Arbella Insurance Group unveils new cyber insurance offerings

The Arbella Insurance Group has announced new cyber insurance coverage available to individuals and families in Connecticut.

Home Cyber Protection and Home System Protection are new endorsements that can be added to homeowners, condominium, and renters’ insurance policies. Arbella is one of the few insurance companies in Connecticut offering cyber insurance to homeowners. The company also includes cyber bullying protection in its product.

Home Cyber Protection coverage is designed to protect individuals and families after a cyberattack has occurred. According to data from Statista, the number of smart homes in the US is expected to hit 76.6 million by 2025, and a recent survey by Hartford Steam Boiler found that 34% of consumers said they had experienced a cyberattack. A computer virus or other malware was the most typical attack (72%), and 59% of respondents spent more than $500 to respond.

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Arbella’s Home Cyber Protection coverage protects policyholders when a member of their household has been targeted by:

• Cyberattack: The product provides coverage after a cyberattack, such as removing a virus or reprogramming computers and tablets, Wi-Fi routers and other internet access points
• Cyber extortion: Professional assistance in responding to a ransomware attack and reimbursement for approved ransom payments
• Online fraud: The product provides coverage for financial losses due to identity theft, phishing attacks, illegal banking or credit card transfers and other deceptions
• Data breach: Specialized review from forensic IT and/or legal representatives, as well as notification and recovery services when personal data and information entrusted to you is lost, stolen or phished
• Cyber bullying: The product provides coverage after a cyber bullying attack, including legal expenses, temporary relocation expenses, private tutoring, and mental health counseling

In addition to cybersecurity risks, homeowners can face sudden and accidental breakdowns that may not be covered by a standard homeowners’ policy. Arbella’s Home Systems Protection will provide coverage for repairs or replacement when home systems like furnaces, central air conditioning or permanent emergency generators break down. The product also covers items like kitchen appliances and lawn and garden equipment.

“The emergence of interconnected, smart technology and appliances in our homes has, in many ways, simplified and enhanced our daily lives – but it’s also made us more vulnerable than ever to cyberattacks and pricey repairs,” said Jim Hyatt, senior vice president of personal lines at Arbella. “There are many points of entry that cyber criminals can use to access private, personal information that may cause significant financial and emotional harm, which is why it’s so important for homeowners to be prepared and protect their families.”