With the current rate of worldwide Facebook hacks now at 600,000 a day, the information privacy company, Allow, is the first UK firm to offer social media insurance. See all Security news.

What this means is that the London-based firm will offer its customers the service of dealing with "reputational damage, account jacking and all other forms of ID theft". See also Google adds 'Do Not Track' to Chrome precursor.

Allow, claim that they will be able to offer this service to people by a combination of traditional legal assistance with the use of search experts to locate and remove/bury, offending online material. The company says that it can deliver this via a process known as 'reverse SEO,' a service that would normally cost thousands of pounds to execute. Take a look at Microsoft discovers Chinese malware pre-installed on new PCs.

Justin Basini, ALLOW’s CEO said: “There are more cases of hacking, account hijacking and reputational damage emerging all the time. Anyone that has suffered as a result of having their identity stolen or a third party taking over their accounts will know that this can be a distressing and arduous process to put right. We’ve got the solution.”

“This is a unique piece of consumer social media protection, which perhaps wouldn’t have been needed a few years ago. That’s all changed now. Every internet user faces a certain level of risk that one day a digital criminal will target them or that they will suffer damage to their reputation.”

The new social media insurance will be bundled into the company's current Allow Protect service and will cost £3.99. Other services in the package include a Data Risk Score; Remove Me – prevent up to 75% of junk mail; Email Shield – never again reveal your real email address thereby stopping spam; Data Shield – an early warning system if your sensitive personal information is exposed; Social Media Monitor – alerts that show you privacy, identity and security risks associated with your Facebook profile; Browser Protection – simple to use protection to stop tracking of what you do online; Junk Fighter – advanced junk marketing prevention.