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  • Writer's pictureVincent Fuccilli

Cyber Protection for Homeowners

Cyber Thief

Computers, smartphones, and media-streaming devices increase your exposure and leave you vulnerable to cyber attacks and fraud.

You may need more than credit monitoring and identity theft support. Some carriers offer comprehensive coverage that can protect you after a cyber breach.

More Connected. Better Protected.

Today’s homes are more connected than ever before. The average American Household contains five smartphones, and one in five American households has more than 10 connected devices.1 While the increasing availability of computers, laptops, tablets, and media streaming devices have enabled homeowners to connect with each other and the outside world in new ways, they have also increased vulnerabilities to cyber breaches and attacks.

Some carriers have developed a Cyber Protection Insurance as an add-on to our Homeowners insurance policy to address the increased cyber risks individuals and families face today. Their affordable program offers limits of $25,000 or $50,000.

Key Coverages

Identity Theft Expenses: Expenses incurred because of identity theft, including lost wages, daycare or eldercare costs, and travel expenses incurred in seeking resolution and identity restoration

Credit Card Fraud, Forgery, Cyber Crime: Financial loss and expenses incurred due to credit fraud, forgery, or cyber crime, including the use of stolen personal information to initiate a fraudulent wire transfer

Data Recovery and System Restoration: Data recovery expenses and system restoration costs incurred as a result of a cyber attack

Cyber Extortion: Ransom monies and associated costs and expenses incurred due to a cyber extortion threat, including ransomware

Cyber Bullying: Expenses incurred as a victim of cyber bullying, childcare or caregiver expenses, temporary relocation, and lost wages

Breach Notification Costs: Breach notification and credit monitoring costs incurred when the personal data of others is stolen, lost, or exposed while entrusted to the policyholder

Cyber Protection Third Party Claims: Legal expenses and damages incurred in lawsuits brought against the insured alleging liability for cyber bullying or privacy breaches

Loss Examples

Cyber Extortion: A homeowner installs several smart home devices in his home, including security cameras that are managed through software on his computer. One day, the homeowner was using his computer to adjust his security camera settings when his screen froze. A message then appeared on the screen demanding a ransom be paid to regain access to his computer.

Cyber Protection Insurance would cover the ransom payment and costs associated with removing the ransomware

Cyber Protection Third Party Claims: A high school junior posts unflattering photos of her peers on her social media page and tweets numerous jokes at their expense. After refusing to delete the tweets and take down the photos, her parents were served with a lawsuit brought by the other teens’ parents for emotional damages resulting from the cyberbullying.

Cyber Protection Insurance would reimburse the family’s legal defense fees.

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"Disclaimer: The content contained in this blog is for informational purposes only. It should not be considered insurance advice since every client's needs and circumstances are different. Bergen Insurance Group, LLC makes no representation as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All statements represent the sole opinion of the author and is provided on an as-is basis. For an actual description of all coverages, terms and conditions, refer to your insurance policy.”

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