By Cameron Abbott and Georgia Mills
Chubb has recently released a new cyber security insurance coverage for individuals in North America. The product intends to provide greater protection from cyberattacks that lead to extortion and ransomware, financial loss, cyber disruption and breaches of privacy.
According to Chubb, only a small percentage of Americans are taking the right precautions to protect their personal technology from attack. While this sort of coverage is nothing new in the business world, it is only recently that insurers have started to realise its potential as a domestic product. The policy aims to provide protection against ransomware, loss of funds from cyber scams and aid in the resolution of identity theft.
Given the growing prevalence of cyber scams fleecing Australians of tens of millions of dollars with the top scams being phishing and identify theft (which we blogged about here) it is hopefully not too long before such coverage options are available here in Australia.
The challenge with these policies is to understand the level of coverage, for example we doubt it covers paying hackers for the release of ransomware!