First of its kind cyber insurance launched in Africa

TPD insurance – What is it and why do you need it?
TPD insurance – What is it and why do you need it?
Get cyber insurance for your mobile through Mycybercare and The Foschini Group.
Get cyber insurance for your mobile through Mycybercare and The Foschini Group.

On Tuesday 6 February 2018, The Foschini Group (TFG) announced a partnership with cyber insurance company, Mycybercare, which will see customers buying mobile phones from TFG stores be financially protected, and covered for financial losses incurred due to online cyber fraud. According to the company, the deal is the first of its kind.

Customers, who purchase a promotional cellular bundle deal from TFG during the offer period of 1 February to 30 April 2018, will be automatically protected from fraudulent online purchases, virus attacks, fraudulent EFTs, phishing scams, fraudulent in-app purchases, as well as tap & pay fraud. Cellphones that will be bundled with a policy are Nokia, Hisense, selected Samsung, Sony, Mobicel and hi Ace and hi Pulse devices.

“This is a massive deal for us, as well as a huge game changer for the retail group,” says Simon Campbell-Young, CEO of Mycybercare. “Together, we are offering their customers a huge value-add. TFG is the first to offer this value to its customers, and this will no doubt position them as a leader and innovator in this space.”

In terms of Mycybercare, he says people around the world are waking up to the fact that cyber insurance is becoming a necessity. “Today, we use our mobile devices for a plethora of activities. From online shopping, banking, buying a cup of coffee, and sharing our lives on social media, to conducting business communications and transactions. Phones are now essential to our daily lives.”

However, he says the more connected we are, the more vulnerable we are to cyber attack. “It is way too easy to misplace a phone, or leave it on a table where it is vulnerable to theft. And with that phone goes all your most private and sensitive information.”

This is why connected users need cyber insurance, he says. “Cellphones are becoming increasingly attractive targets for cyber criminals. The proliferation of applications that are used for a variety of activities, and the increasing connectivity of devices, are giving cyber thieves a range of new opportunities and vulnerabilities to exploit.”

In addition, many consumers have no security controls on their devices, and don’t make use of strong encryption or passwords. “Having cyber insurance in place allows them to shop, bank and communicate on their devices, with full peace of mind.”

“We continually look for ways to differentiate our product offer and to add value to our customers.  Partnering with Mycybercare and offering customers free cyber insurance at the time when this is becoming a real threat to customers, was yet another reason for customers to shop at hi and enable them to live their smart lives” says John Ledger, Head of hi, the mobile division of TFG.

Edited by: Dean Workman
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