Although the internet has made your life easier, there are definitely risks involved in surfing the web. There are many threats you face daily, such as spam emails, hijacked websites, and compromised social media accounts which can cause identity theft and a loss of money.
With all of the dangers on the internet, you're probably wondering if now is the time to invest in cyber insurance. Depending on your situation and risks, it could be a good idea to look into it. Check out this post to see if you need to get cyber insurance for yourself and your family.
What is cyber insurance?
Cyber insurance, also known as cybersecurity insurance, has been around since 2017 was first created to cover the millions of dollars of damage companies suffer due to hacks and data breaches. Not long after, cyber insurance was created for individuals.
Most cyber insurance policies will cover damages and expenses related to cybercrime, including:
Your policy could also cover the expense of recovering from ID theft or the loss of data that could occur in a data breach. There are so many different cyber threats that it’s impossible to list them all here, but most cyber threats should be covered under a fully-featured personal cyber insurance policy.
How does cyber insurance work?
Most insurance providers offer personal cyber coverage as an addition to your homeowner's or renters' policy. You can also purchase it as a stand-alone policy. There are limits to cyber insurance. Many policies will only cover a total amount of damages per year and there is a limit to the number of damages that are covered for a particular event. For example, you may only get $30,000 for ID theft. Finally, there is a deductible you will need to pay for out of pocket.
Why would you consider cyber insurance?
According to the Pew Research Center, nearly two-thirds of Americans have been exposed to data theft. If you've been under attack by online thieves, you understand the expense that is involved in recovering from a cyber-attack. It can take countless hours and thousands of dollars trying to re-establish your credit rating and reissue official documents such as social security numbers and your driver's license.
Also, if you have tweens and teens, the risk of cybercrime increases as there are many social media and gaming sites they visit on a daily basis that can expose your family to dangerous threats. Also, your children are more likely to fall for phishing, vishing, or smishing scheme.
Stopping cyberattacks is always your best bet.
Cyber insurance offers some good protection but isn't enough to keep you and your family protected. 99% of cybercrime requires user interaction which means as long as you don't click on strange links in emails, text messages and stop sharing your personal information on social media and those weird phone calls that come in, you will stay safe from most threats.
If you follow these six simple tips, you can avoid the vast majority of cyber threats:
Want to ask me a tech question? Send it to firstname.lastname@example.org. I love technology. I've read all of the manuals and I'm serious about making technology fun and easy to use for everyone.
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