Personal Cyber Insurance

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Vital protection against cyber risk

Laptops, mobile phones and other devices are omnipresent in today's world, and you'll scarcely find a workplace or household that isn't connected to the Internet. For all the benefits of modern technology, it also poses significant risks to businesses and consumers, including data breaches, cyber attacks and identity theft. Consequently, the market for cyber insurance for businesses is growing, as is the market for personal cyber insurance.

View Cyber Insurance for Businesses

As public awareness of cyber risk increases, more consumers are expressing interest in cyber insurance. More than half of respondents to a survey conducted by Swiss Re, a prominent Swiss insurance carrier, said they would be willing to buy personal cyber insurance, citing concerns like hacking, identity theft, data loss and data breach.

Because traditional property, personal and general liability policies don’t cover many of the losses caused by cyber exposures, insurance companies have developed new products to address the above risks. As an independent agency, Sylvia Group can work with multiple carriers to design the coverage program that best serves your personal needs.

Key Coverages

Our personal cyber insurance policies provide coverage in the following areas of risk:

Reimbursement for loss resulting from damage to or corruption of the insured’s electronic data and computer programs.
Reimbursement for extortion expenses resulting directly from a credible threat to the insured’s computer system.
The emerging Internet of Things (IoT) represents a new cyber liability risk for consumers. Also known as "smart home" devices, IoT devices send and receive information via the Internet. Smart appliances, including washers, dryers, refrigerators and lighting systems, are among the most popular smart home devices. These are typically controlled via a mobile phone app that represents an entry point for hackers. If your smart home device is hacked, coverage protects you from liability for incurred expenses.
Protection from e-theft exposures, such as:
  • Funds Transfer Fraud: wrongful transfer of funds by a third party from the insured’s account at a financial institution.
  • Computer Fraud: use of a computer to fraudulently transfer insured property from inside the insured premises or bank to a person or place outside the insured or bank’s premises.
  • Social Engineering Fraud: use of human interaction to influence someone into acting inappropriately, often by breaking normal security procedures.
Reimbursement for the insured's personal data, including information and photos, which can be illegally accessed and leaked by hackers.
The home-sharing platform Airbnb poses unique cyber liability risks to renters, from property damage to stolen goods. Among these is the potential for cyber hackers to control homeowners' accounts and steal money. If your account is hacked, coverage will protect you from liability for incurred expenses.

Claim Scenarios

Here are some actual and potential claims resulting from cyber risk exposures:

An infected memory stick transfers malware to your computer leading to loss of or damage to your data. You require the services of an IT specialist to help you isolate and erase the virus and then upload the data from a secure backup. (Source: Swiss Re)
When a man discovered $240,000 had been wired from his account, he contacted his bank. He learned the bank had received an email appearing to be from the member and had called the member’s cell phone to validate the transaction. The criminal had redirected the member’s cell number to their own phone and confirmed the amount and wire instructions. (Source: PURE Insurance)
̤One of your smart home devices has been infected with malware and used as part of an orchestrated cyberattack without your knowledge. (Source: Swiss Re)
Someone wired $11,000 to reserve a vacation home for their family from what appeared to be a legitimate online rental website. It was later discovered that the listing was fake and not affiliated with the site. The money had been transferred to a fraudulent account in England and was unable to be recovered. (Source: PURE Insurance)
An attack on a large business or service provider can implicate many of its customers. For example, a series of data breaches dating back to 2013 and 2014 affected Yahoo’s entire user base – some three billion accounts – whose data was leaked in 2016. (Source: Swiss Re)
Someone was browsing the Internet when they received a pop-up window stating their computer would be locked and all files would be deleted unless a $10,000 ransom was paid within the next 24 hours. (Source: PURE Insurance)
You become the victim of an email phishing attack where you voluntarily disclose your e-banking login credentials. This data is used to transfer and steal funds from your online bank account. (Source: Swiss Re)
Your child becomes a victim of a social media cyberbullying campaign, which puts your family under stress. Your child needs professional aid from a psychologist to better deal with the situation. From the discussion, it becomes clear that only moving the family to a new location and school would reduce the stress level. (Source: Swiss Re)

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