The rapid expansion of digital communication platforms has led to a significant rise in social media account hacking incidents. Platforms such as Facebook, Twitter, and Instagram are increasingly targeted, resulting in substantial financial losses and social harm for individuals and organisations. In this context, cyber insurance is emerging as a potential risk mitigation mechanism in Bangladesh.
According to the 2024 report titled Cyber Crime Trends published by the Cyber Crime Awareness Foundation, social media hacking is the most prevalent category of cybercrime in the country, accounting for 21.65 per cent of total reported incidents. The report further highlights that 47.72 per cent of victims experienced social reputational damage, while 40.15 per cent suffered direct financial losses as a consequence of hacking incidents.
The demographic analysis presented in the report indicates that 78.78 per cent of victims fall within the 18–30 age group. Additionally, approximately 59 per cent of affected individuals are women, suggesting that younger populations and females are disproportionately exposed to social media-related cyber threats in Bangladesh.
At present, there is no dedicated “Facebook insurance” or platform-specific insurance product available in the country. However, some insurance providers offer broader cyber risk insurance policies. For instance, Green Delta Insurance and other insurers provide coverage that may include financial losses arising from hacking and data breaches, legal expenses, and digital forensic support services.
These cyber insurance policies generally offer three main categories of support: financial compensation for verified losses, legal assistance in cases involving cyber incidents, and digital forensic services aimed at account recovery and identity restoration. Such services are intended to assist victims in regaining control of compromised digital assets and mitigating further harm.
Experts emphasise that, in the event of a cyber incident, claim eligibility typically requires adherence to formal procedures. Victims are advised to file a complaint with BGD e-Gov CIRT and submit a general diary (GD) report to the police. In addition, maintaining records of security measures such as two-factor authentication is considered important for validating claims under insurance coverage.
Summary of Key Findings
| Category | Statistic / Detail |
|---|---|
| Share of cybercrime attributed to social media hacking | 21.65% |
| Victims experiencing social reputational damage | 47.72% |
| Victims experiencing financial loss | 40.15% |
| Age group most affected | 18–30 years (78.78%) |
| Female victims | Approximately 59% |
Although cyber insurance in Bangladesh remains at a relatively early stage of development, the increasing frequency of digital security breaches highlights its growing relevance. Experts suggest that such insurance mechanisms could play an important role in reducing both financial and social impacts arising from cyber incidents.
Strengthening awareness and expanding access to cyber insurance products are considered essential steps in addressing the risks associated with social media hacking. This would help ensure that individuals facing digital security breaches can obtain structured financial and technical support to recover from such incidents more effectively.