Saga has launched personal cyber-crime cover to protect customers against cyber attacks, fraud and scams. But is this type of cover worth the cost?
Cyber insurance is designed to protect your personal data and digital assets should your device be compromised by hackers or cyber attacks.
Saga's cyber insurance cover is included within the legal expenses add-on to its home insurance policies.
Around seven in 10 (72%) of 11,300 Brits aged 50-plus feel at risk of falling victim to cyber-crime, according to research from Saga.
Find out what cyber-crime insurance covers and whether you should consider taking out protection.
Saga's personal cyber-crime insurance covers the cost of getting help and assistance to identify any damage to your devices caused by a cyber attack.
This includes any financial losses, the cost of notifying the authorities of a cyber attack and responding to ransomware threats - which involves a malicious piece of software that essentially holds your computer hostage until a ransom fee is paid.
Your affected devices will be restored to their state before they were compromised by a cyber attack and you'll also be able to claim a 12-month subscription to a credit-monitoring facility following a cyber attack.
Cover only applies to cyber attacks that occur when both you and your affected devices are within the UK or Gibraltar.
Saga's cyber-crime insurance will not cover you if you were found to be partaking in illegal activity which may have caused the attack, including illegally downloading movies and music.
Our devices hold an increasing amount of personal and valuable data about us, from digital assets such as treasured photo albums and music collections to our banking details.
If you have already decided that you need , gaining cyber-crime protection may be appealing. There are also a limited number of standalone cyber insurance providers including Hiscox and Blackfriars' Personal Cyber Crime Insurance.
However, before you take outspecialist cyber insurance, it's important to considerwhether using an alternative way of protecting yourself from a potential cyber attack is more cost effective.
The following could serve as alternatives to cyber-crime insurance:
Recent analysis from Comparethemarket.com revealed that nine out of 26 home insurance providers investigated cover damage caused by computer viruses or malicious software.
Where insurers did offer protection, it only extended to restoring the devices in question rather than covering financial loss or legal action that could arise from a cyber attack.
If you do have a home insurance policy, it's worth checking whether your digital assets are protected.
If you've been a victim of fraud, your card provider should refund you immediately unless it has evidence that you:
While this may allow you to reclaim financial loss, it does not cover the cost of restoring your devices if they also suffer damage from the cyber attack.
An alternative to taking out a a cyber insurance policy is to take extra security precautions when using electronic devices.
Keep your data safe. Never give out details to a cold-caller, even if they claim to be from your bank or HMRC, and be alert to scam text messages or emails. unless you know where they came from, especially if the email was unsolicited.
If your details are stolen in an attack, you can purchase identity-monitoring protection from Cifas for £20 for two years. This will add an additional layer of security to your accounts, so that anyone trying to open a new product will have to jump through more hurdles.