Bank of Cyprus highlights financial and emotional impact of cybercrime
Bank of Cyprus said cybercrime and online fraud can cause financial losses and emotional distress, highlighting Cyber Cover from Genikes Insurance.
Nicosia, Cyprus. Cybercrime, online fraud and email scams can have consequences extending beyond a single incident, affecting victims financially and emotionally, according to the Bank of Cyprus.
The bank said victims may face unauthorised transactions, direct monetary losses and the costs of restoring compromised accounts and information, while attacks can also cause stress, anxiety and concerns over privacy.
Financial and emotional effects
The Bank of Cyprus said recovering from cyber fraud can require significant time and effort. It added that people whose personal information, savings or sensitive data have been targeted may feel vulnerable, frustrated and unsettled.
According to the bank, the combined effect of financial loss and emotional strain can affect overall wellbeing and diminish peace of mind. Everyday online activities that previously felt routine may also appear less secure after an attack.
Cyber Cover assistance
The bank referred to Cyber Cover from Genikes Insurance, which provides 24-hour assistance and compensation if an attack occurs.
According to the announcement, the cover offers financial protection against a range of cyber threats and access to Cyber Cover Assistance staffed by cyber fraud specialists. The service is intended to guide customers from their first call through to the resolution of an incident.
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