Personal Cyber Insurance Added to Homeowner Policy

Personal Cyber Insurance Added to Homeowner Policy

In an effort to help individuals who have been the victim of cybercrimes, Saga, an insurance provider, today announced it will now include Personal Cybercrime coverage in its insurance policies. The coverage will protect individuals against risks from their personal devices.

According to Saga, the proposition to launch personal cybercrime insurance to the market is the first of its kind. In a recent study conducted by Saga, the company found that 72% of its 11,300 customers over the age of 50 feel at risk of either a cyber-scam or online fraud. In response to that growing concern, the company will also offer help and advice to protect people falling victim to cyber-criminals.

The research also found that 75% of Saga members use the web for both online shopping and banking despite the concerns about online threats. Users continue to book vacations, reserve hotel rooms and share personal information via social media platforms.  

“As the majority of our personal transactions are now conducted online, [we] need to ensure we are protected from a personal perspective, in the event of becoming a victim of a cyber-attack,” said Simon Mcphee, head of Saga Home Insurance. “Many of our Saga members have embraced digital apps and platforms and have integrated these into their day to day lives. However, as technology continues to evolve, so do the methods used for online fraud and cyber scams.”

While many insurers offer plans that cover cyber risks in the commercial sector, none to date have extended that coverage to individuals, according to Saga. As part of the legal cover add-on, the plan will restore electronic devices to their previous states, where possible. In addition, the coverage offers reimbursement for subscriptions to credit-monitoring companies following a cyber-attack and includes an advice line where customers can talk about their cybersecurity concerns.

“We are excited to be able to offer our customers a unique product, which has been developed to help with issues they have told us they have real concerns about. In addition to assisting our customers in the event of becoming a victim of a cyber-attack, there is also an advice line to discuss cyber-attack matters that may be of concern.”

Source: Information Security Magazine