Cybersecurity insurance isn’t the foolproof antidote to cybercrime, but for the right person or business, it can make a lot of sense. Help with recovering from a cyberattack is something everyone can use, especially with the chaos and financial losses that can follow. Insurance for these incidents can be a practical consideration, like having home or auto protection.
The pandemic provided a catalyst for cyberattacks to spike in ways that had yet to be seen. According to a report by the Identity Theft Resource Center, when compared to the last quarter of 2020, the number of cybercrime victims is up 564% so far this year.
Data from the United Nations finds attackers have also been unusually busy, with a 600% jump in their activity since March of last year. That begs the question of how to best protect ourselves online, and how we can also prepare for becoming the next victim of a cybercrime. Enter, cybersecurity insurance…
Some homeowner policies include cyber insurance but can be limited, so check coverage details. There’s also stand-alone cyber insurance, including policies as a separate add-on to homeowner insurance. Another option for cyber insurance includes digital packages providing comprehensive technical protection like a VPN (virtual private network), antivirus solutions, and Wi-Fi security combined with identity theft and credit monitoring coverage.
As one security expert sees it “Breaches have become the third certainty in life behind death and taxes.” So, whether you do or don’t end up with cybersecurity insurance is of course up to you, but at the very least, now you know you have options and what they are.