Mary-Anne Firneno, research director, insurance information institute
have adopted the internet of things. Because consumers are more connected to the Internet
Devices and buy more products online and companies use more electronic data
Cyber storage continues to occur during online storage.
In spite of
Reports of ever increasing data breaches, awareness of consumer protection
Insurance has shrunk in the past year, according to a survey by
Triple-I and J.D Power.
The survey on cyber insurance and consumer security in 2020 2020: Consumer indifference remains a challenge for personal cyber insurers. Only about one in ten American consumers who have connected devices in their homes or vehicles state that they have insurance to recover from a cyber attack. And almost half don't know if they have this protection. Fewer owners of connected devices say they have cyber risk insurance than the Triple-I and J.D. Power in 2018.
But the consumers
are interested in cyber risk insurance. More than half of the connected devices
Owners (56 percent) said they felt that homeowners or auto policies should offer
Cyber security coverage.
Why don't more consumers buy cyber risk insurance? The Consumer Cyber Survey 2020 found that three quarters of connected consumers are reluctant to pay for cyber risk coverage – despite the fact that cyber coverage is relatively inexpensive: around $ 10 from a package policy and around $ 40 from a separate.
Attitudes that cyber coverage is not a product that consumers are ready for
The purchase is an opportunity for insurance professionals to explain the value of
personal cyber reporting.