Why You Need Personal Cyber Insurance
Did you know that the average individual loses over $4,000 to cyber criminals? With the ever-growing presence of technology in modern society, more people are at risk of cyber crime than ever before.
Hackers look to the vulnerable, unprotected sections of the population and attempt to steal sensitive data such as social insurance numbers as well as bank and credit card information. How, then, can the average person stay protected?
The answer may lie in personal cyber insurance.
To anyone paying attention to the insurance industry, the rise of cyber insurance is no surprise. Though the focus has primarily been on protecting companies, insurance companies are now beginning to provide protection to individuals.
In a regular homeowners’ policy, protection against identity theft is often already included; now, insurance companies are expanding what it means to be safeguarded against ID fraud – with further protections against cyber extortions and attacks being included.
The question then is this: should you buy personal cyber insurance?
In short, yes.
Let’s face it – cyber crime is not going to disappear. In fact, we’ve barely scratched the surface. As people become more interconnected due to continued technological advancement, the frequency at which individuals become targets for cyber criminals also increases.
Cyber crime now costs corporations worldwide billions of dollars every year as many struggle to cope with the fast-paced advancements being made in the online world. These losses are beginning to hit individuals as well – a worrying sign, to say the least.
However, how does this protection work? If we know that cyber crime won’t go away, what can be done?
Purchasing personal cyber insurance will mean that an insurance company will provide financial reimbursement for the costs associated with a cyber attack and potential theft of critical digital information – up to the limits of the policy.
Though there are a multitude of ways that a hacker can cause financial damage, the insurance policies offer key protection in three different areas: personal and home protection, extortion, and financial loss from fraud.
Having these protections in play means that even if an individual is a victim of a cyber attack that succeeds in stealing their banking information, that person can be assured that losses will be covered. This may also buy more time for those fighting against the attack in helping catch the culprit.
These protections, though important, are still in their infancy – with experts predicting that policies will continue to evolve to match the needs of the people. While cyber criminals may continue to become bolder in their attacks, the defences of individuals will also improve.
Understanding that information makes it even more clear why investing in individual cyber security is so important. Those who commit cyber crimes follow the path of least resistance – they avoid those with even basic security measures in favour of those with no contingency plans in the event of an attack.
It costs nothing to inquire about how you can stay protected online – so call one of our licensed experts today at 905-696-9090 or