Importance of Personal Cyber Coverage

In 2020, we have experienced many changes that have disrupted our lives. Unfortunately, one thing that has been constant is the high frequency of identity theft and cybercrime. Although the news coverage focuses on large corporations that have been targeted or experienced a data breach, the impact of cybercrime goes beyond their walls. Often, the data that is stolen in a breach is personal data on their customers—you and me!
October 5, 2020 | Home
By: Addie B.
Addie has a wide range of personal insurance experience and with her position at Acuity, has been able to specialize in homeowners insurance. On top of her homeowners insurance knowledge, Addie has a good understanding of the insurance industry in general. She focuses on the consumer allowing her to play a key role in product development. Also, she is currently working towards an Associate in General Insurance designation. In her free time Addie spends time outdoors and enjoys playing and watching sports.

Author of Home Focus

In 2020, we have experienced many changes that have disrupted our lives. Unfortunately, one thing that has been constant is the high frequency of identity theft and cybercrime. Although the news coverage focuses on large corporations that have been targeted or experienced a data breach, the impact of cybercrime goes beyond their walls. Often, the data that is stolen in a breach is personal data on their customers—you and me! 

 

Not only do corporations need to put security measures in place to fight cybercrime and obtain sufficient insurance coverage, so do individuals.

 

Acuity offers Identity Fraud Expense and Cyber Protection coverage available to our personal lines customers. This important coverage can be added to your renters, condo, or homeowners policy. 

 

What does identity fraud and cyber insurance include?

Our Identity Fraud Expense and Cyber Protection coverage provides expert guidance for:

  • Identity Fraud Expense Reimbursement and Recovery Assistance
  • Data Recovery and System Restoration
  • Credit Card Fraud, Forgery, Cybercrime
  • Cyber Extortion
  • Cyber Bullying
  • Breach Notification Costs
  • Cyber Protection Legal Expense and Damages Reimbursement

 

When might I need this coverage?

  • Fraudulent charges on your credit or debit card
  • Hacked email or social media accounts compromising personal information
  • Online cyber bullying or harassment
  • Wire fraud scams
  • Compromised banking information

 

Phishing and Electronic Theft Example

  • Scenario: A woman received an email from her cell phone provider prompting her to update her account information for security reasons. Believing that the email was legitimate, she clicked the link and provided her complete bank account and billing address information. Later, she discovered several thousand dollars missing from her account and realized she had been tricked into sharing her information with a hacker. 
  • Potential Outcome: You are not responsible for electronic losses reported to your bank or credit union within 60 days from the time you receive your statement. If your loss is not reimbursed by the bank, Acuity’s cyber protection may reimburse you for the theft of money from your bank account by electronic means.

 

While the best defense is prevention, knowing you are properly covered also provides great peace of mind. The Acuity Identity Fraud Expense and Cyber Protection information portal contains resources that will help you and your family better understand your cyber risks and become “cyber smart.” Simply access this information by visiting acuity.com. For more information or to add the Identity Fraud Expense and Cyber Protection endorsement, contact your Acuity agent

 

*All claim outcomes are subject to the specifics of each individual claim.

 

Sources:

https://www.acuity.com/personal/homeowners-insurance/identity-theft

https://www.acuity.com/ws/public/agency/cobrand/document?dbName=brochdb&brochureLink=Identity%20Fraud%20Expense%20and%20Cyber%20Protection&cobrandable=false&state=AZ

By: Addie B.
Addie has a wide range of personal insurance experience and with her position at Acuity, has been able to specialize in homeowners insurance. On top of her homeowners insurance knowledge, Addie has a good understanding of the insurance industry in general. She focuses on the consumer allowing her to play a key role in product development. Also, she is currently working towards an Associate in General Insurance designation. In her free time Addie spends time outdoors and enjoys playing and watching sports.

Author of Home Focus