Personal Cyber Protection Insurance

Navigating the online world has become a part of our day to day. We bank, shop, chat and share a great deal of our lives in cyberspace.

With this increase in online activity there has been a rise in cyber crime such as hacking, extortion, and cyber bullying. 

You hear the stories at a BBQ about cyber-crime, who’s bank account or credit card was robbed and you think, why would a cyber criminal waste their time hacking into my files, getting my passwords and impersonating my digital ID?

Cyber criminals don’t discriminate. Whilst they often target large organisations, they also target families.

It’s estimated that 4,000 ransomware and 230,000 new malware samples (the bad stuff) are produced every single day.

Then there is cyber bullying.

According to the Australian Government’s eSafety Commissioner, young people are being bullied online at unprecedented levels right now. This can look like:

  • Abusive texts and emails
  • Hurtful messages, images or videos
  • Imitating others online
  • Excluding others online
  • Humiliating others online
  • Spreading nasty online gossip and chat
  • Creating fake accounts to trick someone or humiliate them

 How common is it?

In 2017, the eSafety Commissioner reported:

  • 1 in 5 Australian young people reported being socially excluded, threatened or abused online
  • 55% sought help from their parents, 28% from their friends; 38% blocked the offending social media account; 12% reported it to the website or platform
  • 1 in 5 Australian young people (15% of kids, 24% of teens) admitted behaving in a negative way to a peer online — such as calling them names, deliberately excluding them, or spreading lies or rumours. Of these, more than 90% had had a negative online experience themselves.

Recently, in September 2020, a virtual kidnapping hoax was uncovered with extensive amounts of money being extorted from the girl’s family.
https://www.smh.com.au/national/nsw/virtual-kidnapping-hoax-uncovered-in-sydney-20200921-p55xos.html

As parents, you now have a choice to cover such risks and look after your family with Personal Cyber Insurance for less than $160 a year.

Cyber Protection falls under many categories including:

  • Cyberbullying
  • Cyberstalking
  • Cyber extortion
  • Identity theft
  • Crimeware (spreading of viruses, Trojan horse programs, worms, spyware, or adware)
  • Cyber harassment
  • Harmful publication
  • Hacking
APPLY FOR CYBER INSURANCE TODAY

View a copy of the Product Disclosure Statement HERE

PERSONAL CYBER INSURANCE CLAIMS EXAMPLES

Example Claim Scenario Cyber Solution
Sarah was working on her computer when she clicked on a plausible email attachment which unleashed a malware virus. As a result, this locked all of her important files. As a result, Sarah was unable to access the files on her computer unless she paid a Ransom of $10,000. Provides cover for cyber event response costs to remove the virus, restore data, and secure the home IT. An IT expert who specialises in ransomware attacks would be appointed to remove the malware and get Sarah’s computer operational again.
Daniel received an email on his computer allegedly from a popular social media platform stating he needed to verify his account by clicking on the provided link. Daniel clicked on the link, and a couple of days later he was unable to log in to his social media accounts. As it turns out, Daniel had downloaded malware onto his computer that allowed a cybercriminal to steal Daniels’ personal information and identity. Provides cover for cyber event response costs to remove the virus, restore data, and secure the home IT. The policy would also provide identity theft response costs to help the policyholder re-establish their identity and essential records. If Daniel had to take time off work to rectify his personal records and lost wages as a result, he could be entitled to wage replacement benefits as part of his claim.
Robin received an email on her computer that looked like it was from her bank. The email required Robin to download an attachment to ‘verify’ her account details. It turns out, the email was not from Robin’s bank, it was a fake email from a hacker. The attachment Robin downloaded was a keylogger virus that recorded Robin’s login details for various accounts including the login to her bank account. The hacker then gained access to Robin’s bank account and transferred $5,000 from Robin’s account to their own. Provides cover for policyholders’ funds that are transferred as a result of cyber theft. Personal Cyber Protection Insurance also provides cover for cyber event response costs to remove the virus, restore data, and secure the policyholder’s home IT.
Jess just started high school. Within the first few weeks, she became a victim of bullying. It started out as a few comments, however quickly escalated to repeated harsh and vile comments on all of her social media profiles. The online bullying had a significant impact on Jess and led to her not wanting to go to school and a deterioration in her grades. Provides cover for a policyholder and their spouse to attend critical guidance sessions if their child is subjected to cyber bullying. In this case, these sessions would help Jess’s family work through this ordeal and better deal with any future instances of cyberbullying. The policy would also cover the costs to try to remove the hurtful comments. The policy would also provide a wage replacement benefit if the parents have to take unpaid time off work to attend guidance sessions or to meet with the school or other authorities to deal with the incident.
Tom noticed random sounds being played and a message being read out from his Google Hub. It turns out, Tom’s Google Hub was hacked. Provides cover for cyber event response costs to remove the virus, restore data, and secure the policyholder’s home IT. In this case, we would appoint a forensic IT investigator to assess the Google Hub system, remove malware and secure Tom’s system from further attacks.
Carla had her home computer accessed by a cyber hacker who exfiltrated her personal emails and photos. The threat actor threatened to release the information, eventually publishing the photos and emails on a website. An IT expert would be assigned to attempt to remove Carla’s personal data from the website and to reduce the likelihood of this appearing in Google and other search engines. The policy would also provide cover for legal costs to advise Carla what legal remedies she may have and the steps she could take in response to this incident.

Source:- Emergence Insurance Claims Examples for Personal Cyber Protection Insurance – PCP-001

Interested to know more about Cyber Protection Cover?

If these statistics have alarmed you, then you may want to find out how you can protect your family from cyber-crime. Whilst reputable anti-virus software, secure backups, firewall technology and other security software and procedures are important, none of them ensures complete protection. This is where Cyber Protection Insurance can become your backstop.

Through Emergence Insurance we can offer coverage up to $1,000,000, with premiums starting at just $160.00

For $14 per month Cyber Protection Insurance gives you peace of mind.

Cheaper than a Netflix account, but less entertaining. 

APPLY FOR CYBER INSURANCE TODAY

View a copy of the Product Disclosure Statement HERE

As part of our Cyber Awareness initiative, we are offering a complimentary CoverIT Coffee Mug for a subscription to our updates until 15th December!

Terms, conditions, limits and exclusions apply to the product(s) referred to above. Product(s) can be purchased through us. Emergence Insurance Pty Ltd “the underwriter” (ABN 46 133 037 153, AFSL 329634) distributes the Personal Cyber Protection Insurance product as agent for the insurer, certain underwriters at Lloyd’s. Any advice provided in this document is general advice only and has been prepared without taking account of your objectives, financial situation or needs. Having regard to these, you should consider the appropriateness of the advice and the relevant Product Disclosure Statement available  here before making a decision to acquire, or continue to hold, the product.

Where can I go for more information on eSafety in Australia?

Visit the Australian Government’s eSafety website for training, classroom and teacher resources, parents and grandparents advice: https://www.esafety.gov.au/