Seven in 10 (72%) of 11,300 people in the UK aged 50 and over feel at risk to cyber-crime, according to research from Saga.

One in five of those polled have been victims of cyber-crime, Saga’s research also found. To combat this, Saga home insurance has launched personal cyber-crime cover to protect customers against cyber-attacks, fraud and scams.

What is cyber insurance?

According to consumer watchdog, Which? Cyber insurance is designed to protect your personal data and digital assets should your device be compromised by hackers or cyber-attacks.

What does Saga’s cyber-crime insurance cover?

Saga’s cyber insurance cover includes: comprehensive protection against cyber risks on customers’ personal devices, including ransomware attacks. It also offers help and advice to protect people falling victim to cyber criminals.

As part of Saga’s personal cyber-crime cover, customers will have access to expert advice in the unfortunate event of a cyber-attack and can feel confident knowing they will receive practical advice and guidance on immediate actions they need to take, as well as assistance to manage the issue.

The cover, included as part of the legal cover add-on, proposes to restore, where possible the customer’s electronic devices to the state they were in prior to the cyber-attack; subscriptions to credit monitoring companies will be reimbursed following a cyber-attack and the add-on also offers an advice line to discuss concerns over cyber security issues.

Simon Mcphee, head of Saga home insurance says: “As the majority of our personal transactions are now conducted online, the need to ensure we are protected from a personal perspective, in the event of becoming a victim of a cyber-attack. Many of our Saga members have embraced digital apps and platforms and have integrated these into their day to day lives. However, as technology continues to evolve, so do the methods used for online fraud and cyber scams.”

If you don’t opt for Saga’s cyber-crime insurance cover, what are the other options?

A limited number of home insurance policies offer protection for your digital assets. Analysis from comparison site Comparethemarket.com revealed that nine out of 26 home insurance providers investigated, cover damage caused by computer viruses or malicious software. Overall, however, the report suggests that the majority of home insurance policies are leaving your digital assets at risk.

Victim of fraud

Which? Offers advice to follow if you have been a victim of cyber-crime. First of all you should contact your bank – your card provider should refund you immediately. An alternative to taking out cyber insurance to take extra security precautions when using electronic devices. Keep your data safe and make sure you regularly ensure that the software on your devices is updated.

Sabuhi Gard is an investment writer for Incisive Works

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