The threat of cybercrime is growing, and with it, the need for the right coverage against an attack. In the event of a cyberattack, you can have peace of mind knowing that you have protection for your cell phones, tablets, and other smart devices that connect to your accounts.
Cyber coverage is a vital part of your overall financial protection plan. If you’re not sure if you have the right coverage, contact Bradford Turner Insurance Group in Cumming, Ga today.
In 2021, about 108 million Americans lost a total of $38 billion because of cybercrime. This is a significant monetary loss, and it can also have a huge impact on your personal and professional life.
What is cyberbullying?
Cyberbullying is bullying that takes place over digital devices, like cell phones, computers, and tablets. It can include sending, posting, or sharing negative, harmful, fictitious, or mean content about someone else.
Cyber coverage can help you protect yourself from the financial and emotional consequences of a cyberattack.
Coverage includes protection for:
- Cyberattacks: Helps you recover the cost of repairing or replacing hacked or stolen devices, as well as the cost of identity theft protection and restoration.
- Cyber extortion: Provides you with expert advice and consultation on how to respond to a monetary demand where your device, system, or data is held hostage.
- Online fraud: Helps you recover your financial losses if you are the victim of identity theft, phishing schemes, or unauthorized use of your credit card or account information.
- Data breach: Helps you with the cost of notifying affected individuals, as well as providing them with credit monitoring and identity restoration services.
- Cyberbullying: Helps you cover the cost of temporary private tutoring, relocation expenses, legal fees, and other expenses related to cyberbullying.
Here are a few specific examples of how cyber coverage can help you:
- If your computer is hacked and your personal information is stolen, cyber coverage can assist you in paying for the cost of identity theft protection and restoration.
- If you are the victim of online fraud, cyber coverage can help you restore your financial losses.
- If your data is breached, cyber coverage can help you pay for the cost of notifying affected individuals and restoring your damaged reputation.
- If you are the victim of cyberbullying, cyber coverage can assist you in paying for the cost of legal fees and counseling.
Why is cyber coverage important?
The threat of cybercrime is growing, and so is the need to have the right coverage in the event of an attack. In 2021, an astonishing number of people were impacted by cybercrime:
- 623 million+ people were impacted by ransomware.
- 108 million Americans reported being victims of cybercrime.
- About 13.5 million people faced identity theft.
- 293 million+ Americans were victims of data breaches.
- Forty-six percent of Americans ages 13-17 suffered at least one cyberbullying event.
These statistics show that cybercrime is a real and growing threat that can have a devastating effect on individuals and businesses.
Here are some additional things to keep in mind about cyber coverage:
- The specific types of coverage that are available will differ depending on the insurance company.
- The cost of cyber coverage will also vary depending on the level of coverage you pick.
- It is key to read the policy carefully to understand what is covered and what is not.
Steps to protect yourself from Cybercrime:
- Using strong passwords and changing them frequently.
- Keeping your software up to date.
- Being careful about what information you disclose online.
- Being aware of the latest cyber threats.
How does cyber insurance differ from cyber protection from a third-party or the cyber coverage I have on my current home policy?
Cyber insurance is different because it provides reimbursement for costs related to recovering from a breach or hack. Third-party cyber security vendors normally only provide support and direction.
Cyber insurance can also be different than the coverage that you have on your current home policy. This is because your home policy may not cover all the expenses that can be associated with a cyberattack, such as the cost of identity theft protection and restoration.
Does cyber insurance for homeowners apply if I run a business out of my home?
Cyber insurance for homeowners usually does not apply to cyber incidents and losses that are associated with your work or a business you operate. For business owners, there are specific cyber insurance policies offered that can provide coverage for these types of losses.
How much does cyber insurance usually cost?
The cost of cyber insurance can vary depending on several factors, such as the level of coverage you choose, the type of devices you use, and your personal risk factors. However, cyber insurance is typically affordable, and can provide peace of mind knowing that you are protected in the case of a cyberattack.
