As our lives become increasingly digital, the risks of cybercrime grow exponentially. Cyber threats, from identity theft to ransomware attacks, can cause significant financial and emotional harm. Personal cyber insurance protects against these risks, providing essential coverage and peace of mind.
What is Personal Cyber Insurance?
Personal cyber insurance is a specialised policy designed to protect individuals from online threats. It covers the costs associated with cyberattacks, such as data breaches, identity theft, ransomware, and cyberbullying. While it doesn’t prevent incidents, it helps mitigate their impact by offering financial reimbursement and expert support.
Key Benefits of Personal Cyber Insurance
- Financial Protection
- Covers expenses from identity theft, phishing scams, and unauthorised transactions.
- Reimburses ransom payments in extortion cases.
- Data Recovery and Device Restoration
- Pays for IT services to remove malware, restore data, and repair devices.
- Cyberbullying Support
- Offers counselling services, legal advice, and relocation costs if needed.
- Legal Assistance
- Covers legal fees for privacy violations or data breaches involving third parties.
- 24/7 Expert Access
- Provides round-the-clock access to cybersecurity specialists to guide you through incidents.
- Comprehensive Coverage
- Includes protection for smart devices, online accounts, and even cryptocurrency theft.
Pick Your Package and Cover
When selecting a personal cyber insurance policy, individuals can tailor their coverage to suit their specific needs. Some of the key coverage options include:
- Theft of Funds: Protection against unauthorised financial transactions and fraud.
- Identity Theft: Coverage for financial losses and recovery assistance if personal identity information is stolen.
- Data Restoration & Malware Decontamination: Reimbursement for IT services to restore lost data and remove malware from personal devices.
- Cyberbullying and Cyberstalking: Support for legal fees, psychological counselling, and potential relocation costs in cases of severe online harassment.
- Cyber Extortion: Assistance in handling extortion threats, including reimbursement for ransom payments.
- Online Sales and Shopping: Protection against fraudulent transactions, non-delivery of paid goods, and online scams.
- Express Kidnapping: Coverage for financial losses and emergency support in cyber-related kidnapping scenarios.
- Network Security, Privacy & Data Breach Liability: Protection in cases where personal devices or networks cause security breaches affecting third parties.
- Privacy & Data Breach by Third Party: Coverage for legal and financial repercussions if a third party unlawfully exposes personal data.
Why You Need It
With the rise in online banking, shopping, and social media, personal data is more vulnerable than ever. Cyber insurance ensures financial security and expert support in case of an attack. It fills gaps left by traditional insurance policies, offering tailored protection for today’s digital risks.
In a world of increasingly sophisticated cyber threats, personal cyber insurance is more than a luxury—it’s necessary. Safeguarding your finances, devices, and mental well-being empowers you to navigate the digital landscape confidently.
About RBS
Risk Benefit Solutions, better known as RBS, originated as an entrepreneurial-focused services business in 1998 and today is one of the largest fully-fledged black-owned insurance brokers in South Africa and a Level One B-BBEE contributor. Celebrating 25 years in business this year, our growth has contributed to offering clients a unique approach to risk management by positioning our skilled resources as an extension of our client’s risk management team. Our company covers various services, including Insurance Broking, Risk Management, Commercial and Corporate Risk Advisors, and Corporate Vehicle Hire Services. With its head office in Cape Town, RBS has offices in Gauteng, the Eastern Cape and globally, represented through its board membership with WING (Worldwide Insurance Network Group).