As the usage of connected home devices continues to rise, so does the risk of home cyber attacks. Laptops, smartphones, Smart TVs, smart locks, connected appliances and other equipment can be infiltrated.
What’s mostly concerning, hackers are always finding creative ways to break into smart devices and new technologies, and a typical homeowner insurance policy does not cover these types of losses.
Good news is, Home Cyber Protection can be added to a homeowner insurance policy, and covers homeowners in an event of a cyber attack, cyber extortion, online fraud or a data breach, and costs as low as a few cents a day.
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Costs associated with home cyber attacks and how insurance can help
Below are 4 examples of what can go wrong:
1. System failure: hackers can access connected home devices
Hackers can gain access to a home’s connected devices and network, comprising the security system, laptops and smart thermostat.
2. Cyber extortion: a homeowner can be a target for extortion
Homeowners can receive a ransom note on their computer screens alerting them that their files had been locked, and can only be decrypted if a payment is made. The amount can increase if the homeowner does not cooperate, and ultimately all the files can be destroyed.
3. Virus detected: hackers can attack a home’s computer
Homeowners can click on a malicious link, unleashing a virus, corrupting data and reconfiguring programs, costing thousands in repairs.
4. Online fraud: a homeowner could be targeted for online fraud
Homeowners can receive fraudulent emails alerting them that a family member is in some form of trouble and in need of financial help to hire legal representation. In some cases, homeowners, shocked and frightened for the family member, transfer payments to these unknown sources, only to find out that they had been defrauded.
More than ever, cyber attacks are becoming the inevitable, and Home Cyber Protection can save homeowners and tenants thousands in paid losses.
To learn more about cyber coverage for homeowners and tenants, contact the MyHomeWorks team.
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