Most of us have several connected devices beyond just our phones and computers - think smart home devices, gaming consoles, sound systems, and more. And these technologies make our lives easier and efficient, plus they can be fun to use! The problem is they create several cyber entry points to use to cause chaos in your life (and potential financial ruin) by hacking into your systems.
But there is good news - some insurance companies now offer personal cyber insurance to help cover some of these risks.
Personal cyber insurance is often an add-on to home insurance and could cover a range of cybercrimes:
- Cyber-attack coverage pays for the removal of a virus or reprogramming of desktops, laptops, smartphones, tablets, Wi-Fi routers and other internet access points, such as smart home devices and security systems.
- Cyber extortion coverage helps you recover from ransomware attacks that block you from accessing your personal data and demanding a fee to regain control. This coverage might include assistance from experts who can help you regain your files and reimbursement for any ransom paid, if approved by your insurance company.
- Data breach coverage helps pay for services if personal data entrusted to you is lost, stolen or published. For example, if you sell tickets for a school fundraiser and have credit card information from buyers on your tablet and the tablet is stolen, this coverage would pay for services to the individuals who were affected by the data breach.
- Online fraud coverage pays for direct financial losses due to problems like identity theft, unauthorized banking or credit card transfers, phishing schemes and other types of fraud.
In addition to the above types of coverage, personal cyber insurance might include services such as:
- Access to fraud specialists who can aid you throughout the recovery and resolution process
- Active cyber monitoring to help prevent or minimize a cyber loss
- Lawsuit protection for allegations of unintentional online libel, slander or invasion of privacy
- Replacing or repairing electronic data
- Retrieving, replacing or recreating financial or personal identification documents
With these valuable coverages available, you should consider amending your home insurance to include them. Contact us to see if you qualify.