The Expert Podcast

…A recent study from the insurance industry. Shows that many people are now aware of cyber insurance liability problems. And most of them are trying to take action but there's some very common. Practices that are still. Not completely erased from, bad cyber protection policies from companies and individuals. So the article had a survey. from Chubb one of the largest insurance companies said that 92% of the people said they were worried about a cyber breach. So the vast majority of people are worried about that And rightfully so, and that's up. About 20% from prior years. And according to the vice president of personal risks at one of the biggest takeaways is that. It validated. What they were thinking is that people are aware of these risks. during the pandemic a lot of people use remote technologies and that help people be aware of this potential problem. And you know most people do things like do multi-factor authentication So you get the text message before you log in to make sure that it's really you. And 80% of people use that. attention to passwords. They update their password. Regularly within the last 12 months 70% said they updated the password voluntarily without being prompted So that's a good thing. But there's some downsides half of people still use their pets name. for a password or other easily identifiable information. and that was particular in high net worth people 85% of high net worth people. You something to DZ like your pet's name or some other piece of information that somebody could find out about you online. Some other things that they found where they might use public wifi. To log into bank accounts That's dangerous because sometimes those wifi. Nodes are not a hundred percent protected and other people can get into them or it might even be a fake wifi network. It might not even be at the coffee shop It might be somebody with a computer that makes up a fake name That sounds like the coffee shop to steal your information. And then of course being an insurance industry. survey they talked about where more people were taking out personal cyber insurance to protect your data. 39%. Of the people who responded. Said they had a personal policy for cyber data including a majority of affluent and high net worth individuals So look at the percentages as they go up. 39% of all Respondents said they have personal cyber policy. affluent individuals, which are, you know upper-middle-class 63% and high net worth 83%. So it shows that the more affluent, maybe sophisticated that people are the more important they see that the insurance product is for cyber liability. So this is a good snapshot of what is happening. With awareness and action on cyber defense cyber liability and cyber insurance in the personal lines consumer. Level of the insurance market.