Personal cyber insurance: Protecting our digital lives
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As our lives become more digital, so do the risks.
Besides being able to shop whenever and wherever, as well as stream movies and music, the digitisation of the personal space has many other, more tangible, benefits too.
Rapid advances in technology are enabling new services all the time. Smart doorbells let you see who is at your doorstep via an app on your phone. Smart heating and lighting controls let you change the temperature and switch lights on or off remotely. And smart energy metres help you monitor your energy usage and costs in real-time.
Technology has become so ubiquitous, it is hard to live without it. It comes with huge advantages, but also risks – and there is an increasing role for insurers to play in protecting customers in the face of cyber threats.
From identity theft, to hacking of subscription services and IoT home devices, the list of cyber risks people, and not just organisations, are facing is growing all the time as the cyber threat landscape metastasizes rapidly.
There are steps every individual can take to protect themselves from these risks. In the same way as washing hands is frequent routine, personal cyber hygiene needs to become an everyday behaviour of people.
But even the most vigilant and online-savvy people will never be entirely risk-free. This is where personal cyber insurance can help mitigate the risk and transfer the potential for loss from that residual risk.
Although not yet widely available, personal cyber insurance is expected to become a fast-growing market segment in the near future due to the rapidly increasing exposures consumers face today.