What is cyber insurance, and what does it cover?
It’s Monday morning, the coffee has barely kicked in, and it’s time to open your email after the weekend. At the top of your inbox is a message from your office crush that reads: “Are you busy? I’m stuck in Madrid and can’t buy a ticket home because I got mugged. You’re the love of my life, which is why I’m writing to ask if you can wire me some money.”
Although it may set your heart aflutter, this is still a scam: while we are #BritneyForever, do not, under any circumstances, email your heart to this conman.
With computers involved in all sorts of transactions, data breaches big and small are becoming more widespread. (Remember the Ashley Madison Breach of 2015 or the Marriott hack a few years later?) Like shooting fish in a barrel, scammers are enticed by the abundance of confidential information that these websites capture. Think Social Security numbers, credit card details, and personal addresses, all of which can be easily sourced. And of course, their use isn’t limited to hotel bookings or cheating spouses; Venmo, Lyft, and Zoom all know something (or many things) about you.
To help, there’s cyber insurance protection, which offers coverage that can offset losses resulting from computer hacks. Not only does it protect against potential financial loss but also the regulatory burdens that can be imposed in the wake of a breach.
Initially, most cyber insurance policies were created for businesses, but as consumer demand for computers (and smartphones and smart appliances) has skyrocketed, the market for personal policies has grown. (These are often attached to pre-existing homeowner’s or renter’s policies.) Personal cyber insurance can cover a range of circumstances — from malware attacks to phishing, fraud, and extortion — and may reimburse you for things like:
- Theft of financial records
- The cost of reputation rehabilitation in the wake of slander or defamation
- Replacing or recreating files
- Money paid to hackers
And while cyber insurance will help you out once the worst has happened, you can also protect your data before anything happens by remembering to:
- Download software updates as soon as they become available
- Encrypting passwords (because Marble2022! is not as safe as you might think)
- Limiting which of your devices are online
- Using multiple networks
It’s 2022: we should all be aware of how to watch out for our online selves (and don’t get us started on our metaverse selves!). At Marble, we want you to be protected against life’s surprises (or sudden hacks). That’s why we built a digital wallet to help you gain control over your insurance. Create your Marble account today to start managing your insurance — and get rewards for doing it!