The Target data breach reportedly impacted over 100 million people. The Anthem breach, approximately 80 million. And the Ashley Madison hack made almost 40 million users nibble their nails while the world skimmed that now infamous “list.” But one of the most notable cyberinsurance developments of 2015 was the introduction of a policy designed to protect just one person.
The big retailers, financial institutions and healthcare organizations dominate the data breach headlines, but high-net-worth individuals have exposure to the same types of cyber security issues more typically associated with large corporations. For obvious reasons, hackers have begun to turn their attention to the theft of high-net-worth individuals’ financial data and account information. Hackers have also begun to cause considerable trouble by digging into high-profile individuals’ healthcare records, and by posing as these individuals on social media platforms. And without IT departments protecting networks and responding to threats, the rich and the famous have become a fairly enticing target for cyber crime.
In 2015, Privilege Underwriters Reciprocal Exchange (PURE) introduced CyberSafe Solutions, a cyberinsurance policy for high-net-worth individuals. The policy covers identity theft, unauthorized financial transactions and liability for cyber-related actions and damages. With the policy, PURE also provides cybersecurity educational resources, a help line and a ten-point cyber risk assessment of the policy holder’s home network. Through its partnership with Concentric Advisors, PURE is also offering a more in-depth home cyber security audit, a detailed analysis of policyholders’ web profiles to gauge type and scope of security exposure and “CyberShield,” a product that is basically an alarm system/emergency responder for your home network. These risks are not likely covered by homeowner’s or any other insurance, and yet they are becoming among the most likely to manifest, particularly for individual’s whose personal data is the most valuable.