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What is personal cyber insurance and do you need it?

Did you know that identity theft affects more people in Australia than any other crime? Almost 22% of Australians have been a victim of identity crime over the course of their lives (AIC, 2020).

More than 20 million use the internet in Australia. We share so much on the internet - from bank details on e-commerce sites and personal emails to social media accounts and online profiles.

Anyone that uses the internet and digital devices is vulnerable to malicious cyber crime. As we add more technology and devices to our life and our homes become increasingly connected, the risk of cybercrime increases.

The costs to respond to and recover from cyber attacks can cause devastating financial damage, not to mention reputation damage and emotional harm it can also have

What is personal cyber security insurance?

Personal cyber insurance covers you and your family against the impact of cyber attacks and cyber crime including hacking, viruses, identity theft and malware.

Personal cyber insurance responds to the needs of your whole family, and a policy can also cover cyber bullying, cyberstalking and cyber harassment.

Do I need personal cyber insurance?

As the amount of websites, apps and time we spend online increases, so too does the number of risks we face.

Cybercrime, cyberbullying and cyber attacks can have devastating consequences and repairing the damage can be expensive. 

Cyber insurance doesn’t have the power to stop cyber criminals, but it protects you against the financial risks.

What are some examples of cyber insurance claims?

Cybercrime is an imminent risk for anyone that uses a computer. It doesn’t take much to fall victim of a cyber attack - especially with the sophisticated spam emails ckers can create.

Here are some examples of cyber claims and how personal cyber insurance can protect you and minimise the damage.

Example 1: Identity theft

An example of identity theft is when you receive an email from a social media or ecommerce platform requesting you to verify some information about your account by clicking on the attached link. This link actually turns out to be malware and used by cybercriminals to steal your personal information. 

Personal cyber insurance compensates you for the costs to restore data, remove the malware and secure your personal computer network. It can also cover the costs incurred due to any time you had to take off work as a result of the identity theft.

Example 2: Ransomware virus

An example of ransomware is when someone receives a seemingly legitimate email with an attachment. When you click on the attachment a virus takes over your computer and prohibits your access to all important files. The cybercriminal will ask you to pay a ransom (often in the excess of thousands of dollars) to get access to the files.

A personal cyber protection will cover the costs to hire a cyber specialist to remove the virus and give you full access to the files they blocked.

How much does personal cyber insurance cost?

A personal cyber insurance policy ranges between $250 to $500 for a mini-policy.

Get your cyber insurance quote today!

At Insurance HQ, we have access to the best specialist cyber security insurance providers in Australia. 

Our brokers will take the time to get to know you, your needs and how a cyber insurance policy can be best applied to your life (and your business if you have one).

When it comes to your’s and your family’s personal data and identity, it’s really not worth the risk of not having cyber protection in place.

Request an affordable quote online or give us a call on 1300 815 344.

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Oracle Group (Australia) Pty Ltd AFSL 363610

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