Pepper, a U.S.-based consumer IoT Platform as a Service (PaaS), has announced the availability of cyber insurance through a partnership with Embedded Insurance. By leveraging Pepper’s IoT PaaS, partners are able to offer consumers value-add services, such as video storage and cyber insurance, in a seamless, integrated experience through the same app they use to control their connected devices.
The threat of cybercrime continues to grow for US consumers with more than 422 million victims reported in 2022 by the Identity Theft Resource Center. Additionally, the FBI estimates total losses topped $10 billion last year. As the need for cyber insurance increases, partners leveraging the Pepper IoT platform to power their connected consumer products can now offer end users the option to protect themselves from this growing threat. As a result, Pepper’s partners may be able to take advantage of a unique revenue share model while offering value-add services to end users.
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With just a few clicks, consumers can sign up for a cyber insurance policy that offers superior digital protection. For a monthly premium starting at $5.28, consumers can protect themselves from a wide range of the most common digital threats, including:
- Cyber financial fraud – Cyber attacks resulting in stolen financial account funds, fraudulent charges on your payment card, or your U.S. tax refund is paid to someone pretending to be you.
- Cyber extortion – Cyber attacks in which someone threatens to share, destroy, use, or restrict you from using electronic data or electronic devices unless you pay a ransom.
- Cyber bullying – Harassment or intimidation more than once involving the use of an electronic device leading to wrongful termination, false arrest, unfair discipline by an educational institution, or being unable to attend work or school for more than a week as a result of suffering mental injury.
- Identity theft – Someone illegally uses your identity without your consent, usually for financial gain.
“The Pepper platform is about so much more than just a way to power connected devices so we’re proud to partner with Embedded Insurance to ultimately make it easier for consumers to obtain cyber insurance while offering our partners a chance to add value to the products already in so many homes today,” said Scott Ford, CEO of Pepper. “While we’re starting with cyber insurance, our long-term strategy is to add new offers and services to the Pepper platform to create a richer and more personalized smart home experience for consumers while unlocking new revenue streams for Pepper and our partners.”
SOURCE: Businesswire