The Cybercrime Financial Threats You May Be Overlooking

Frances O'BrienTechnology has become an integral part of everyday life. However, with nearly 400,000 identity theft complaints reported to the government in 2016, it’s no secret that the benefits of technological advancements are accompanied by numerous, unforeseen threats that leave personal, financial and intellectual information vulnerable to theft.

For example, imagine receiving a notification that your vacation home’s security and protection system has been hacked. Because your home’s internet-connected air conditioning system and alarms have been disabled, the home’s temperature reached over 90 degrees, damaging your $500,000 wine collection. Unfortunately, a situation like this is much more common than you might expect.

While you might have thought about the basics—unique passwords for online accounts, for example—talking with your agent, broker and financial advisor is the best way to ensure you are fully protected from cyber-related risks and exposures. In the event of a breach, they can ensure you have sufficient property and liability coverage—including coverage to restore electric personal data and content as a result of a virus and assistance replacing lost or destroyed legal or financial documents.

To learn more about how to protect yourself and your finances from the unforeseen costs of cybercrime, visit:

Fran O’Brien is Division President, North America Personal Risk Services at Chubb.

Categories: General Risk
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