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In recent years there have been repeated cases of cyber crime, whether with politicians or private individuals, for example with online banking and the new PSD2 payment service directive or the last security update from Windows 7. There are security tips for everything to do with online security a lot. But what if a cybercrime attack occurs despite the best security measures? In such cases, cyber insurance comes into play and protects you from high financial losses. But what exactly does cyber insurance actually include and for whom is it useful? We will shed light on this in this article.


What does cyber insurance include?

Cyber insurance is in comparison relatively new to other insurance products. That’s why it doesn’t offer every insurer offers cyber insurance.

As an example, we will examine cyber insurance using the provider BavariaDirect . Cyber insurance is available there for a price of 4.99 euros per month. But which components are covered here?


Online shopping:

Most people love Online shopping . Internet purchases and sales can be carried out in no time at all, easily and from home. As quickly as it is possible to shop there, it can unfortunately also lead to fraud.

Example: You buy via Prepayment in an online shop. You will receive an e-mail Order confirmation, information about the planned delivery time and the Confirmation of the payment already made. Yet the package never arrives because it is a so-called fake shop. Unfortunately not one rare scam by cyber criminals. The worst part is that your money is gone is. Because you have demonstrably instructed a payment, the bank does not come for the damage.

With cyber insurance You are protected online in such a case. Internet purchases and sales are insured with BavariaDirekt up to a sum of 3,000 euros, so that you are entitled to compensation.


Identity abuse:

You know it Filming, unfortunately, identity abuse on the Internet is so unrealistic Not. Imagine you would like to find a vacation bargain on the Internet book, but don’t have your credit card ready. That’s why you ask one of yours Roommate, send you your credit card details by email. A virus The credit card details are stored on one of the two computers by cyber criminals read out.

The result: on the bank statement there are high transactions that you have not made. Of course, locks You immediately get the credit card – but the bank refuses to refund the money.

Whether in such cases or when spying on passwords and access data from computers or smartphones or ATMs: the cyber insurance covers up to 15,000 euros Identity Abuse. No matter whether with credit cards or electronic ones Payment systems like PayPal.

Cyber insurance helps with targeted credit card fraud. Because banks usually assume the costs for unauthorized transactions that you discover on your credit card statement. However, there is often an agreed deductible for blocking and reissuing the credit card. Here you are protected with a reimbursement of up to 250 euros with carefree online cyber insurance.


Data recovery

Personal data such as pictures, business documents, etc. can suddenly disappear or be unusable through malware. In the worst case, the whole screen is simply black.

Even if you often plan to make a backup copy of all files on an external disk (which is really advisable!), You often don’t do this with every new document. Some cyber insurance companies offer a financial replacement here. BavariaDirekt, for example, arranges data recovery specialists in such cases and covers the costs of up to 2,000 euros.


Psychological Advice on cyberbullying:

One area that not all cyber insurers have yet covered is cyberbullying. Unfortunately, cyberbullying is on the rise, so that reputations or defamation can occur on social media platforms. This form of bullying increases especially among young people, so that those affected no longer dare to go to school.

Personal rights are paramount and should be protected. If these are violated on the Internet, those affected should seek care from an experienced psychologist.

With carefree online cyber insurance, an initial telephone consultation is arranged with an experienced psychologist. Then the next steps are discussed so that the bad experiences of cyber bullying can be processed psychologically.


Protection through security software

An integrated Darknet screening (at BavariaDirekt from the provider Owl) shows which your personal data is circulating on the darknet. For example, data can do that to your bank account or to your identity card ID. If it is found in Darknet will alert you immediately. In addition, you will receive safety tips for further steps to prevent your personal data from being misused in the future are protected.



What to do first when you Victim of cybercrime?

If you notice that a cyber attack has been carried out on you, change your passwords immediately on any online portal that contains sensitive data about you. If it is a credit card fraud, then of course have the credit card blocked directly in order to avoid worse.

With cyber insurance, you then dial the insurer’s emergency hotline to discuss the next steps. Here you will be offered help with blockages, financial losses, cyberbullying, etc. or you will be forwarded to specialists. BavariaDirekt’s cyber insurance, for example, offers a 24-hour emergency hotline so that you can receive initial advice at any time of the day.


Do I even need cyber insurance?

Whether cyber insurance makes sense for private individuals depends entirely on the individual’s security needs. If you want to be on the safe side and you want to protect sensitive data, then cyber insurance definitely makes sense.

In principle, some security precautions can also be taken in advance so that cybercrime does not have to occur. Unfortunately, this cannot be completely prevented. Unfortunately, there is no guarantee that cyber insurance will not cause a claim in the first place. In the worst-case scenario, however, it can protect against financial damage or restore lost data.

That is why cyber insurance is particularly useful for companies and the self-employed who work with confidential data and are dependent on it. Smaller companies should also think about a deal, especially if sensitive customer data is being handled.


Conclusion

If you like to have a high level of data security or if there is sensitive data on your computer, it is worth taking out cyber insurance. Even if you often do online shopping or are logged into a large number of online portals with your data, you should take a closer look at cyber insurance.

Before doing this, check whether some components are already included in one of your insurance policies. Some of these are also included in personal liability insurance. Example: If you accidentally send a virus-infected email that causes damage to a third party, liability covers the damage costs incurred by the third party. The damage you suffer is only covered by cyber insurance.

For full protection, however, special cyber insurance is advisable, as you will receive expert help and all-round protection in many online areas in the event of a claim.

Cyber insurance, for example, is priced at BavariaDirekt at only 4.99 euros a month what a fair price for extensive protection and a better feeling of security.