Do I Need Personal Cyber Insurance? It Depends.

Summary: This 2-3 minute article explores personal cyber insurance, including what it can cover and whether you need it. Contact GEEKAID Computer and Network Support, the IT experts, at https://www.geek-aid.com/ to discuss cyber insurance and all your computer and network support needs.

What Does Personal Cyber Insurance Cover?

The recently expanded remote work environment has led to unprecedented cybercrimes worldwide. Some cyberattacks have been so pervasive that there has been significant growth in the personal cyber insurance market. Personal Cyber Insurance generally covers the costs of attacks such as ransomware, fraud, identity theft and cyber-bullying (a recent addition). In some markets, insurance companies now offer cyber insurance as an add-on rider to homeowners' policies. Some specific protections include:

• Ransom Payments – When a hacker takes control of your computer system and demands a ransom to free up your data, the financial exposure can be devastating. Ransoms are usually set to double daily to further exacerbate the situation, so if you can’t get IT experts to release your data, you may have to pay up. Even then, there is no guarantee the hacker will remove the threat. However, a solid cyber insurance policy might be the best way to minimize your data loss, time and money if you must pay. These policies also cover the legal fees paid to deal with the fallout of such an attack.
• Monetary Exposure – If your private financial data has been hacked and you face fraudulent charges to your debit card, checking account or credit card, many personal cyber insurance policies will cover any related losses.
• Phishing Scams – If your identity is stolen or you have been tricked into sending money through a phishing email, you can be covered for that loss.
• Reputation Attacks – If your identity is stolen and the hacker uses it for criminal or erroneous acts and your reputation is damaged or you’ve lost income, some cyber insurance policies will cover those costs too.

Should I Get Personal Cyber Insurance?

The answer to that question is that it depends on your cyber behavior. If you are diligent about using cyber best practices, you could already reduce your risk of a severe attack. Keeping your passwords and other online private information safe is an ongoing task that requires serious attention, whether you are a personal user or own a small to mid-sized business. However, if you’ve already fallen victim to a cyberattack more than once or someone in your network has, it is probably a good idea to purchase a policy.

How Much Cyber Insurance Do I Need?

Before getting any cyber insurance, do your own internal analysis of your cyber security best practices:

• Two-Factor Authentication – Two-factor authentication is becoming a widespread practice. Having a code sent to a different device or email makes hacking much more difficult. Are you practicing Two-Factor Authentication?
• Password Management – Are you using strong passwords? Are you keeping them in a safe place? Passwords are the first line of defense against cyberattacks. However, easy-to-remember passwords such as your anniversary or your dog’s name are no longer acceptable and might be easily guessed. Using a password generator built into a secure password manager can add an essential layer of security to your online endeavors.
• Think Before You Click – Responsible and safe use of the internet must be supported by smart practices. “Think Before You Click!” is a vital mantra to live by in your cyber activities.
• Update! Update! Update! – Developers are constantly fixing holes in cyber security related to their software. New update releases commonly contain such patches. Don’t wait for a hack to update your system and software.

Business IT Services

Unfortunately, many users don’t take cyber security seriously until they get hacked. Even then, many waste time trying to recover on their own. Therefore, it is essential to know when it is time to engage the assistance of professional IT Consulting Services. IT professionals can assess your vulnerabilities in advance, recommend solutions and keep your system running smoothly and securely from the start. A modest investment in professional IT assistance is a smart way to protect computers, networks, mobile devices and all your data while freeing up your time to concentrate on more substantial business or personal tasks.

GEEK-AID^® Computer and Network Support provides world-class IT consulting services and specializes in customized network design and support, computer repairs, installations, updates, and maintenance for homes and small to midsized businesses. GEEK-AID^®'s team of experts is comprised of top specialists in different areas of IT services, serving clients on-site and remotely for Macs, PCs and all your connected devices, including new ones that are part of the ever-expanding IoT. They can answer all your IT questions, from “Am I using the correct USB-C cable?” to “When do I need to upgrade my company’s hardware?” More importantly, when your home or business computer goes down, they will perform on-site computer repairs if required. And the GEEK-AID^® team doesn't clock out at five o'clock on Friday. They are available to you 24/7, remotely or in person, to ensure your computers, network and data stay up-to-date, healthy and secure. As your business grows, expands its network and adds more devices such as smart controls, smart devices, wireless access and remote access, your network's cybercrime vulnerability and need for cyber security will grow, too. In addition to maintaining the hardware, software and security, employee training and regular IT support should be ongoing. New users and devices will require additional training to use those devices efficiently and securely. Inter-related concerns include hardware and software installation and maintenance, repair, cyber security and network protection. These concerns must be addressed consistently and proactively to best support the seamless operation of your system, minimizing costly and time-consuming mistakes.

Call (877) GEEK-AID (877-433-5243) to discuss how they can secure, install, repair and maintain your home or SMB computer network and all its devices.