The growing range of cyber threats calls for tougher coverage – and Oak Underwriting, a member of the Zurich Insurance Group, is taking heed.
Announcing enhancements to its offering, Oak Underwriting said it has added more cyber cover as standard to its household product. Instead of households benefiting from just the single-level protection for cyber assistance, a further two layers of cover – cyber crime and cyber legal – have been incorporated into the policy.
This means the insurance now covers not only the cost of investigating, reconfiguring, and rectifying any damage to the insured’s home systems and restoring the data, but also losses from fraud, telephone hacking, and ransom resulting from a cyberattack.
In addition, expenses to defend legal rights arising from a claim because of a data privacy breach are shouldered. The legal defence coverage also includes a client’s online activities that result in damage to a third party’s reputation, as well as unintentional virus transmission.
“Cybersecurity is becoming increasingly important to us all in the digital age,” commented Mark Peters, head of Oak Underwriting. “Yet, while the need for cyber protection is growing, many people don’t realise they need it until it’s too late.
“These enhancements further strengthen the cyber cover available to our customers and will help to protect them from a full range of risks they face in the digital world.”
The improved proposition was developed with DAS UK Group.