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The Future of Cyber Claims

Cybercrime is an estimated $600 billion enterprise. While commercial insurers understand the threat posed to companies and provide products in response, individuals are exposed to more risk than ever before.

Property Casualty 360
Mike Taylor

A recent Intel Security study showed that 97% of people presented with a series of emails were unable to differentiate safe ones from their harmful counterparts.

And as new threats emerge — from cybercrime and cryptocurrencies to autonomous driving and other developing technologies — the future of claims is also changing. The tools insurers implement to help manage risk and reduce the impact of the resulting claims must change as well. Those tools include:

  • Register for services that not only monitor for identity theft, but also help you recover from it.
  • Employ cyber threat monitoring solutions for your home network to investigate suspicious activity, patterns and behavior and notify you when action is necessary.
  • Take advantage of cybercrime insurance coverage. A number of insurers, including PURE, are creating products to help you manage risk and reduce the impact of the resulting claims. PURE StarlingTM Fraud and Cyber Fraud Coverage offers up to $1 million of coverage for losses related to fraud and cybercrime and also provides access to resources to help you recover if you become a victim.

To read more, click here.