Carriers and brokers have begun extending business level cybersecurity coverage to individual policies. Many homeowners’ policies already contain identity theft coverage, but brokers are now finding that some of their clients require higher levels of protection.
Individuals who serve as corporate executives or founders of start-ups often have highly sensitive records or intellectual property saved to their personal devices, making them particularly vulnerable to cyber-attacks. Cyber defense companies are now offering high-end cyber security services to protect an individual’s personal data. Concentric Advisors, a pioneering cyber security firm, now offers one day audits of clients’ home networks for $1,500 and additional identity monitoring services for a $500 monthly fee.
Preemptive cybersecurity defense measures can ensure clients home networks are adequately protected against hackers. Cyber defense companies have the unique opportunity to partner with the insurance industry to establish security procedures that can mitigate the risk of cybercrime leading to lower premiums and better policies.