Auckland-based Beneficial Insurance has launched CyberProtect, a cyber insurance policy which covers personal and household cyber risks.

According to a statement by the company, the standalone insurance product covers cyber fraud, cyber extortion, identity theft, and associated restoration costs. The cyber extortion and cyber fraud covers have limits of $15,000 each.

The premium starts at $14 a week for a family of four. CyberProtect is available nationwide and can be purchased online, with the application process taking only a few minutes.

With more people working remotely due to the COVID-19 pandemic, cybercriminals may seek to attack home networks, which often have more lax cybersecurity defences compared to offices.

To help individuals and families maintain effective cybersecurity in the household, the insurer offered the following tips:

• Keep software fully up to date.
• Wherever you can, have two-factor authentication.
• Ensure password strength and uniqueness at all times.
• Insure yourself wherever possible to gain further peace of mind.
• Always backup your system on an external drive.