With the continuing and increasing threats to personal data from cyber attacks, many companies are turning to cyber risks insurance policies to protect them against potentially catastrophic losses but many of the same risks are shared by provide individuals and their families.
Personal cyber crime insurance products are not generally available at present and whilst this is set to change, cover is already available to individuals alongside their personal home insurance with some cover now starting to be introduced into the standard cover provided by more prestigious products.
Where the individual considers themselves to be at particularly high risk a stand-alone policy is available depending upon the circumstances.
What personal cyber crime insurance is available?
Products will differ from provider to provider but the types of cover available are as follows;
- Hacker Attack – cover for repair and replacement of the policyholders’ computer hardware, software and retrieval of personal data.
- Cyber Theft – loss of personal funds, personal documents, title deeds, internet data and call charges incurred by the hacker.
- Phishing Attack – for the theft of client funds transferred to a fraudulent account following a phishing attack.
- Cyber Extortion – for a ransom being demanded following a cyber-crime.
- Cyber Liability – for financial loss as a result of a client’s personal accounts being hacked, and they’re found guilty of infringing intellectual property rights, transmitting a computer virus or making libellous/slanderous comments.
- Family Cover – In many cases the cover offered by a personal cyber crime insurance may include other members of the policyholder’s family living at the same address.
Certainly with the level of saturation that technology now has in our lives, the risks faced by individuals are significant and seem likely only to get worse in the future. It makes sense to look at the exposures you face and consider an insurance product that can mitigate the financial costs of the risk you face.
For more information apply on-line or call us direct to discuss your requirements.