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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cyber Security

New cyber insurance offering helps users rest easy

The Blink Cyber policy involves expenses related to personal cyber events, which include cyber bullying, phishing scams, ransomware and cyber financial fraud.

cyber insurance
Photo by FLY:D via Unsplash

Blink by Chubb, a subsidiary of Chubb Limited (NYSE:CB), and SoFi (NASDAQ:SOFI) launch personal cyber insurance to help SoFi members protect themselves while online.

This addition joins a suite of Chubb-backed personal insurance products regularly distributed using the company’s digital brokers, such as SoFi. Blink Cyber is an cyber insurance policy for online threats. The policy involves expenses related to personal cyber events, which include cyber bullying, phishing scams, ransomware and cyber financial fraud.

“At SoFi, everything we do is geared toward helping people get their money right and we’ve built our business around a mission to help people reach financial independence to realize their ambitions. And while this long-standing members-first, mission-driven approach will always guide our strategy, we also know how important it is to remain agile as we evolve our products and services to support our 4.3 million-plus SoFi members in a quickly changing, and increasingly complex, digital world. Adding Blink Cyber to the SoFi Protect portfolio of insurance offerings underscores that commitment by providing our members with a robust cyber insurance offering to protect against unexpected hurdles in the digital world — like identity theft, data loss, and online scams — that come up along the way,” said Jennifer Nuckles, SoFi’s executive vice president and group business unit leader.

Chubb cyber insurance

Chubb provides property and casualty insurance. It has operations in 54 countries and territories, and provides insurance in seven different categories. The company also includes an extensive list of product and service offerings and a wide distribution net.

“SoFi and Blink by Chubb have shared ambitions to provide simple, easy-to-understand and affordable personal cyber insurance to safeguard consumers in a world that is increasingly connected through digital means. Whether you use social media accounts daily or own smart home devices to control your personal climate, our expanding digital world provides increased access points for bad actors to seize control, and Blink Cyber is an easy way to provide the right coverage at the right time,” said Leslie Marshall, senior vice president, head of Blink by Chubb.

SoFi in comparison aims to help people achieve financial independence. Its products range from services helping clients borrow, save, spend, invest and protect themselves and their investments. SoFi membership includes access to career advisors and entry into a community of ambitious people. Beyond membership and products, though, SoFi has its name on the stadium that serves as the home of the Los Angeles Chargers and Rams.

Read more: Qualys gets cybersecurity accolade for getting out in front of hackers

Read more: NortonLifeLock wants to educate you on cybersecurity

Read more: Google Cloud and Mandiant join forces to fight cyber crime

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