Personal cyberattacks are an extensive subject that insurance specialists are frequently discussing with clients. Our insurance company partners are developing add-ons to their services to address the exposure at what seem like reasonable premiums for ample limits at low deductibles. Articulating the risk and exposure to clients is important to mitigate any losses that can occur from a cyber-attack.
It’s important to reinforce that the subject of possible loss or damage we’re trying to protect is clients’ families’ personally identifiable information (PII). Cybercriminals seek PII so they can profit from it in so many dastardly ways. They want to steal PII and this has become the third certainty in life after death and taxes, experts say. PII is under assault in the virtual world and we cannot see the enemy – they are nameless and faceless, but VERY DETERMINED.
Our insurance company partners are continuously adapting to emerging trends and threats like these and have developed coverages and services to protect you from unwanted attacks, and if they should happen, they have services and benefits to help restore pocketbooks and peace of mind.
Some of the various types of personal cyber-attacks are:
- Extortion – family’s personal computer network is frozen through encryption and the hackers demand a ransom to unfreeze
- Financial Loss – real dollars are stolen online via credit card fraud, wire transfer fraud or tax return fraud, sometimes fully authorized by unwitting family members whose email accounts or apps have been hacked for PII
- Cyberbullying – very emotionally and psychologically tolling, especially to young family members who have been harassed online
- Virtual Privacy Breaches and Threats – hackers can glean information and use it for nefarious purposes by gaining unauthorized access to social media platforms where family members have posted vacation plans and photos, reviewed products and services or revealed political or religious views
In personal insurance, we typically focus on protecting homes, cars, collectibles and other personal assets, but remember, “coverage territory” in these types of policies includes the virtual world where technology may have enhanced our lives but has also created significant risk for which we have solutions.
Cyberattacks and cybercrime have become increasingly frequent and costly. To learn more about the best way to protect yourself against cyber-related incidents, visit AssuredPartners Personal Insurance.