- Home “Cyber” insurance has been developed by several UK insurers to cover the repair and replacement of your home computer system
- The best way to take out a cyber policy is through your home insurance policy, either as a paid-for option, or included as part of a high-net-worth policy
Home Cyber Cover
In this world full of technology, we’re increasingly concerned about cyber crime, how to combat it and how it might affect our homes and family.
Home “Cyber” insurance has been developed by several UK insurers to cover the repair and replacement of your home computer system as well as covering the constitution of data, photos and videos.
A home cyber policy will usually cover the following:
- Damage caused by hackers, including restoration of data, professional assistance and removal of viruses
- Online Fraud and cyber theft of money, documents or deeds.
- “Phishing” attacks – the transfer of funds into another account through the theft of your financial login details
- Cyber extortion - for a ransom demanded following a cyber crime
- Cyber liability – your liability in respect of unknowingly transmitting a virus, worm or trojan horse or failure to secure data
The best way to take out a cyber policy is through your home insurance policy, either as a paid-for option, or included as part of a high-net-worth policy. Lark insurance offers Cyber cover via Hiscox 606, Covea Executive Plus and Plum policies, with Oak and Azur following in December 2017.
Cyber cover is particularly applicable if you have a personal computer network, a regular level of email and social media activity and make financial transactions online. A cyber policy is even more relevant to families with older children or staff, especially if they (or you) use their devices on public Wi-Fi networks. These open networks are particularly vulnerable to attack.
If you don’t bank online, or if your internet use is limited, Cyber cover is probably not necessary. And these policies are no substitute to taking sensible safety measures. Cyber cover is conditional on you taking the following precautions which vary from insurer to insurer.
- That a regular backup is made on your home computer
- That there be a working, up-to-date anti-virus package and firewall
- That you keep the computer operating system (ie Windows) and other software up-to-date
Cyber policies are usually subject to a £500 excess and won’t cover failure of your Internet Service Provider or the cost of replacing and programs or data stored on the cloud which you can access yourself.
Cyber insurance is not suitable for everyone. However, if you think you should have this cover, please call Lark to see if we can help