Your digital life is more valuable than you might realize—filled with sensitive financial details and personal communications that cybercriminals can exploit. The scams they deploy are becoming more sophisticated by the day, with threats ranging from voice-cloning and fake wire requests to malicious emails and compromised financial transactions.
It’s projected that global cybercrime will cost $1 trillion per month by 2031, highlighting just how widespread and lucrative these attacks have become. Even the most vigilant individuals can fall victim—which is why proactive protection is essential. With the right partners and solutions tailored to your lifestyle, you can safeguard your assets, privacy, and peace of mind.
At Simon Quick, identifying potential risks and delivering thoughtful solutions to help mitigate them is a core part of our service offering. While we do not sell cybersecurity insurance directly, we see this offering as an important layer of protection that clients should consider. We all know a friend, family member, or loved one who has been affected by cyber-attacks, and protecting our clients from similar vulnerabilities is a priority for us. As these threats continue to evolve, we see this coverage becoming an increasingly valuable and timely topic in today’s conversations. By staying informed and encouraging proactive steps, we aim to help safeguard your personal and financial well-being in an increasingly digital world.
What is Cybersecurity Insurance?
Cybersecurity insurance is a specialized form of personal coverage designed to protect you and your family from the financial consequences of cybercrime. While traditional homeowners policies may include limited cyber protections, they were never built to address today’s evolving digital threats.
In recent years, premier insurers have become more popular as they address the unique risks faced by individuals like you—people with significant assets, active digital footprints, and access to sensitive information. The need is real. In 2024, Microsoft reported its customers face 600 million attacks daily.
Why Cybersecurity Insurance Should Matter to You
With a cybersecurity insurance policy, you’re not just protecting yourself—you’re safeguarding your family, your reputation, and your lifestyle. These policies often extend to household members, whether that’s your children or household staff, providing a greater sense of protection.
Cyber insurance also aligns naturally with broader wealth management strategies. It supports wealth preservation in the digital age, strengthens personal security and privacy by helping ensure your data doesn’t fall into the wrong hands, and offers peace of mind knowing that if something does happen, you have a team ready to respond.
What Does Cybersecurity Insurance Cover?
While coverage varies by provider, here’s how cybersecurity insurance compares to typical homeowners insurance.
What Traditional Homeowners’ Policies Typically Cover
- Digital content restoration
- Unauthorized charge reimbursement
- Identity access management
- Document recovery
- Lawsuit protection related to online defamation or privacy invasions
What Dedicated Cybersecurity Insurance May Cover
- Social Engineering Fraud: Protection from scams that trick you into transferring funds.
- Cyberbullying: Support for legal or emotional harm caused by online harassment.
- Cyber Financial Loss: Coverage for theft from phishing attacks or wire fraud.
- Cyber Breach of Privacy: Protection if personal data is leaked or stolen.
- Identity Theft: Legal and credit monitoring support for identity restoration.
- Cyber Extortion/Ransomware: Financial help during extortion or ransom demands.
- Data Restoration: Assistance in restoring corrupted or lost digital files.
- Third-Party Liability: Legal costs if a breach from your network impacts others.
- Device & Home Network Protection: Risk assessments and cybersecurity tools for you and your staff.
- Reputation Management: PR and crisis teams to help repair your image if needed.
Premier insurance providers often include dedicated advice lines, proactive risk assessments, and teams of experts who can guide you through both prevention and recovery.
Cybersecurity as Part of Your Financial Strategy
Just as you rely on proper estate planning, property and casualty insurance, life insurance, diversification and other strategies to safeguard your future, cybersecurity insurance adds a critical layer of protection for the digital side of your life. It’s not a luxury—it’s a smart, forward-looking component of a complete risk management plan.
To find out how cybersecurity insurance can be tailored to your needs, talk to your advisor. Together, you can put the right protections in place before a breach ever happens.
