New Zealand-headquartered insurance business Delta Insurance Group has launched a new personal cyber product in partnership with UK-based brokerage Costero Brokers.

Delta’s new Personal Cyber Insurance product ‘PerCy’ is designed to offer broad protection for individuals against cyber-risks, including ransomware and data loss.

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Additionally, the solution provides the policyholders with personal risk-assessment and monitoring tool supported by DynaRisk and general insurance policy administration.

As part of the partnership, Costero will market and distribute PerCy outside of Asia-Pacific, with initial focus on the UK and Europe.

Costero executive vice-president Jamie Webb said: “The Covid-19 pandemic has forced the world to revise traditional working habits and now the majority of employees are either working from home or remote working.  This has led to a vastly increased amount of crucial data being saved and stored on home devices which needs protecting.

“It is asking questions of gaps in commercial and personal lines cyber policies like never before and PerCy helps solve those issues.  According to cyber security company InPhySec, globally, ‘around 64% workers are now remote, a 148% increase with the pandemic, and there’s been an almost 100% increase in the personal use of managed devices.”

Delta’s Ian Pollard added: “We’ve been working closely with Prospec for some years and a number of our niche insurance products, such as our Unmanned Aerial Vehicles/Drones insurance, have arisen from our association with the company, while Costero has also played a significant role more recently in helping us develop PerCy.”

PerCy is currently offered by the companies in New Zealand, Asia Pacific, Europe and the UK.

In June this year, Delta Insurance Group inked a cyber-insurance agreement with Taiwan’s Hotai Insurance.