Now Available: Coverage for Smart Homes and Other Technological Challenges
Smart homes, smart systems, and even the smart phones that control them are vulnerable to attack by cyber criminals who might steal information, extort money, commit fraud, or simply create havoc.
Now, there is insurance coverage to protect against losses or damage created by a cyber attack involving a computing or connected home device.
The coverage includes modern threats like these:
Cyber Attack
This coverage pays to recover data and restore systems that have been lost or damaged, for example, from an emailed virus that corrupts data and reconfigures existing computer setup. Restoration costs might involve reformatting the hard disk, erasing everything on it, and reinstalling the operating system and all software applications
Cyber Extortion
This pays for ransom and professional assistance in responding to cyber extortion demands based on a credible threat to damage, disable, deny access to, or disseminate content from devices, systems, or data.
For example, a homeowner discovers that all her computer files have been locked and a ransom note pops up on her screen demanding money to receive the key to decrypt the files. Even if paying the extortion demand resulted in the files being unlocked, the homeowner must still pay an expert service to ensure no viruses remain on her computer
Online Fraud
This coverage pays for direct financial loss in the event of technology-related fraud. For example, if a homeowner receives an emotional email from someone who claims to be a close relative in trouble and in need of money. Being unable to verify the story, but not wanting the close relative to suffer, the homeowner sends the money, only to find out later, that it was all a lie
Data Breach
This insurance notifies and pays for services to affected individuals in the event that third-party private personal data entrusted to a household resident is breached.
For example, a volunteer who maintains important information about an organization’s membership on her personal tablet, leaves the tablet on the bus that is transporting the group to an event, and the tablet is gone when she returns. She is advised to notify the affected members and provide them with fraud alert services
Talk to Your Agent Today
To fully understand the personal cyber insurance coverage, terms, conditions, limits, deductibles, and exclusions, please contact your Murrick Group insurance agent.
