HSB (Hartford Steam Boiler), part of Munich Re, has expanded its personal and family cyber insurance to help customers deal with new digital risks. This includes protection against things like internet fraud, connected vehicle hacks, and the emotional stress caused by cybercrime. Along with insurance coverage, HSB also provides tools for preventing cyberattacks and offers counseling for those affected.
HSB’s Home Cyber Protection™ offers a range of home cyber protection coverage that helps protect individuals from risks like online fraud, identity theft, data breaches, and home title fraud. It also covers the cyber risks that come with the growing use of connected devices in homes.
According to James Hajjar, HSB’s Chief Product and Risk Officer, “Cyber risks hide around every corner of our homes – Wi-Fi connected laptops, mobile phones, smart appliances, security systems, even baby monitors.”
Adapting to New Cyber Threats
With the rise of Artificial Intelligence (AI) and more sophisticated cybercriminals, cyber threats have grown. The FBI’s Internet Crime Complaint Center reported a 10% increase in online fraud in just one year (2022 to 2023), with potential financial losses jumping by 22% to $12.5 billion, according to HSB. As these threats evolve, personal cyber insurance is becoming increasingly important for individuals looking to protect themselves.
HSB’s Home Cyber Protection plan offers a range of coverages, including financial protection from cyber fraud, data breaches, and damage to connected home technology. This also covers personal devices like computers and smartphones.
What’s Covered?
– Cyber for Auto: Protection against cyberattacks on connected vehicles.
– Cyber Victim Counseling: Financial support for individuals dealing with the emotional impact of cybercrime.
– Digital Wallet Protection: Coverage for losses due to fraud or hacks involving digital wallets.
– NFT Fraud Assistance: Protection against fraud targeting digital assets like NFTs.
– Zeguro Cyber Navigator: Offers tools for preventing losses, a 24/7 helpline, credit monitoring, and discounts on personal cybersecurity products.
Growing Demand for Personal Cyber Insurance
According to Allied Market Research, the global personal cyber insurance market was valued at $3.2 billion in 2022 and is expected to grow to over $20 billion by 2031, with an annual growth rate of 23.1%. As more people recognize the importance of protecting themselves against cyber risks, the demand for coverage continues to grow.
See what you need to know about personal cyber insurance and some of our earlier coverage on the personal cyber insurance market here, here, and here.
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