Since this class primarily looks at personal lines of insurance (BFIN 324 & 326 covers commercial insurance and business risks), let’s talk about how households can protect themselves from cyber security threats.
How has identity theft changed over the last decade or so? Do you know someone who has been a victim of identity theft?
While you can mitigate your own risk from cybercrime with antivirus software, credit-monitoring services and identity theft insurance, is that an adequate response? If you were an insurance company offering Cyber Insurance, what you would require from applicants as part of the underwriting process?
Is Cyber Insurance/ID Theft Insurance available as a stand-alone policy, or is it an added endorsement to another policy, or are both options available?
The insurance industry is well aware of the potential of insuring this risk, but what is the downside of offering this coverage? As home appliances, vehicles, etc. become more connected to the “Internet of Things,” how does that impact the economic feasibility of offering affordable coverage?
A search at such sites as iii.org and naic.org can help with many of these questions.
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