This Cybersecurity Awareness Month, the need for cyber coverage continues to rise as cybercrime incidents increase and become more costly. Therefore, due to this high demand for cyber coverage, insurance premiums have increased. Computers, smartphones, tablets, smart home devices, and all other technology connected to the internet serve as essential components in our personal lives. However, these same devices making your life more enjoyable and comfortable also have vulnerabilities that allow cyber attackers to infiltrate your home. Identity theft, phishing emails, and phone scams are a few examples of common cybercrimes. Yet criminals are discovering new ways to exploit vulnerabilities. Cyber insurance is more crucial than ever as we continue to see an increase in cybercrime.
What coverages are included in a personal cyber insurance policy?
Personal cyber insurance frequently referred to as “cyberattack insurance,” is regularly offered as an add-on with homeowners insurance. There is a wide range of cyber crimes this type of policy may cover.
Victims of ransomware attacks are unable to access their personal data until they comply with the attacker’s demands. Typically, the demand is you pay a fee. With cyber extortion coverage, you may be able to receive assistance from experts with the ability to recoup your files. You may even be able to receive reimbursement if you paid the ransom demand.
Don’t overlook this type of coverage. Cyberbullying has become a common occurrence among teenagers. Online harassment caused by you, or a family member may result in disciplinary actions from a school, wrongful termination, temporary relocation expense, temporary private tutoring, lost wages, and/or legal expenses.
If your electronic devices become infected with a virus, your cyber insurance may cover the costs of removing the virus or reprogramming your devices. Therefore, Electronic devices with access to the internet, such as computers, smart phones, routers, security systems, and tablets, are the target of cyber-attacks.
Your cyber insurance may cover personal data in your possession that is lost, stolen, or published. As an example, if you lose an external hard drive containing your company’s clients’ information, this coverage pays for services to the individuals affected by this breach of data.
If you experience direct financial losses due to identity theft, phishing schemes, unauthorized banking or credit card transfers, or other types of fraud, your coverage will pay to cover your losses. In addition to these coverages, your personal cyber insurance may include access to fraud specialists, active cyber monitoring, and lawsuit protection.
Click here to learn more about personal cyber insurance and the steps you can take to prevent cyber-attacks.