Information is Wealth.

Mid-2016, a division of the insurance giant, Munich Re, began to offer cyber protection insurance to consumers. As more cyber insurance carriers extend their coverage from companies to consumers, those consumers are putting those policies under a microscope to understand their benefits and how they might protect consumers from typical cyber security risks. Some of the more frequently asked questions and responses are as follows: 1. Does cyber insurance cover risks associated with interconnected homes? As more homes install Internet of Things (“IoT”) devices, they create more opportunities for hackers to access home-based networks and to launch attacks from those networks. Munich Re’s policy will restore devices damaged by hacks. Whether a personal cyber policy covers corollary or third-party damage related to a hack of an interconnected home will depend on the specific policy. 2. Will personal cyber insurance cover bank account or credit card losses? Banks and cred...