Cyber-related liability claims are the fastest-growing segment of losses in business insurance. But what about personal losses from cyber-related crimes?
Personal insurance for cyber-related losses is less common and less available than business insurance. But with widespread personal cyber connections – including cell phones, tablets, personal computers, and Internet-connected TVs and appliances – personal cyber liability is greater than ever, and personal cyber insurance is definitely worth considering.
According to one study, the average financial loss by victims of cyber crimes is $4,000 per incident. And it can be much higher.
Some potential losses / costs that may be covered by personal cyber insurance:
- Identify Theft. We’ve all heard of this threat. Many of us have been victimized by it or know someone who has.
- Cyber Theft Includes, phishing attacks, wire-transfer fraud, and hacking into bank accounts, credit card accounts and the like.
- Cyber Bullying. Includes financial losses caused by online bullying or harassment.
- Cyber Extortion. Includes situations requiring payment of a ransom to regain access to a device.
- Third-Party Data Breaches. Includes losses resulting from breaches of personal information of others resulting from your actions or the theft of third-party data in your possession.
- Legal Expenses. Expenses incurred recovering from a cyber crime.
Every company’s cyber coverage is different and covers different things. In fact, it’s new enough that some insurance companies don’t offer it yet.
But the threat is real and growing. Give Premier Mountain Insurance a call at (303) 452-6662 for help understanding your personal cyber risks and for help finding the policy best for you.
