Not only are more people working from home than ever before, but entire families are shopping online and using the Internet of Things — Alexa, Siri, Google Home, and other technology embedded with sensors or software — for sharing and connecting data with other devices.
While everyone loves the convenience such technology brings, some may not know that cyber criminals are increasingly targeting them and putting their private information and financial accounts at risk.
Clients may assume there is coverage from these risks under their homeowners policy. However, not all homeowners insurance covers cyberattacks. The Insurance Information Institute reports that four out of five people with connected devices either lack coverage or don’t know if they are covered.
Now is the time for independent agents to ask their carriers about cybersecurity coverage options – either as an add-on to homeowners, renters or condominium policies, or a stand-alone policy. Demand and availability of these products are growing; informing clients of the risks while offering risk mitigation advice and insurance coverage enhances an agent’s value to their clients.
Independent agents can inform clients about the risks of criminals tapping into their confidential information for financial gain. Educating clients about the increased risks of being online each day may convince them that protecting themselves with cybersecurity insurance is a wise choice.
Read the full article, written by Jeff Holmes, COO of SIAA, published May 17, 2021 on insurancejournal.com