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How one personal cyber insurance policy stacks up

As cyber insurance slowly moves from corporate to consumer coverage, some interestingly comprehensive policies have been introduced. One, introduced this month by AIG, puts a strong emphasis on services to prevent attacks rather than merely paying for them once they happen. We decided to dive into the fine print to see how much wiggle room the insurer gave itself.

The new policy, called Family CyberEdge, is designed as a supplement to existing homeowner’s insurance and will cost an extra $597 for $50,000 limits for each key area, consisting of cyber extortion, data restoration, crisis management and cyber bullying, with no deductibles beyond a flat $1,000 for data restoration. Bump the coverage limit up to $100,000 and the annual premium rises to $972, or go for the maximum coverage of $250,000 and the annual premium comes in at $1,723.

Those premiums, however, start to look quite reasonable when you peek into the contract and see the services covered.

For cyberbullying of a family member, for example, a year of psychiatric services is covered, along with bills from PR, digital forensic analysis and cybersecurity firms, plus lost salary if the bullied person loses a job during the first 60 days after the cyberbullying is discovered. It also covers temporary relocation of the victim and “temporary private tutoring or any increase in expense for school enrollment for you or a family member to relocate to an alternative but similar school.”

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