Did you know that as an individual you are able to purchase Cyber Liability or Data Breach Insurance?
It’s true, you don’t have to be a business to have protection. There aren’t many insurance carriers with this coverage; as time goes on, we will see more companies entering the market. Currently we are able to offer this coverage through AIG Private Client and Pure Insurance in Connecticut.
Daigle & Travers writes insurance with over 30 insurance markets. One of the best personal products in the market right now for an individual is Pure Insurance’s Starling product. Highlights of the coverage offered are below.
PURE STARLING™
Fraud and Cyber Fraud Coverage
From identity theft to phishing emails, phone scams and cyber breaches, fraud and cybercrime are on the rise. Criminals continuously find new ways to exploit vulnerabilities. High net worth individuals are at a greater risk of being targets due to their wealth and uniquely complex lives.
To help you respond to these risks, PURE Starling™ is an optional endorsement designed to enhance Pure’s High-Value Homeowners policy by adding coverage for losses caused by fraud and cybercrime. Additionally, they provide access to resources to help you recover if you become a victim.
PURE Starling includes broad coverage for fraud and cybercrime, including:
- coverage for financial loss resulting from online and offline fraud
- services to help you assess and respond to cyber extortion threats
- coverage to remove malware and reinstall software after an attack
Online and Offline Fraud Coverage
Pure’s coverage helps to reimburse you for financial loss due to fraud, whether it is committed online or offline.
Coverage is intended for:
- Social Engineering. If your authorized account user (a personal assistant or family office manager) is deceived into wiring money from your account.
- Unauthorized Transfer or Payment. If a credit card transaction, bank payment or wire transfer is made without your authorization.
- Criminal Deception. If you are deceived into making a payment or providing something else of value.
- Forgery or Alteration of Checks
- Acceptance of Counterfeit Money
- Identity Fraud
True Claims Stories
- A PURE member wired $11,000 to reserve a vacation home for their family from what appeared to be a legitimate online rental website. But, it was later discovered that the listing was fake and not affiliated with the site. The money had been transferred to a fraudulent account in England and was unable to be recovered.
- When a PURE member discovered $240,000 had been wired from his account, he contacted his bank. He learned the bank had received an email appearing to be from the member and had called the member’s cell phone to validate the transaction. The criminal had redirected the member’s cell number to their own phone and confirmed the amount and wire instructions.
- A PURE member was browsing the Internet when they received a pop-up window stating their computer would be locked and all files would be deleted unless a $10,000 ransom was paid within the next 24 hours.
Additional Coverage Highlights
Cyber Extortion Coverage
Cyber extortion is when a cybercriminal demands money to prevent damaging distribution of data or restore access to your device. If you’re the target of cyber extortion, PURE’s coverage affords immediate access to crisis management advice. Experts will help you best respond to the threat. In the event that a payment is made, it covers the amount of the payment.
Systems Attack Coverage
PURE’s policy provides coverage for the many costs associated with they aftermath of a systems attack. You’ll need professionals who will replace damaged software, remove malicious code, reconfigure devices and lost or corrupted electronic data.
Are you scared yet?
Don’t be. It’s about whether or not someone wants your information. Discouraging, we know. Fortunately we have insurance carriers that understand the needs of their successful clients and are creating products to protect them.
I’m sure you have many questions concerning Cyber Insurance. We want to answer them for you.
For more information reach out to Daigle & Travers Insurance. We have three convenient locations in Connecticut: Wilton, Darien, and Westport. One of our many experienced insurance professionals will be able to guide you through the insurance process. Call us at 203-655-6974 or email us at info@dt-ins.com.
