Mackay Insurance Blog
Don't Be Fooled! Protect Your Privacy This Year With Complete Home Cyber Security Insurance
There are many benefits that come from the rise of global connectivity. But increased home security isn't necessarily one of them.
"But wait!" you may be saying to yourself. "Didn't the internet bring us smart home security systems?"
Yes, it did. But it also brought cybercriminals with an eye towards hacking those same home security systems.
Internet, Wifi, GPS and other digital aids open up a whole new world of potential home security risks.
Luckily, there is a new breed of home insurance coverage designed to protect you from these risks.
What Is Cyber Security Insurance?
We have to admit, home cyber security insurance is a mouthful. So what precisely does this insurance protect you from?
Home cyber security insurance protects you from cyberattacks.
Cyberattack occurs through what is called access points.
Access points are points of entry online where a cybercriminal could breach your home's digital defences.
Examples of access points include your:
- Desktop computer
- Gaming system
- WiFi hotspot
- Smart home monitoring or security system
- And more!
Anything with the ability to connect to the internet is a potential access point where cybercriminals could breach and access your digitally-stored valuables.
Cyber security insurance protects you from these threats.
It is worth mentioning there are two different types of cyber security insurance:
- Commercial cyber security insurance
- Residential cyber security insurance
For the purposes of this blog post, we are addressing the home edition of cyber security insurance.
How Does Home Cyber Security Insurance Protect You?
Imagine if you left the house and accidentally left your home's front door unlocked all day.
How calm and focused would you feel running errands, attending classes or sitting at your desk at work once you realized your mistake?
Of course, that is what your homeowner's insurance policy is there for....to protect you in the event there is a breach of premises that causes theft, loss, damage or destruction to your home or property.
Now imagine that, rather than your physical home premises, we are instead referring to your digital home online.
All of the same sorts of risks are present when a digital breach occurs. Yet your existing homeowner's insurance policy is not going to protect you from loss of your sensitive personal or financial data.
Your homeowner's insurance policy won't protect you from the time and financial costs of any of the following issues commonly associated with cybercrime:
- Initial and ongoing data breach response.
- Data fraud.
- Identity theft.
- Cyberbullying or deception.
- IoT (internet of things) device implementation or mitigation.
- Cyber extortion.
- Costs of system repair, restoration and/and recovery.
- Digital forensic investigation.
- Legal and notification expenses.
- Reparation to other affected parties.
But home cyber security insurance can and will protect you from each of these threats and more.
3 Main Threat Protections of Home Cyber Security
Starting this year, Mackay Insurance in Quinte, Ontario, is proud to bring you leading edge digital insurance protection through Cyberboxx Home Edition.
Cyberboxx, newly available here in Ontario, provides three main threat protections to all of our Mackay Insurance customers.
Specialist Cyber Insurance
Cyberboxx provides a standalone insurance product to protect families and individuals from the impact and aftermath of cybercrime.
There is also the potential for employers to offer Cyberboxx protection to their employees as a benefit.
If you are employed, and especially if you are currently working remotely, ask your employer if they will be making Cyberboxx available as an employee perk.
If you are like so many today, you are aware cybercrime is a threat but are not clear about exactly how it can happen or how to prevent it.
Digital wellness is a component of Cyberboxx home security insurance. It helps you reduce your personal and family risk of being victimized by cybercrime. This digital wellness starts with knowing the warning signs of a breach.
As a Cyberboxx customer, you will also receive ongoing membership in the premium tier credit monitoring service through Equifax.
Cybercrime Incident Response
Timely detection and rapid response are the two keys to minimizing damage from a digital breach.
In the event of a digital breach, Cyberboxx offers all of their home insurance customers 24/7 support through their incident response team, Hackbusters (TM).
Is Cyber Security Insurance Required for Your Homeowners Insurance?
Home cyber security insurance is not yet a requirement for an active homeowners insurance policy here in Ontario. However, if there is one tenet the insurance industry as a whole exists for, it is this: lower risk equals greater savings.
This is especially true for homeowners who may be working from home during the pandemic or permanently. It is also a major consideration if your children attend school online or are homeschooled in a digital environment.
All that to say, it is worth a conversation with your Mackay Insurance broker to find out if adding home cyber security insurance to your existing suite of coverages may net you additional savings.
And for home-based business owners vulnerable to a data breach, cyber security insurance can make the difference between staying in business and going out of business.
Mackay Insurance in Napanee and Belleville Keeps Your Home Safe
Like practically everything else about life today, the insurance industry has had to mobilize quickly to keep pace with the ongoing changes in our rapidly evolving world.
As we increasingly move towards a remote workplace and home life, it is vital to consider how your whole life might be different after a digital security breach.
Should you be worried? Statistics say YES. But we can help minimize the risks.
Reach out to your knowledgeable Mackay Insurance brokers today. We can help you identify digital risks and implement insurance protection that gives you daily peace of mind for the whole family.