Cybersecurity & the Insurance Industry

Consumers are continuously worried about cyberattacks and data breaches. While they are taking more action, some consumers are still victims of poor cyber security habits, and not many are aware of the protection that personal cyber insurance affords.

Multi-factor authentication is one of the best things that people can do to protect themselves and mitigate cyber risks. While cyber hygiene is taking root among Americans, some risky habits are harder to break. For example, most people still use their pet’s name or other easily identifiable information as new passwords. Others might be using public wi-fi in an airport or coffee shop to log into their bank accounts. Those are the types of risks you forget about the moment when you’re trying to save time.

Individuals and their insurance agents should be thinking about the types of risks that are out there and how they want to mitigate them. There are misconceptions about personal cyber insurance and identity theft insurance; the two can be confused. Identity theft insurance can protect policyholders when their personal identity information is compromised in the event of a breach. But personal cyber insurance will go beyond, protecting against ransomware attacks or breaches on household interconnected devices.

With respect to financial loss, if a consumer experiences a breach or disruption to household interconnected devices, they would want insurance to ensure that the damage can be corrected. Ultimately, the best advice that brokers and agents can give their clients is to be constantly vigilant and employing a variety of mitigation actions.

We talk often about using strong passwords. But it’s also about using tools to protect yourself from any cyber threat, like using password managers or multi-factor authentication. Not sharing credit card information online and constantly updating software are also important. Continually educating yourself about cyber threats and sharing that information with all individuals in your household will help ensure everybody is practicing good cyber behavior.

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