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We live in an era where everything is interconnected: from the way we communicate to our grocery purchases. Indeed, all are now done on computers or mobile devices connected to the internet. Although this has made life easier than ever before, it has also created new opportunities for online hackers. They could use this information for criminal purposes like identity theft or credit card fraud. According to research by Verizon in 2020, 58% of breaches involved personal data, while IBM estimated the average cost of a data breach to be $3.86 million. Here’s how to protect your personal information online with cybersecurity insurance.
Protect Sensitive Information
Guard against phishing scams by using a Virtual Private Network (VPN) between your computer and unsecured networks like public Wi-Fi. VPNs create an encrypted tunnel to protect data from spies.
They also mask essential details about your location and IP address which offers online security by preventing others from tracking you online or stealing personal information through keyloggers, social media, banking sites, etc.
Use Unique Passwords for Each Account
Use a mix of numbers, letters, symbols, and upper-lower cases and phrases to improve password strength. Also, instead of using one weak password for all your accounts, use a unique and strong password.
Use Two-Factor Authentication
By setting up two-factor authentication, you can add an extra layer of security on top of your login credentials. This will require you to enter the verification code sent via text message or email before logging into your account. This prevents unauthorized access if your password becomes compromised.
Use Antivirus Software
Update home and office computers with up-to-date antivirus software and periodically scan your devices. Also, avoid downloading pirated software, visiting websites with malicious code, or clicking on infected attachments in emails.
Insurance Plans Against Cybersecurity Risks
Having an insurance coverage plan to safeguard yourself from the potentially disastrous effects of data breaches.
Cybersecurity insurance will cover the cost of forensic investigation, notification services, credit monitoring costs if your identity is stolen and may even provide coverage for distress suffered by an insured due to a data breach.
Before purchasing a cybersecurity insurance policy, make sure it offers broad cyber coverage by including the following:
- Data Destruction – In the event of a breach, make sure your policy covers all electronic devices that may be at risk, such as laptops, desktop computers, and mobile phones.
- Extortion – Cybercriminals may attempt to get money from you by threatening to make your data public. Your policy should cover the costs of negotiating with criminals and the cost of removing and restoring stolen data due to extortion attempts.
- Identity Theft – A solid policy should also include coverage for costs associated with restoring your good name if you are a victim of identity theft. This may include expenses related to notifying credit agencies of the fraud, individual credit freezes, and a forensic investigation to determine how the theft occurred.
- Hacking Activities – A good policy should also include coverage for hacking-related activities such as extortion, online scams, and cyberbullying.
Insurance Against Cybersecurity
The threat of a data breach is real, and as technology advances, so does the opportunity for cybercriminals to attack. It’s essential to have a cyber insurance policy that covers the financial risk of lost data or identity theft.
At IMA Select, we offer an expansive range of standard and customized insurance coverage, including cyber privacy insurance for small businesses, families, and successful individuals to help them protect their personal information online. If you have any questions about cyber insurance options, please contact an IMA Select representative in your area.
Have questions? Want to know more?
Reach out! At IMA, we’re here to help safeguard your future!