Homeowners Policy Home Cyber Protection
Home Cyber Protection covers the insured in the event that a cyber attacker exploits internet-connected devices in the home to steal information, extort money or commit fraud. Connected devices include but are not limited to destop computers, laptops, smart phones, home security systems and even smart appliances — all potential vulnerabilities that are not addressed by typical home insurance policies.
With our Home Cyber Protection program, the insured can choose from a core coverage program (provides Cyber Attack, Cyber Extortion and Online Fraud) or add two available optional coverages: Data Breach and Cyberbullying. Specifically, Home Cyber Protection coverage protects homeowners against:
Cyber Attack
With Data Recovery Costs, a professional firm is hired to replace electronic data that has been lost or corrupted. With System Restoration Costs, a professional firm will restore the computing or connected home device to its level of functionality before the cyber attack. This coverage includes the replacement or re-installation of software programs, removal of malicious code and the reconfiguration of the device or system.
Cyber Extortion
Provides professional assistance from a subject matter expert who will advise on how to best respond to a threat. With Cyber Extortion Response Coverage, payment is provided as directed to the extortion threat, when payment is approved in advance and incurred as the direct result of a cyber extortion event.
Online Fraud
This covers the direct financial loss to the insured as the result of a fraud event involving a computing or connected home device including but not limited to: identity theft, unauthorized use of a card, card number or account number in an insured’s name, or forgery of a check.
Data Breach
This covers the costs for professionals, like an information technologist or others, to investigate, assess and respond to a data breach involving the personally identifying or sensitive information of others that was in the possession of the insured.
Cyberbullying
Provides the insured cyberbullying victim with the reimbursement of related recovery costs including:
• Mental health counseling services.
• Temporary relocation expenses.
• Temporary private tutoring and enrollment expenses incurred due to relocation to a similar, alternative school.
• Professional cybersecurity consultation services.
• Social monitoring software.
• Legal expenses.
If Data Breach coverage is selected, then Cyberbullying coverage can also be added as an option.
Loss Scenarios
Coverage: Cyber Attack
An insured opened a file in an email he received, unleashing a virus on her computer and forcing the her to hire an outside expert to reformat the hard drive, reinstall the operating system and restore data from a backup.
Paid loss after deductible: $1,200
Coverage: Cyber Extortion
The insured received a ransom email on his computer after he noticed that his files were locked. The email informed him that the files were encrypted and to obtain the decryption key he would need to pay $2,000. If the insured failed to pay within three days, the price would go up to $3,000. After that, the decryption key would be destroyed and any chance of accessing his files would be lost forever. After consulting with an expert and receiving pre-approval from the insurance company, the insured decided to pay the ransom.
Paid loss after deductible: $1,500
Questions? Contact Customer Service at (800) 849-6140 or your Stillwater Regional Sales Manager.