Cyberattack insurance? It may be the next trend in insurance technology that helps the everyday device user. Following a study by Grange Insurance and Research of America, Grange announced the launch of Home Cyber Protection, a policy that covers computer or home system attacks from cyber fraud, data breaches, and extortion. The study showcased some interesting device trends. For example, 23 percent of respondents have experienced a cyberattack even though three-quarters had taken safety and security measures.
“As the number of devices connected to the internet in our homes increases, it is more challenging than ever to keep information secure. Consumers must be proactive in learning about the risks around them – even from common items such as baby and pet monitors and smart toys – and take steps to adequately protect themselves,” said John North, Personal Lines President at Grange Insurance.
The more devices you have, the more susceptible you are to a cyberattack. The average household has six connected devices and the majority plan to add more in the future. Stolen personal information is the most frequently cited concern for participants, but there are many other risks that devices are exposed to. Take public Wi-Fi for example, 81 percent of respondents use it and half do so more than once a week. Connecting to public Wi-Fi may be convenient, but it opens devices up to risks like viruses and data breaches.
“Our research suggests that while most consumers worry about the disruption cybercrime can cause in their lives, they are not fully aware of what can be done about it and too often don’t know where to turn for help,” said North.
Only one in four surveyed have taken security measures against cybercrime but 77 percent say they are concerned. Although a few have looked into antivirus and cybersecurity companies, they report they don’t know where to go from there. Cybersecurity is no longer just a concern for large agencies and the government. With the number of devices growing daily, it’s important for people to take precautions with their data and personal information. Antivirus software, personal data protection services, and cyberattack insurance are all sound ways to begin your home cybersecurity plan.
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