What Is Cyber Insurance?
In today’s digital world, people are connected like never before. You can share photos, buy a new outfit, manage your bank account, or book a vacation in an instant. But as the digital world continues to advance, so does cybercrime. According to a recent report, cybercrime damage costs are predicted to grow to $10.5 trillion in 2025.
Personal cyber insurance from Westfield can help. Our cyber protection coverage is designed to help you financially if you are harmed by internet-based threats, including cyberattacks and cyberbullying.
What Does Personal Cyber Insurance Cover?
In addition to protection against cyberattacks, a personal cyber insurance policy often helps cover related costs, including counseling, data recovery, and legal expenses. Here are some of the benefits typically provided by Westfield’s cyber protection coverage.*
- Financial loss and expenses due to credit fraud, forgery, or cybercrime, including the use of stolen personal information to initiate fraudulent wire transfer.
- Data recovery and system restoration costs incurred as a result of a cyberattack.
- Ransom monies and associated expenses incurred due to cyber extortion threat, including ransomware.
- Expenses incurred as a victim of cyber bullying, including the cost to seek counseling, childcare or caregiver expenses, temporary relocation, and lost wages.
- Breach notification and credit monitoring costs incurred when your personal data is stolen or exposed.
- Legal expenses and damages incurred in lawsuits brought against you alleging liability for privacy breaches.
- Access to cyber resource center and personal cyber consultants to help you manage your family’s cyber security.
Plus, you can combine your Westfield cyber protection and identity theft coverage to receive a discount.
46%
of U.S. teens ages 13 to 17 report experiencing at least one of six cyberbullying behaviors asked about in a Pew Research Center survey.
How Does Personal Cyber Insurance Work?
If you are the victim of a cyberattack, you can file a claim with your personal cyber insurance company to help pay for financial losses, such as fraudulent credit card charges, as well as related expenses like legal fees and data recovery. Let’s look at a few examples of how this insurance coverage can help if you experience a cyber-related loss.**
- Credit Card Fraud – A policyholder received an email warning that their credit card payment was overdue. Not wanting to incur any late fees, they immediately clicked on the link and made the payment. Just after doing so, they realize the email was fraudulent. Cyber protection coverage may help cover the payment the policyholder made.
- Ransom Monies – A policyholder downloaded an app to watch a movie on their tablet. Halfway through the movie, the tablet froze, and a notification appeared, demanding that a ransom be paid to restore functionality of the device. Confused, the policyholder made the payment. Cyber protection coverage may help cover the money paid, plus the cost to remove the ransomware.
- Cyberbullying – A policyholder’s teen was harassed by their peers when a classmate posted unflattering photos of the teen on their social media accounts. The photos were shared and reposted by multiple students. The teen left school due to the emotional distress caused by the cyberbullying. Cyber protection coverage could help reimburse the costs to seek counseling and any tuition that is not reimbursed by the school.
Is Personal Cyber Insurance Worth It?
With personal data breaches resulting in approximately $149 million in losses per year, cyber security is more important than ever. Additionally, cyberattacks are becoming more sophisticated, so even digitally savvy people are at risk. Cyber insurance for individuals offers peace of mind by helping to protect you from financial losses. Westfield’s coverage also includes access to a cyber resource center and personal cyber consultants, so you can better manage your cyber security.
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Frequently Asked Questions
*Coverages are subject to policy limits and/or exclusions. The actual policy or endorsement language should be referenced to determine coverage applicability and availability.
**The scenarios used are examples of the types of claims and associated costs commonly seen and do not represent a comprehensive explanation of any one particular claim or coverages. While the subject coverage is designed to address certain risks and associated costs, coverage may not be available in all circumstances or may be subject to policy limits and/or exclusions. Each reported claim will be evaluated on a case-by-case basis. The actual policy or endorsement language should be referenced to determine coverage applicability and availability.