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24.02.21

Personal Cyber Insurance

It appears to have become the “norm” these days to read about a large corporation suffering a cyber-attack. These all seem too remote to our daily lives, only being the scourge of huge international organisations such as British Airways or Barclays Bank, but cyber-crime can affect you, as an individual, and also your family.

What is Cyber Crime?

Cybercrime, or crime undertaken online via means of a computer or the internet, is now one of the fastest-growing crimes in the UK. In a world dominated by technology, crime is changing and the threat of becoming a victim of cyber-crime is increasing.

Cybercrime has introduced a whole new set of words to the English language, such as:

  • Phishing – the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers
  • Smishing – an activity where criminals use an SMS to trick a person into providing personal or banking details.
  • Malware – software that is specifically designed to disrupt, damage, or gain unauthorised access to a computer system.
  • Ransomware – malicious software which encrypts data or locks a person out of their device in exchange for a fee.

Can it affect me?

Yes, certainly. Cyber-crime can affect you by your personal electronic equipment being targeted or compromised by hacking or phishing. It can also include stealing identities, stealing your money or violating your privacy. It is estimated that over 60% of UK residents have had their personal information stolen.

What is Personal Cyber Insurance?

It includes the repair or replacement of your personal computer, laptops, tablets or mobile phones and their personal programmes along with the reconstitution of digital data, pictures and videos if they have been damaged, altered or corrupted by a hacker. Policy cover will also include cyber extortion, financial compensation should you be defrauded, as well as access to specialist IT advice and support.

Personal Cyber insurance can often be added onto a High-Net-Worth household policy (with the same insurer) for an additional premium, or purchased by a specific, stand-alone policy.

Who is this suitable for?

This insurance is suitable for you if you have a personal computer network, a regular level of email and social media activity, and make financial transactions online. If your household has a higher number of occupants or children, you may feel this increases the chances that your home or one of you or their devices could be targeted.

With many of us working from home, we may be using company-provided lap-tops and smart phones, and your employer should make arrangements for business-related cyber-attacks. Personal cyber insurance is, as the name suggests, for your private, personal use by you and your family.

If you have any concerns about your possible vulnerability to a cyber-attack, please contact Cox Mahon to discuss how Cyber Insurance can offer peace of mind and support.