Apr 04 Personal Cyber Insurance
With all of the uncertainty with internet security, protecting your data and personal information is essential. That’s why personal cyber insurance can help you in case of an attack.
Protecting yourself against personal cyber risks
Computers, tablets, smartphones, and other connected technology serve as a critical and integral part of your personal life. These same systems that make your life more enjoyable and comfortable also create new opportunities for cyber attackers to infiltrate your home. This access to data can then be used to steal information, extort money and commit fraud.
We partner with many different insurance carriers to offer Personal Cyber Protection that offers comprehensive insurance that provides coverage and services for computer attacks, cyber extortion, and online fraud that can happen with smartphones, computers, and other connected home devices. This is one way we are able to offer the best way to protect your digital footprint.
Cyber Risk Protection
You will receive significant cyber insurance coverages, including:
- Cyber attack coverage pays to recover data and restore systems that have been lost or damaged after an attack involving malware or unauthorized use of owned or leased covered devices and connected home devices. Covered devices include computers, security monitoring systems, smartphones, smart appliances, tablets, thermostats, and Wi-Fi-enabled devices.
- Cyber extortion coverage provides payments and professional assistance in responding to demands based on a credible threat to damage, disable, deny access to or disseminate content from devices, systems, or data, including ransomware attacks.
- Online fraud coverage resulting in a direct financial loss, including counterfeit currency, forgery, illegal bank, credit card transfers, and phishing schemes.
You will also have access to additional personal coverage services provided by experts:
- Risk Management: We can connect you to Tech Support that offers computer diagnostics by phone, at no additional charge, and competitive rates for virus removal, technical support, and related digital security services.
- Claims managed by knowledgeable cyber claim specialists
- Access to cyber extortion specialists.
Real Client Claim Stories
- Cyber Attack: An insured opened a file in an email he received and the email unleashed a virus. The virus affected his computer, forcing the insured to hire an outside expert to reformat the hard drive, reinstall the operating system and restore data from a backup. Paid Loss after Deductible: $1,200.
- Cyber Extortion: The insured received a ransom email on his computer after he noticed that his files were locked. The email informed him that the files were encrypted and to obtain the decryption key he would need to pay $2,000. If the insured failed to pay within three days, the price would go up to $3,000. After that, his decryption key would be destroyed and any chance of accessing his files would be lost forever. After consulting with an expert and approval by the insurance company, the insured decided to pay the ransom. Paid Loss after Deductible: $1,500.
- Fraud: The insured received an email that appeared to be from his grandson. It said that he had been in a car accident and was in trouble. He was possibly facing criminal charges and needed money for a lawyer. Within 20 minutes, the insured received another email, this time from someone identifying himself as his grandson’s lawyer. He gave a rundown of the situation, including an accident report and the costs to cover the damage. According to the email, the injured individual agreed to accept $5,000 to cover her costs. The grandfather was told that the victim would sign a release as soon as that amount was wired and the insured’s grandson would walk away with a clean record. The money was sent as instructed. The next morning, the grandfather received another email asking for additional money. The insured called his grandson and learned that none of this actually happened; he had been defrauded.
Paid Loss after Deductible: $4,500.
- Data Breach: The insured volunteers at her children’s school. One of her responsibilities is to keep the teachers aware of students’ birthdays and their lunch accounts. The lunch account information contains credit card numbers and other personal information. She keeps track of all this information on a spreadsheet stored on her tablet. She does not secure the tablet with a password so the critical data is not encrypted. While on a field trip, she lost the tablet. After consulting with her lawyer, the insured learns that she must notify people that their personal information was compromised. Paid Loss after Deductible: $4,200.
We are here for you for all of your cyber protection needs.
To find the best way to protect your digital footprint, contact one of our talented Risk Advisors today!
Source: Cincinnati Insurance, Auto-Owners Insurance