Simply
Protected
A consumer insights reportfor insurance companies

Executive summary
A global market survey studying consumers’ online security attitudes andexpectations towards insurance companies presents a great opportunity
for value creation
Consumers spend an average of eight hours a day online – working, shopping, socializing
and relaxing. That is a third of their lives.
This means that online security has become increasingly relevant. Today, it is much more
about securing your digital moments than your devices.
Alarmingly, most consumers worry about online security and find it too complex.
Consumers are looking for simple solutions that are easy to purchase, easy to use and bringthat sense of security to their digital moments.
Our research shows that consumers find insurance companies trusted security providers,
expecting home insurance to cover digital assets, too. This gives insurers an opportunity todrive growth with value-added security services.

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Contents
Executive summary............................................................................................................................2F-Secure consumer research...................................................................................................4
Need for simpler security solutions......................................................................................5Cyber threats encountered in 2022.....................................................................................8Consumer concerns and consequences of cyber crime...............................11
Insurance companies as online security providers............................................13
Benefits of offering online security..................................................................................... 18
Protect your customers’ digital moments................................................................... 19

3F-Secure consumer research
We conduct regular consumer market surveys to understandcustomer needs and support our partners with positioning
and value creation. This whitepaper combines findings of two
surveys conducted in December 2022.
Living Secure consumer market
survey• A comprehensive overview of digital
moments that matter most and the online
activities that make us feel vulnerable• 7,000 respondents aged 18-75 years• Brazil, Finland, France, Germany, Sweden,
the United Kingdom and the USA

4

Simply Protected consumer market
survey• A survey about online security attitudes,
habits and experiences, as well aspurchasing preferences including
insurance companies as solution provides• 4,000 respondents aged 25-75 years• Brazil, Finland, France, Germany, Japan,
the Netherlands, Sweden, Switzerland, theUnited Kingdom and the USA

People spend
an average of
8 hours online
every day

Need for simpler security solutions
Digital quickening started by COVID-19 has made online security increasingly relevant for
consumers. New habits, such as hybrid work and increased use of online services, havebecome the new norm. Based on our surveys, the majority of consumers worry about online
safety and are lacking trust online. There is a need for simpler online security solutions.

5Digital quickening has made online security
relevant for most consumers

75%

6of consumers worry about
their safety online

64%

think that their cyber threat risk
is going to increase next year

59%

feel that they are likely victims ofcyber crime in the futureConsumers don’t know who to trust
online69%

don’t know who totrust online

40%

struggle to identify
legitimate online shops

Online security feels too complex

66%

find online security
too complex

51%

have no idea if theirdevices are secure

7Cyber threats encountered in 2022
One third of consumers have been affected by cyber crimein the last 12 months
Consumers in Brazil, France and the United States have been targeted themost

821%

14%

31%

All coav unt
er rie
ag se

21%

Ja
pa
n30%

Finl
an
d31%

The

Sw
itz
er
land

32%

German
y33%

UK
N
et
herlands

35%

Sw
ed
en

43%

USA

Br
az
il

51%

Fr
ance

Cyber crime is affecting
one third of consumers,
the most likely group to fallvictim being men under 35years. Cyber criminals areafter money and use attacks
combining technology andsocial engineering for thebiggest gains.

Top types of cyber crime consumers have experienced
1. Premium SMS scams / call fraud
2. Malware and viruses
3. Credit card frauds
4. Unauthorized access to social
media / email
5. Cyber bullying
6. Unauthorized access to youronline bank
7. Loss or theft of login
credentials

43%
have received phishing or smishingmessages in the name of their insurancecompany or bank

What are smishingand phishing?
Phishing is when attackers trick people
into opening a malicious link or email
attachment by masking them assomething interesting.
Smishing, or SMS phishing, uses text
messages instead of emails to lure thevictims. In both cases, the goal is to steal
personal or financial information, andinfect the victims’ devices.

9

35% of men vs. 27% of women
have experienced some form of cyber crime during past 12 months

Young men are the most likely age
group to experience cyber crime

65-74y17%55-54y20%45-54y		35-44y				

29%
40%

25-34y						 43%10

Consumer concerns and consequences ofcyber crime
Consumers are the most worried about threats related to online shopping, credit card fraud and losing
personal data. Cyber crime is causing them stress and concern as well as loss of time, money and data.
Consumers are worried about the following online threats
Online shopping / credit card fraud			

51%

Malware / virus leading to loss of my personal data			

50%

Someone stealing my identity for online purchases, taking loans in my name, etc.

