Everyone is vulnerable in today’s digital world. As technology progresses with considerable verve, developed communities are favouring fast and efficient online capabilities. But as we delve further into cyber space, we’re also exposing ourselves to a matrix of emerging risks.
Global insurer Chubb has launched a personal cyber policy to safeguard clients as they navigate the evolving cyber landscape. Chubb’s Masterpiece Cyber Protection is being rolled out in North America as a supplement to its Masterpiece Homeowners policy, offering enhanced protections for cyberattacks that lead to extortion and ransomware, financial loss, cyberbullying, cyber disruption, and breach of privacy.
“Chubb’s Masterpiece Cyber Protection is coverage for the online you. Today’s consumers are leading complex and busy lives, often taking their home life into work and their work life back home. That interconnectivity of home and work life increases people’s chances of falling victim to cybercrimes, which are occurring at an alarming rate,” explained Annmarie Camp, executive vice president, personal risks services, sales and distribution leader, Chubb.
“Technology is on the rise. It helps prevent losses in the home, but it also creates new exposures from a digital or a cyber perspective. The online you, whoever you are, is an asset.” Camp told Insurance Business. “Anyone taking part in simple activities like checking emails on a smartphone, logging into a smart device at home, or downloading files on a tablet, is at risk of exposing their personal data, which someone else may try to use for other purposes. The risk is pervasive, and it transcends demographic groups.”
According to Chubb research, while most North Americans are concerned about being impacted by a cyber breach, only a small percentage are actually taking the right steps to protect themselves and their families. Even simple things, like a secure high-performance Wi-Fi router at home, can make all the difference to a person’s digital risk exposure.
As part of the Masterpiece Cyber Protection, policyholders get discounted access to third-party resources, including risk consulting, investigation and crisis management through The Ackerman Group. They also receive a Wi-Fi router from Norton by Symantec in order to boost the security of their home networks.
“We’ve taken our expertise in dealing with cyber exposures in the commercial world and leveraged that expertise for personal clients. People are starting to realize that their online identity as a person can be exposed to the same risks as a business entity, such as cyber disruption, cyber extortion, ransomware, cyber bullying or cyber-related financial loss,” Camp added.
“Chubb is the first to offer cyber disruption coverage, which responds to cyberattacks that prohibit clients from accessing their homes or running small businesses from within their homes. That’s an example of how Chubb is leveraging our robust experience in commercial cyber to protect our homeowner clients whose lives may include lots of interconnectivity between personal and work life.”