Technology and the internet have made our lives easier in many ways. We can now purchase items from the comfort of our homes, bank online, pay bills online and the list goes on. Unfortunately, along with the convenience of the internet also come risks. With so much of our financial, health and other private information now stored electronically, how secure and safe our data is can be a scary thing to think about. With data breaches, malware and other threats lurking on the internet, knowing what we can do to protect our data is more important than ever. Data protection and cyber security insurance can be one solution for keeping online information safe and out of the hands of cyber thieves. This type of insurance is becoming popular with consumers with more companies now offering data protection and cyber security plans. The five questions below will help consumers learn more about data protection insurance.
The Five Questions
1. What is data protection or cyber security insurance?
A: This type of insurance, historically available only in the business world, is gaining popularity in the consumer market as well. Data protection insurance can protect consumers from attacks made on their home computers, tablets, phones and other devices. It can be helpful in removing malware, restoring access to devices, and protecting against financial losses from online fraud. Data protection insurance can also be helpful in protecting consumers if their information is stolen from another online source, such as a business, retailer or health care system. Often supplied through homeowners insurance, policies are also available for renters and other individuals.
2. Does data protection insurance cover identity theft?
A: Yes, data protection insurance can help consumers recover from identity theft. Unfortunately, identity theft is all too common in our modern world. In recent years, it is becoming common to hear about large scale cyber breaches impacting major companies and millions of customers. Although businesses work hard to keep our information safe, data breaches still happen. This type of theft can also occur from our own computers and devices. Identify theft can be an expensive and time-consuming event to recover from. Data protection insurance can give consumers the tools and support they need to navigate the challenges that come along with the theft of their personal information. Access to the right professionals can make a world of difference in rectifying the situation and getting one’s financial health back on track.
3. Can data protection insurance help with ransom attacks or cyber extortions?
A: Yes, data protection insurance can protect consumers against this. Cyber extortions are another growing internet safety concern. These types of attacks are related to ransomware. This is a type of malware that can infect computers and other devices. After infection by the ransomware, users can lose access to their computer or may be told that their personal information will be published if a ransom or fee isn’t paid. Data protection insurance can help consumers navigate the process of removing this malware and, in some cases, help with payment of the ransom.
4. Can data protection insurance protect other smart devices in the home?
A: Yes, data protection insurance can provide protection for smart devices throughout the home. Thermostats, appliances, and security and monitoring systems are just a few of the things that many of us now control via computer. Having smart devices is a convenience many of us have grown to love. Unfortunately, these smart devices can also be at risk from malware and ransomware. Cyber attacks to a home computer system or smartphone can also impact the operation of any attached smart devices. Data protection insurance can help get these devices back online and running following a cyber attack.
5. Can data protection help with cyberbullying?
A: Yes, cyberbullying is another online risk that data protection and cyber insurance can help with. Cyberbullying is another unfortunate problem that occurs online. It can impact both adults and children. The Centers for Disease Control estimates that 15.5% of high school students are affected by cyberbullying. Beyond the emotional toll it takes, cyberbullying can also incur financial costs. Some cyber insurance policies provide coverage that can help with expenses from cyberbullying, such as lost wages, private tutoring, relocation expenses and legal expenses.
