British cybersecurity pioneer Solfyre and London based SafeShare Global, an insurance and technology startup enabling the sharing economy, have today announced a partnership to develop the world’s first identity theft and identity fraud insurance solution.
According to a white paper released in 2011 by the Detica and the UK Cabinet Office on the Cost of Cybersecurity it estimated the total cost of cybercrime in the UK to be £27bn annually, of which it cost UK citizens £3.1bn (£1.7bn identity theft and £1.4bn online scams) annually.
The Office of National Statistics (ONS) has now included cybercrime statistics for the first time when releasing national crime statistics. Due to cybercrime and other fraud being missed out of official data - the Office for National Statistics has carried out new research showing the total number of crimes is double what was previously thought. There were 5.1 million estimated cybercrimes and frauds last year plus 2.5 million offences under the Computer Misuse Act – hacking, identity theft, malware, and so on.
Solfyre SID iPhone app is available in the App Store soon. Android and Windows Mobile versions will be available in Spring 2016. The new app ensures that unique and complex passwords can be used for all of your online accounts including online banking without the need for each password to be written down. Instead it is encrypted on your phone and not stored on the Internet.
The partnership between Solfyre and SafeShare will provide another layer of protection to those active online by developing new state of the art, pay as you use, identity insurance products.
Craig Vallis, founder and CEO of Solfyre said, “I am very encouraged to see that the authorities are at last taking cybercrime very seriously and feel that we as individuals need to be keeping up to speed with our online identity and safety. This is why we are anticipating great success in partnering with SafeShare to help people satisfy their identity and privacy insurance requirements.”
SafeShare’s ambition is to protect every transaction that occurs in the sharing economy, and to create the necessary security to ensure that it thrives. Through striving to protect the platforms, they hope to simultaneously offer assurance to relevant investors that their interests are also protected. This philosophy forms the basis of the partnership with Solfyre in the cybersecurity space.
Alexander Steinart, CEO of SafeShare explained, “Solfyre is a shining technology business giving back personal data ownership to consumers. We are extremely excited about working together on this project, as SafeShare’s ethos is based around enabling more control and peace of mind for our online activities.”
Solfyre has recently received global recognition by being shortlisted in three categories of the Tech Trailblazers Awards. Voting closes on Friday, 12th February. The IT community can support Solfyre in the Mobile, Security and Firestarters categories here: http://www.techtrailblazers.com/award-categories/