Notch, an Israel-based startup, offers social media insurance for Instagram accounts, starting at $8 per month. Additionally, the company will pay an amount to customers depending on their account’s activity and engagement for every day they cannot access their accounts after a hack.
Details of social media insurance
Notch’s Instagram account insurance will use several metrics to determine the insurance cost. In addition, it will employ a free online tool to analyze customers’ accounts and offer them a quote. The social media insurance offered by Notch is only available in Arizona, Florida, Illinois, Tennessee, and Texas.
However, the CEO of Notch, Rafael Broshi, said that they plan to launch it “nationwide” as soon as possible. “On June 6th, we launched in 3 states, now we’re live in five, and by the end of July, we’ll be live in seven states.”
Furthermore, as of now, Notch’s social media insurance only covers accounts taken over by attackers. But, Broshi revealed they are working on an add-on endorsement plan to their policy to cover account suspensions. Additionally, they plan to extend the social media insurance policy to platforms other than Instagram like YouTube, TikTok, and Twitter. Most importantly, Notch will also help customers regain control of their accounts besides compensating them after a hack. Broshi assured customers they would “take care of everything they can, like 24/7 concierge services.” And, if Notch requires help from their policyholders, they will “specifically tell them what to do and how.”
Is social media insurance worth it?
Joel Ridley, Digital Content Manager at Eskenzi PR and Marketing, states that for some people, their social media is their livelihood. Therefore, any “disruption can cost them major financial and reputation damage.” So, “losing access to information like this can be incredibly distressing and, in these instances, insurance would be a greatly appreciated safety net.”
However, there is much more to lose than just money when an account is hacked. Social media platforms are places that often contain sensitive and personally identifiable information of their users. Hence, attackers can use such details for extortion or identity theft. In addition, there is a risk of leak of any intimate content that is not publicly available or stored in the archive.
Therefore, insurance coverage might not benefit most people except for prominent creators. So, Ridley believes there are still some kinks to work out.
Sofia Kathryn Coon, Sofia Kathryn Communication Strategies owner, has worked on several high-profile clients’ social accounts and channels. However, she hasn’t had any of those accounts hacked. Sofia believes that if “a company has gone through a hacking, it’d be a worthwhile investment or something they might use for a short time while they get back on their feet, but the average day-to-day accounts don’t need this kind of protection.” She thinks social media insurance is more suitable “for A or B list celebs or individuals that attackers would potentially target for their perspective.”