As of March of last year, more than half (52%) of all US internet-connected homes had at least one TV connected to the internet, according to The NPD Group Connected Intelligence Connected Home Entertainment Report. Though the report takes into account various devices that connect to the internet via a television, i.e. gaming consoles, Blu-ray disc players, etc., there are wealth of other common household devices that connect to the internet – further exposing millions of homes to cyber threats.
With a wide-range of household products possessing internet capabilities, the need for cyber protection in a home has never been greater. Last week,
NAS Insurance attempted to answer that need with the launch of a new cyber insurance product for individuals – NAS’ Personal Cyber Plus. Available as an add-on product for homeowners’ insurance policies, Personal CyberPlus provides unique coverage for growing cyber risks to individuals and families.
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“With the increasing threat of ransomware viruses on personal computers, Smart TVs, and other internet-connected devices, we recognize the need to protect individuals from a range of cyber-related threats,” remarked Matt Sherman, NAS’ senior vice president of reinsurance and programs. “Our carrier partners, eager to meet the needs of their policyholders, are pursuing solutions that enhance their personal lines insurance offerings. Given NAS’ extensive experience in commercial cyber coverage, a personal lines cyber product is a natural extension of our expertise.”
NAS’ Personal CyberPlus goes beyond typical identity theft expense coverage to cover cyber bullying, cyber extortion, wire transfer fraud, and breach notification costs.
In addition, Personal CyberPlus covers legal expenses to defend against lawsuits alleging liability for a privacy breach or cyber bullying.
“As our lives are more connected, cyber threats are ever more present,” adds Natalie Kelly, NAS’ senior vice president of claims. “Expenses incurred by victims of cyber bullying, for example, can be devastating. In addition to the emotional toll of cyber bullying, the counseling expenses, lost wages, or even the costs to switch schools can add up quickly. And, as wire transfer fraud schemes become more sophisticated, individuals are more likely to be victimized by cyber criminals and incur significant losses.”
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The rise of ransomware: What should brokers know?
