Personal Cyber Insurance for Families

Nov 29, 2021

Following the continual digital transformation of our every day lives, we are becoming even more dependent on technology, but also more exposed. Most children do not have the same cyber security awareness as adults, and can quite easily download ransomware to the family network.

 

In response to the continual rise of online threats, certain luxury home insurers are now offering enhanced policy wordings, which include some of the following Cyber Insurance benefits:

 

  • Cyber Crisis Management
  • Access to specialist cyber defence firms
  • Cyber bullying advice
  • Financial assistance, including ransom/extortion costs.

Thankfully, there is now a way to obtain comprehensive standalone protection, in the form of Personal Cyber Protection Insurance. Cover is provided through specialist Cyber Insurance providers, offering policy limits ranging from $50,000 to $1,000,000.

As an indication, Personal Cyber Liability premiums start from $185.

 

The policies can cover cyber events, such as the following:

 

  • Cyber extortion—attacks or threatened attacks against your home IT infrastructure.
  • Hacking/Crimeware—malicious or unauthorised home IT infrastructure access.
  • Cyberbullying—electronic communication through your home IT that targets your child or teenage family member with the aim of tormenting, harassing, humiliating or otherwise targeting them.
  • Cyberstalking—malicious use of your home IT to stalk, abuse, control or frighten you.
  • Identity theft—The unauthorised access to and use of your identity because of a cyber event to your home IT.
  • Personal financial loss—loss of funds due to cyber theft.
  • Wage replacement benefit—payment of lost wages as a result of taking unpaid leave in response to cyber theft, sim-jacking, identity theft, cyberbullying or cyberstalking.
  • Repair to e-reputation costs—the removal or mitigation of internet publications that defame your reputation.

If you would like to obtain a formal quotation from our Cyber Insurance Consultant, please feel free to enter your details here: https://tridentinsurance.com.au/obtain-a-quote/cyber-insurance-quote/

 

To assist in mitigating these potential cyber threats to your Family, we have also put together the following handy tips:

 

  • Antivirus Software and/or Endpoint Protections: Check with your internet services provider regarding discounted software available.
  • Set up a VPN (Virtual Private Network): This will encrypt your internet connection and prevents others from seeing what your Family are doing online.
  • Personal Information: Make sure your Family are aware of the consequences of sharing their personally identifiable information online.
  • Phishing scams: Educate each Family member on what to look out for in regards to online scams.
  • Passwords: Create strong passwords and regularly update them
  • Multi Factor Authentication: Enable all smart devices to include passwords.

If you would like to discuss any of the above, please feel free to reach out to one of our Cyber Insurance Consultants.