Why Personal Cyber Insurance Is Worth the Investment

Most standard insurance policies, like homeowners or auto insurance, do not cover cyber incidents. Without a separate personal cyber policy, you could face massive out-of-pocket costs if you fall victim to cybercrime, including:

• Fraudulent Charges: If a hacker gets access to your credit card or financial accounts, you could end up being liable for thousands of dollars in fraudulent purchases or transfers. Replacing compromised funds and closing accounts can be a lengthy hassle.
• Extortion Fees: Cybercriminals can encrypt your computer files or emails and then demand a ransom—often paid in untraceable cryptocurrency—for you to regain access. These extortion payments typically range from $200 to $10,000.
• Court Judgments: If the breach of your private data causes harm to others, you could be sued and held financially responsible. For example, your compromised health history might contain information that violates HIPAA laws.
• Lost Wages: Changing passwords, contacting institutions about compromised accounts, and taking your devices to be examined can require many hours of work. Even worse, your social security number being leaked can allow serious identity theft you might spend months or even years undoing.
• Reputation Repair: Having personal info like email or browser history made public can negatively impact career opportunities, relationships, and your community standing. You may need to hire PR services to rebuild your reputation.