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Are you prepared if you suffered a personal cyber attack?

Cyber risks are on the increase. Whilst valuable business information is often the target, individuals are not immune to cyber risks and cyber-attacks. Personal Cyber Insurance is now available for individuals who are looking to reduce the risks they face from our increasingly online world.
What types of Cyber Risks do Individuals experience?
There are many forms of cyber risks that individuals face. Some more common ones include:
Identity Theft
So much of your identity is online these days. With so much information available across multiple platforms, cyber attackers can build a good personal profile with available and accessible information. Going further, cyber attackers can utilise the information they’ve collected to steal more personal information and ultimately your identity. Once they’ve acquired sufficient identifying data, they can use it for nefarious purposes. Identity theft can happen quickly, enabling thieves to establish new credit cards, additional lines of credit, make purchases and even transfer assets in your name.
Did you know that your computer or digital devices can be compromised and locked remotely? Once your devices are compromised you can be locked out from using your device and accessing critical information. Then the cyber attackers require a ransom to release or unlock your devices and to return your information. 
Phishing involves a misleading request, often by an email that looks compelling, for an individual to log in or update their details with the provider. This may appear to be from a bank, financial institution or other sensitive information sources. An individual is taken to a fake login area which is a close match to the original provider. Once logged in, the user’s details; user name and password are compromised and the cyber attackers are free to login to the legitimate provider and transact, appearing as if they were you, within your accounts.  
Cyberbullying includes acts of harassment or intimidation and may include defamation of your character, invasion of privacy and threats against you online. With a rise in digital engagement and usage, the levels of cyber-bullying are on the rise.
The great news is, that there are insurance products that provide personal cyber insurance cover. So now, in addition to being safe online and practising good password hygiene, insurance coverage is available for personal cyber-attacks.  
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Channelle Ricketts, Urban Insurance, AFSL 233750

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