A growing number of cyber exposures don't fall into the Fair Credit Reporting Act's identity theft category, so aren't covered by US home insurance policies, according to the CEO of cybersecurity consultancy CyberScout. The company has been tracking more than a dozen high-profile hacks in recent months, including one that compromised personal information for about 20 million people and another that exposed sensitive data on over 100 million people. However, home insurance policies will soon meet the coverage offered by business' full-scale digital risk policies, and include advocacy services such as reputational coverage, through which an insurer clears negative statements caused by cyber-bullying, for example, and restores the victim's control.
A growing number of cyber exposures don't fall into the Fair Credit Reporting Act's identity theft category, so aren't covered by US home insurance policies, according to the CEO of cybersecurity consultancy CyberScout. Currently, the theft of social media credentials and the fraudulent solicitation of legitimate online fund transfers are not covered by federal reimbursement laws. However, home insurance policies will soon meet the coverage offered by business' full-scale digital risk policies, and include advocacy services such as reputational coverage, through which an insurer clears negative statements caused by cyber-bullying, for example, and restores the victim's control.