50%

Someone hacking my email or social media account48%

Someone hacking my bank account and stealing my money

47%

Ransomware – cyber criminals encrypt all my data and demand money before I regain access38%

Someone tracking my online behavior on my smart home devices

36%

My children seeing unsuitable online content
Someone hacking into my smart home devices
Someone watching what goes on in my home through cameras in smart home devices

35%
33%
31%

11Stress and loss of time the most common consequencesof cyber crime

Stress and concern					 									 62%Loss of time													 51%Loss of money						22%Loss of data					

6%had more than1000€ monetarylosses due tocyber crime22%

1%
had lost over10 000€

12Insurance companies as online
security providers
The increasing number of digital moments and high online safetyconcerns create an opportunity for insurance companies looking
to grow their business with value-added services.
Our data highlights that an online security offering impacts
consumers’ choice of an insurance company. In addition to cyber
insurance, consumers today are also expecting preventive
internet security from their insurers.

13Online security as a differentiator

1471%

say that comprehensive protection and cyber
insurance included in home insurance impacts
their choice of insurance company

83%

prefer getting both internet security
and cyber crime insurance fromthe same provider

Consumers expect home insurance tocover cyber threats71%

see insurancecompanies are trusted
providers of internet
security

84%

expect home insurance tocontain internet security
and insurance for cybercrime

Cyber care package: bundled or sold separately?

54%

think that cyber careshould be bundled withhome insurance

45%

prefer to buy cyber careas a separate valueadded service

15Internet security is the most importantelement in a cyber care package

Internet security								 81%Insurance 				 47%Education 				 44%Assistance

28%

What should be included in a cyber carepackage?
••••

16

Internet security to prevent cyber incidents from happening
Cyber insurance to cover losses caused by incidents
Education with online security tips and guidelines
Assistance with personal help to solve an incident

Insurance companies are considered credible providers ofinternet security

Preferred

Acceptable

I would neverchoose

24%

45%

31%

Retail store oronline store

29%

49%

22%
Your bank

31%

52%

17%
Your device/operating
system manufacturer

27%

50%

24%
Your insurancecompany

29%

52%

38%

49%

18%

13%

Your mobile orbroadband operator

Your security
service provider

17

Benefits of offering online security
Differentiate

Reduce insurance claims

Stand out from competitors and become more relevant
for your customers

Save costs and reduce the number of contacts andclaims with preventive solutions that stop online threats

Increase the value of your offering

Protect every digital moment

Extend your insurance offering and grow your margins
with online security

Stay top-of-mind with services that your customers
use daily, not only when there
is a claim

Increase loyalty
Reduce your churn, as customers using online security
solutions have higher Net Promoter Scores (NPS) andare more loyal

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Protect your customers’
digital moments
Consumers expect insurancecompanies to provide protection for
their digital assets and consider you asa trusted security provider.

look and feel. Or embed it into yourown customer user experience withsecurity building blocks deployed via
SDKs and APIs.

Work with us and start growing yourbusiness with online security. We
will make it easy for you, so you cansimplify security for your customers.

We are the industry leader in
consumer cyber security partnerships
and our focus is totally on you.
Benefit from our genuine partner
offering, flexible go-to-market models,
supporting customer engagement
services and insights about consumer
needs, positioning and value creation,
as well as educational materials.

Offer your customers complete
security, privacy and identity
protection in one brilliantly simple
app, that can be co-branded to yourv

Want to know more?
Preventive solutions havea positive impact on yourcustomer experience, loyalty
and revenue. We help you
innovate, launch and makeonline security services asuccess.
Get in touch andbecome a partner:
f-secure.com/insurance

19 19About us
F-Secure makes every digital moment more secure, for everyone.
Harnessing over 30 years of cyber security excellence, we spend ourmoments creating value for more than 180 communication service
providers, insurance companies, banks, retailers and other partners
around the world.
Tens of millions of consumers enjoy brilliantly simple security experiences
via our partners. And those partners benefit from our unique approachcombining flexible business models, easy onboarding and a tailoredpartner offering.
Your customers deserve the best protection. You deservea partner whose focus is totally on you.

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