A Trusted Companion – The CSPs, Insurance and Security Combination

Security and privacy worries are the impetus for up to 51% of consumers postponing the purchase of smart home devices, according to F-Secure’s global consumer market research. As alluded to in the above interview, filmed at the Broadband Forum’s Q4 2023 Townhall Meeting, with F-Secure’s G.U. Renukanand, these concerns are an opportunity for Communications Service Providers to provide a simplified, secure, and private experience for their customers.

According to research presented by Renukanand’s colleague, Dmitri Vellikok, “64% of consumers prefer to purchase security from their mobile, cable or internet service provider.” This translates into an opportunity for service providers to be the trusted companion when it comes to security and privacy protection. The implication is lower churn and new revenue streams, as up to 57% show a willingness to pay for simplified experiences around security and privacy.

In a sense, this security becomes a form of insurance to protect against the multitude of cyberthreats. Renukanand talks about the integration of security services into a CSP’s offering as part of a larger offering that includes a customer’s financial and insurance products. The security service acts as the virtual locks and alarm system on a consumer’s cyber home, the way physical locks and alarms protect their actual home.

He points to their global relationship with Allianz as an example of how insurance, CSPs, and a network security provider can create a trusted cyber protector. In the above interview, he demonstrates how customers in Asia Pacific are using such a product that is part of a personal financial banking, insurance, and payment product.