As people increasingly spend more time working online, the threat of cyber attacks grows. Many insurers are now offering personal cyber insurance to minimize financial damage if someone gets hacked.
A recent email from my bank offered up something I hadn’t seen before; cyber insurance. “Cyberattacks are on the rise,” the subject heading read, “are you protected?”
It piqued my interest because while most of us are aware we are vulnerable to cyber crime, we already know the steps we can take to protect ourselves. We use difficult passwords, two-factor authentication and try to steer clear of phishing scams. So I wondered whether this type of insurance would be necessary for me.
Personal cyber insurance can cover expenses related to identify theft, fraud, ransomware and even cyberbullying. My bank was offering policies with coverage ranging from $10,000 to $50,000. The least expensive policy would cost a little more than $5.00 per month. Customers wouldn’t need to meet a deductible for identity theft, but would have a $250 deductible for other coverages. Some insurance companies are offering this protection, often as an add-on to a homeowner’s insurance policy and have even higher options for coverage.
A cyber insurance policy could cover a wide variety of online crimes including payment for a ransom demand in case someone hacked into and took control of your computer and demanded money to release it. It may cover…
