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You can now buy 'cyberinsurance,' but do you need it?

You can now buy 'cyberinsurance,' but do you need it?
PHOTO COURTESY OF SHUTTERSTOCK

You've got insurance for everything, to protect your finances and the property you own. You have car insurance, medical insurance and dental insurance.

You need it. If you didn't have health insurance, for instance, you could potentially get stuck with bills for tens of thousands of dollars.

So, it makes sense that insurance companies are starting to offer insurance for cybercrimes. For some large companies with a lot of assets, or if you have a substantial amount of money that's online and vulnerable to attack, it may make sense.

Here's how it works. Insurance company Pure Insurance is offering cybersafe insurance. They'll monitor your computer systems for $500 to $3,000 a month, to ensure that hackers aren't tapping into your computer or personal information. For $1,500, they'll do a one-day audit of your home's computer network.

Of course, for up to $3,000 a month, cyberinsurance isn't for everyone. In fact, it may not even be necessary for rich people.

There are a few reasons to hold off. First, hackers typically target large companies, like Target, that potentially spell riches for them. Those companies will, and probably have alerted you when your personal information has been accessed, or compromised. Most hackers aren't going to waste their time on individual people.

Plus, if hackers tap into your bank account, most accounts are insured by the federal government. So, it's unlikely you'll need cyberinsurance. However, if spending $3,000 a month to protect yourself isn't going to financially hurt you, and gives you peace of mind, it's not going to hurt.

But, don't worry if you don't want to spend that much money on cyberinsurance. You can keep safe with strong anti-virus programs. To find a good, free one, check out the Komando Security Center.

Anti-virus programs will get rid of malware that's infecting your computer. Plus, get free anti-exploit software like Malwarebytes' Anti-Exploit software, to block hackers as they're trying to break into your system.

There's one more thing you can do to keep your devices and your information safe. Make sure to have a secure password blocking your Wi-Fi connection, so your neighbors and people driving by can't access it.

So, what do you think about cyberinsurance? Is it worth paying for? Let us know in Comments.

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