Arbella Introduces New ‘Home Cyber Protection’ Insurance
New product offers unmatched cyber security insurance coverage for families and individuals in Massachusetts
QUINCY, Mass., October 23, 2018 – The Arbella Insurance Group today announced the launch of its new Home Cyber Protection insurance coverage which is designed to protect individuals and families after a cyber attack has occurred. These attacks can happen through everyday electronic devices such as personal computers, mobile phones, tablets, personal assistants, and other internet-connected devices, Home Cyber Protection is a critical new endorsement to be added to homeowners, condominium and renters insurance policies. Arbella is one of the few insurance companies in Massachusetts offering cyber insurance to homeowners, which also includes cyberbullying protection in its product.
According to MarketWatch, the number of smart homes in North America is expected to hit 73 million by 2021, making up more than 50 percent of all households. Already, more than 21.8 million residences are considered “smart homes,” which include an array of mobile devices, entertainment systems, security systems and thermostats that can be operated remotely through apps and online portals, leaving homeowners and their families open to a cyber-attack. Additionally, a recent survey by Hartford Steam Boiler showed that over the past 12 months one-third of consumers were notified that their data was breached.
The suite of coverage in Arbella’s Home Cyber Protection plan provides policyholders with assistance when a member of their household has been targeted by:
- Cyber Attack: Covers the cost of removing a virus or the reprogramming of computers and tablets, Wi-Fi routers and other Internet access points
- Cyber Extortion: Professional assistance with responding to a ransomware attack and reimbursement for approved ransom payments
- Online Fraud: Reimbursement for financial losses due to identity theft, phishing schemes, illegal banking or credit card transfers and other deceptions
- Data Breach: Specialized review from a forensic IT and/or legal representatives as well as notification and recovery services when personal data and information entrusted to you is lost, stolen or published
- Cyberbullying: Covers the costs an individual may incur after a cyberbullying attack, including legal expenses, temporary relocation expenses or private tutoring
“The emergence of interconnected, smart technology in our homes and reliance on mobile devices has in many ways simplified and enhanced our daily lives, but it’s also made us more vulnerable than ever to cyber attacks,” said Jim Hyatt, senior vice president of Personal Lines at Arbella. “There are many points of entry that cyber criminals can use to access private, personal information that may cause significant financial and emotional harm, which is why it’s so important for homeowners to be prepared and protect their families.”
About half of young people nationwide have actually experienced some form of cyberbullying and about 10 to 20 percent actually experience it regularly according to the Cyberbullying Research Center.
“Arbella is pleased to be one of the few companies in Massachusetts to offer cyberbullying protection as part of this new coverage,” adds Hyatt.
In addition to financial reimbursement, Home Cyber Protection provides policyholders extensive support from cyber claim specialists and technical experts who will help guide them through the attack and put them on the path to recovery.
Arbella’s Home Cyber Protection coverage is available to Arbella customers in Massachusetts as of October 1, 2018.
Press release does not provide a complete description of all coverages, exclusions and conditions in the policy. Policy terms may be changed from time to time. Issuance of coverage is subject to underwriting.
About the Arbella Insurance Group
Established in 1988, the Arbella Insurance Group (www.arbella.com) is a company with more than $800M in revenue with approximately $1.5B in assets, headquartered in Quincy, Massachusetts. Arbella is a customer-focused regional property and casualty insurance company, providing personal and business insurance in Massachusetts and Connecticut, and business insurance in Rhode Island and New Hampshire. Recognized as one of the Boston Business Journal’s “Best Places to Work” for ten consecutive years, Arbella is deeply committed to maintaining high levels of employee satisfaction and a positive workplace culture.
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