Under Attack: Why you need personal cyber insurance

Phones, computers, home surveillance equipment, and at-home virtual assistants. As well as being essential tools for how we live our lives, they are also doorways through which cyber criminals can access your personal information and bank accounts.

While hackers often target big social media platforms or banks to get personal information, they also target individuals. 

Emails asking for account verifications can contain dangerous malware that infects our personal computers, and online fraud and shopping scams are rampant. Australia’s Cyber Security Centre receives a report every 10 minutes to report scams and, according to the Reserve Bank of Australia, $574 million of online retail spent in 2018 was fraudulent.

Just like our homes and cars, there are only so many locks to keep intruders out. Personal cyber insurance is another layer of protection that individuals can easily add to their personal security that help reduce the risk of serious financial loss as a result of cyberattacks.

A new layer of protection

It might be useful to think of personal cyber insurance like sunscreen. Sure, we can wear a hat and sunnies, but the real barrier between us and harm is slip, slap, slopping the factor 50+ on before we leave the house. 

Personal cyber protection is factor 50+ ̶ cybercrime is the sun!

The most common forms of cybercrime are:

• Cyberbullying, cyberstalking and harassment
• Online scams
• Identity theft
• Personal cyber crime
• Financial fraud
• Hacking, malware and viruses

The Australian Institute of Criminology estimates that 22% of us have been victims of identity theft at some point in our lives, with the cost to each victim averaging $3696. 

By letting us find the right personal cyber insurance for you, we can ensure you’re covered in the event any of these crimes occur, and protect you from any costs attached.

Do I really need personal cyber insurance?

While some people have few security measures in place, others are very savvy when it comes to protecting their online data and digital identity. 

Regularly changing passwords, staying away from “dodgy” websites and regularly checking your credit card statements are all good ways to stay cyber safe. Having a good cybersecurity system, including a firewall and up-to-date antivirus/spyware and malware software, is another great wall of defence against any online threat.

But the fact is hackers are clever, and crafty, and always coming up with new ways to sneak into your systems. 

While personal cyber insurance might not prevent an attack, it will lessen the impact an attack can have on your time and finances.

Learn more about how to protect your personal information here. 

Is cyber insurance worth it?

Many of us already bank, shop, communicate and socialise online, and this trend is growing. As we rely more and more on digital technology to run our lives, the risk of cyber intrusion grows.

Home, car, contents – even pet insurance. We already have this coverage in place to protect the things we value most. 

Personal cyber insurance provides that same level of security and comfort for your online data and identity. Not having it feels a bit like going out without your factor 50+ on. And who wants to take that risk?