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Read the latest opinion and insight, market updates and company news from Costero.

Personal Cyber Protection

Personal Cyber Protection

Published on Jul 07, 2021

stacie2022-11-03T06:06:31+00:00
Insights, News

Cyberattacks are on the rise. A report from Deep Instinct shows that malware attacks increased by 358% in 2020. PC Magazine says that phishing attacks also increased around 350%. Hackers are going after businesses, but they’re also going after individuals and families.

Businesses have understood the importance of cyber protection for a while. Now it’s time for individuals to embrace personal cyber protection.

Your Personal Devices Are Under Attack

In 2020, the average household had 10 connected devices, according to Tech Jury.

It’s not just phones, tablets, laptops and TVs. People also have smart security systems, smart thermostats and even smart refrigerators. While all of these internet-connected devices can provide benefits, they can also create security weaknesses. According to Business Insider, a couple in the United States experienced this first-hand when a hacker accessed their smart home system to crank up the heat, play “vulgar” music and talk to them through a camera. Other smart-home users have experienced similar attacks.

As the number of smart devices increases, the need for personal cyber protection also increases.

Your Data and Identity Could Be Stolen

Being terrorized by a hacker sounds bad enough, but it’s not the only way a cyberattack could impact you. Many hackers are after money. They’re looking for financial information and other personal details that could be used to carry out identity theft.

According to the Office for National Statistics, social media and email hacking attacks increased 26% in 2020, while computer virus and malware attacks increased 30%. UK Finance has reported 2.9 million cases of fraud, an increase of 4%. With these increases, people need to be especially vigilant about cybersecurity.

Personal Cyber Insurance and Risk Management Can Help

To stay safe in a world of rising cyberattacks, individuals need to embrace a multipronged approach.

  • Prevention – Weak passwords, vulnerable networks, outdated applications and a tendency to click on suspicious links open the door for cyberattacks. Strong cybersecurity practices can help prevent cyberattacks.
  • Monitoring – A hack could expose your data to criminals, putting you at risk for identity theft. Credit monitoring can help you spot any issues as soon as the arise.
  • Response – If an attack occurs, you’ll need to respond quickly to minimize the damage to your computer systems and financial accounts.

The PerCy Policy

PerCy is the first Personal Cyber Insurance of its type available in the UK. Policyholders gain access to a free personal cyber risk assessment, as well as credit monitoring, data loss recovery, and replacement or repair for personal devices after a cyberattack. The policy also provides mobile banking protection in case unauthorized transactions occur after a mobile phone is lost or stolen, and network extortion protection in case data is held for ransom.

This is a great opportunity for individuals and families to take control. It’s also a good option for affinity groups and employers to consider in their benefits packages.

Interested in presenting this smart option to your clients? Contact us to learn more.

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