Wefox Austria launches cyber app

Insurtech Wefox has partnered with Allianz as it prepares to launch a cyber protection and insurance app, weprotect, to the Austrian market in September. Working in collaboration with cybersecurity firm Cyan AG, Wefox Austria said it has combined an early warning system on devices to prevent cyberattacks alongside insurance protection in the event of a loss within its weprotect product.

Wefox said the number of cyberattacks in Austria last year recorded a 200% increase, with 70% of all cybercrime cases in the country starting with a phishing attack. Rene Besenbäck, managing director of Wefox Austria, said 34% of workers in Austria have experienced a cyberattack and 88% have received suspicious emails.

“Even minor inattentiveness in everyday data handling, whether it’s accessing an unprotected WLAN or clicking on seemingly confidential phishing links, has a direct impact on risk potential and therefore increases the probability of a cyberattack many times over,” said Markus Cserna, chief technology officer at Cyan AG. “Cyber criminals use the latest technologies, and there are no longer any limits to their creativity. With weprotect, we have created a solution that serves as an early warning system and intervenes preventively to protect customers,” he explained.

Cyan developed the security elements of the weprotect app, which detects cyber threats to reduce the risk of cyberattacks from phishing, malware and ransomware and sends a warning to the user. Cyan claims up to 98% of all phishing links can be blocked.

Allianz Partners will provide insurance cover for damage caused by phishing attacks, identity theft or data loss as well as IT support. Premium is dependent on the number of devices covered under the weprotect package.

The impending launch follows restructuring at Wefox last month, which saw the insurtech exit its domestic market in Germany. It said it would focus on strengthening its leading market positions in Austria, the Netherlands and Switzerland.