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As the world continues to be more interconnected, the frequency and sophistication of cyberattacks are on the rise. As artificial intelligence evolves and our lives become increasingly online, many people are vulnerable to cyberattacks, from phishing attempts to identity theft. The financial and emotional impact of these attacks can be devastating.
What is Personal Cyber Insurance?
Personal cyber insurance provides a layer of security, helping individuals recover from the aftermath of a cyber incident without bearing the full financial burden. This type of insurance can be added to homeowners’ or renters’ insurance policies or purchased standalone.
It covers a range of incidents, including the following:
- Cyberattack: Coverage for the removal of viruses and reprogramming of devices such as computers, smartphones and smart home systems
- Cyberbullying: Assistance with expenses related to online harassment, including legal fees, temporary relocation and lost wages
- Data breach: Coverage for services needed if personal data entrusted to you is lost, stolen or published
- Cyber extortion: Protection against ransomware attacks, including reimbursement for ransom payments and assistance to regain access to your data
- Online fraud: Financial protection against identity theft, unauthorized banking transactions and other types of online fraud
Determining Coverage Options
When selecting a personal cyber insurance policy, ensure it provides adequate coverage for what you need and understand what may be excluded. Compare premiums and deductibles to find a policy that fits your budget and choose a reputable insurance company with a strong track record in handling cyber claims.
Coverage |
Included |
Not Included |
|
Cyber Attacks |
Removal of malware, reprogramming of devices |
Bodily injury and property damage |
|
Cyberbullying |
Legal fees, temporary relocation expenses |
Employment-related claims |
|
Cyber Extortion |
Random payment reimbursement, expert assistance |
War, invasion and insurrection |
|
Data Breach |
Services for affected individuals |
Patent, software and copyright infringement |
|
Online Fraud |
Identity theft, unauthorized banking transfers |
Regulatory fines |
|
Intentional Acts |
Not covered |
Losses from intentional acts or fraud |
|
Known Vulnerabilities |
Not covered |
Losses due to unaddressed security gaps |
|
Unapproved Software |
Not covered |
Losses from unlicensed software |
|
Third-Party Vendors |
Not covered |
Losses from third-party vendors |
|
Smart Devices |
Coverage for malware removal and reprogramming of smart home devices |
Losses from devices not owned or used by the insured |
|
Cryptocurrency Theft |
Coverage for theft of cryptocurrency holdings |
Losses due to fluctuations in cryptocurrency value |
|
Dark Web Monitoring |
Monitoring of personal information on the dark web |
Losses from information not monitored or detected |
As our reliance on digital devices and online services grows, so does the importance of protecting ourselves from cyber threats. Personal cyber insurance offers a valuable safeguard, helping mitigate the risks and recover from cyber incidents. By understanding the coverage options and selecting the right policy, you are able to help protect yourself in the digital age.
How Brown & Brown Can Help
Brown & Brown’s Personal Insurance team is dedicated to helping our customers find solutions that fit their lifestyles. We understand the complexities of helping protect important online data and managing potential cyber risks.
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