyber bullies by means of hiring PR to rebuild their online status and also hiring cyber-security professional to create a case to bring the bully to the court. Besides that, the insurance will also help the victim to relocate school if necessary.
According to Chubb, the package offered will cover damage as much as $74,600.
The Telegraph reported that the insurance main customer target is for the teenager, but they will also handle adult's case if necessary as there are some cases where a person had to change their job as the result of cyber bullying.
Chubb's private client manager, Tara Parchment told the press that "We see insurance as helping our clients get back to how they were before the incident occurred - whether it's an incident that affects their home or as a person."
According to a report released by The Washington Post, 73 percent of American adults have been harassed online and around 40 percent have personally experienced the situation. And the rise of more high profile cases, especially in the UK, is one of the main factors for Chubb to focus into cyberbullying as their first venture into the cyber insurance.
Currently, lots of insurance company started to provide cyber insurance due to lots of cyber theft and hacking occurred. The activities are not only affecting the company but also its clients when their data was stolen as it could jeopardize their money and identity.
According to the Association of British Insurer, more than 80 percent of data breach occurred in 2014 alone and less than 10 percent of the companies are protected under cyber insurance. The British government is currently working hard with more companies to encourage and giving them awareness to take cyber insurance to protect the business.
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