When it comes to a person’s online information, it’s never possible to be too safe. There are legions of people with ill intentions out there trying to steal a person’s data and use it to commit various crimes, fraud or identity theft. All they need is your personal information.
There are various efforts out there to try and monitor against identity and data theft. Some of them are useful, while others can be nothing but window dressing. While some are proactive methods, one of the best methods is reactive. That’s the concept of cyber insurance. Cyber insurance ensures that in the case of identity theft, ransom attacks or other damage, a person can be compensated for their losses. There is much to consider when it comes to cyber insurance.
What is Cyber Insurance?
Data protection insurance more commonly goes by the name cyber insurance. The concept is rather simple. Cyber insurance works to ensure that you are compensated in case of damaging information breaches or identity theft attacks.
There’s also a version of cyber insurance that specifically protects businesses. This is important because more businesses find themselves the targets of denial of service or other cyber attacks. Small businesses may think they are immune, but they are often targeted due to what is likely reduced security. Businesses who choose cyber insurance will find it pays for their investigations, losses and potential lawsuits and extortion attempts.
Benefits of Cyber Security
There are many benefits to cyber security. Of course, the downside is having to pay a premium to engage the services. However, the benefits tend to outweigh the costs. These are some of the benefits people get:
- Peace of Mind - It’s nice knowing that if something goes wrong in cases of identity theft, that the convoluted process of recovery is already started and you will be compensated for it.
- Protection from Malware Attacks - Insurance can cover the costs of a malware attack. This includes both financial and physical ramifications.
- Protection from Ransom Attacks - Just like malware attacks, both property and intellectual property damaged through a ransom attack can be reimbursed. It also allows for people to get new hardware that is broken or damaged.
- Help With Recovery - The recovery process can be quite difficult for someone who has dealt with identity theft. Closing down the financial applications and loans that someone has tried to open can often cause great stress. Cyber insurance works to restore your good name.
Popular Cyber Insurance Providers
The good news is that many of the best insurance companies in the world have recognized the benefits of selling cyber insurance. Almost ⅓ of businesses and an increasing number of individuals are taking advantage of cyber insurance. If you are looking for cyber insurance, try these companies:
- Chubb Philadelphia
- AIG (American International Group)
- BCS Financial Corp
When choosing a policy, it’s important to determine if this policy is independent or an add on to another policy. Many cyber insurance policies are tacked on to homeowners or business insurance. For a truly comprehensive and full coverage policy, it’s often better to get a separate cyber insurance policy. Also make sure that the policy is truly comprehensive. Determine if it covers both first party damage to yourself, or third party damage to suppliers or services that you may use throughout the internet.