Protection from cyber risks relating to an individuals activities.
Elmore offers Personal Cyber Insurance to it’s partners to distribute to their customers. Typically known as affinity or bancassurance.
What Is Personal Cyber Insurance And What Does It Cover
Personal Cyber insurance is used to protect an individuals data and technology from a range of different types of cyber event. If an indivdual has cyber insurance it will not stop a cyber event but it will help an individual respond and minimise the impact of a cyber event when it happens.
A Basic Personal Cyber Insurance Policy Provides
3 Areas Of Cover:
This involves the incident response expenses of an investigation by third parties to establish the extent of a cyber event; consultation on how to manage any issues that may arise.
This covers defence costs arising from data protection obligations in respect of a regulatory investigation, and any data protection fines (where insurable by law) that the company is legally liable to pay in respect of such regulatory investigation with regards to a breach of data protection legislation.
This tends to impact some months later. Affected individuals or businesses will bring claims or written demands for a failure to protect their information, seek compensation for financial losses from hacking, or damages from theft of identity. Cyber Insurance can provide defence costs and any resulting damages from multi-jurisdictional claims.
There are additional areas of coverage available in a
personal cyber insurance policy, not included as standard:
Reimbursement of financial loss due to unauthorised use of an individuals online payment services. Cover for costs related to blocking and reissuing an individuals payment cards.
Reimbursement of the purchase price of goods an individual bought online but which are not delivered, are damaged during delivery or wrongly delivered.
Reimbursement of the cost of rectifying records with banks/authorities and of unpaid leave when an individual takes time off from work to meet with banks/authorities. Costs for a consultant to restore credit records and personal identity.
Costs for IT specialist to clean an individuals hardware device of any malware and restore the compromised data.
Extortion events are increasing exponentially, with the rise of data ransoming and cyber squatting, costs in managing a cyber-extortion situation, and the ransom itself is a critical element of personal cyber insurance.
Digital Media Liability
Damages and defence costs incurred in connection with a breach of third party intellectual property, or negligence in connection with electronic content is a coverage which Personal Cyber Insurance provides.
Personal cyber insurance can cover a reputation event and the impact which can last for many months longer. This coverage provides experts to help an individual repair their reputation.
Cyber Security Liability
Coverage for an individuals liability for claims brought against an individual in connection with an accidental malware exchange or transfer of electronic data or use of an individuals own IT systems without their permission.
Costs to reduce and mitigate the impact of unlawful cyber harassment and/or defamation of an individual or a family member. Specialist costs to remove or suppress the personal content are covered. Coverage can include parent’s liability for claims brought against them due to their children’s cyberbullying activities.
Elmore Personal Cyber Insurance USP’s
More Than 80% of individuals are worried about illicit access to their financials credentials
Swiss Re conducted a global survey via an online questionnaire collecting answers from 886 respondents across different professions and in different industry sectors. Survey participants answered 26 questions in respect of their digital affinity, cyber risks awareness, preferred personal cyber insurance product features and willingness to buy.
This white paper shows a selection of key findings from the survey.
Measure Personal Cyber Security
Included free with most personal cyber insurance policies, individuals can get an online risk assessment; device scans for vulnerabilities and data breaches, and on the basis of the information gained, a tailored action plan to help individuals manage their personal cyber security.
Discover if an account has been hacked!
Use the UK Information Commissioner’s Office (ICO) toolkit to assess your compliance with the UK Data Protection Act and help you improve and promote information rights practices in your organisation. Please note the toolkit does not store user responses