Grange Insurance is releasing a new home cyber protection policy to help protect consumers from rising cyberattack threats.
Extending from its protection for consumers to restore their identity after an illegal breach, the company wants to further protect consumers as the usage of smart devices increases.
Its new cyber protection will cover consumers against computer attacks by removing malware and reprograming devices, and also home system attacks by restoring devices which are connected to the internet.
The policy will also protect from cyber extortion by providing professional assistance on how to respond to ransomware attack and makes payments of ransoms when approved.
Consumers are protected from online fraud with an assistance in losses from phishing schemes, illegal bank and credit card transfers, forgery, counterfeit currency and other deceptions
The remaining new are of protection for consumers is from data breaches, with Grange providing forensic IT and legal reviews, and notification and recovery services when private non-business data entrusted to an individual is lost, stolen or released.
Grange Insurance personal lines president John North said, “The rapid growth in connected home technology and smart devices is creating the increased need to protect data, systems and software from computer attacks.
“Our new Home Cyber Protection coverage provides consumers with financial protection in many cases of cybercrime and provides access to experts who can help them fix the damage done. Our aim is to give people peace of mind as they go about their day-to-day online activities.”
Last month, the Ohio-based insurance company completed a national study on consumer opinions on cyber security. Through the report, which was conducted by Research America, found one in four consumers have been a victim of a cyberattack. It also revealed that a ‘vast majority’ didn’t know how to protect themselves, or believe they’ve covered themselves enough.
“Our research suggests that too often people don’t know what to do about cybercrime or where to go for help. Nearly one in five consumers believe that doing more to protect themselves is too much of a hassle. With this expanded coverage, we hope to let consumers know we are here to help and that it can be a simple process,” North said.
Copyright © 2018 FinTech Global
Copyright © 2018 RegTech Analyst
