Today technology is so prevalent  in everyday life that it is unthinkable to live without. For millions of people globally, managing money via a mobile phone has become the norm and actually setting foot in the door of a bank would feel quite alien. Technology has made it possible to send money to friends and family thousands of miles away or make payments for personal transactions while sitting on the train.

The Internet of Things (Iot) has enabled homeowners to remotely control many aspects of their homes via their smartphones such as heating, lighting, security, and white goods such as smart fridges to name a few.

It may feel like we already live in an interconnected world dominated by technology, but the reality is we are still only scratching the surface of what is possible. There will be an abundance of technological opportunities to come, but that will also mean a greater need for risk awareness and mitigation and Insurance has an important role to play in protecting customers against cyber threats.

Cyber criminals seek to exploit human or security vulnerabilities in order to steal passwords, data or money directly. The scale and complexity of cyber-attacks is wide ranging. ‘Off the shelf’ tools mean that less technically proficient criminals are now able to commit cyber-crime, and do so as awareness of the potential profits becomes more widespread.

Cyber-attacks are financially devastating, disrupting and upsetting to the people who fall victim to these crimes and High Net Worth individuals are particularly attractive targets for cyber criminals given the level of wealth they possess. They can also be significantly more exposed to the cost of hacker damage as often there are high value personal computer networks, equipment and smart devices installed within their homes.

Who is this cover suitable for?

This insurance has been designed for our Hiscox 606 Home Insurance customers, and may be suitable for your clients if they have a personal computer network, a regular level of email and social media activity, and make financial transactions online. For households with a higher number of occupants or children, this may increase the chances of your clients home or one of their devices being targeted.

Hacker damage cover

Although antivirus and firewalls will offer protection in many instances, your clients could still be vulnerable to someone maliciously targeting them and gaining access to their computer network or equipment. If this were to happen, we can help with the cost of:

  • repairing or replacing any damaged or corrupted items;
  • replacing programs on these devices;
  • retrieving personal digital data, photographs or video and replacing music and video downloads.

We will pay up to €60,000, or €100,000 if the higher limit is selected, for this cover.

Cyber theft cover

Fortunately, the theft of your clients personal funds from financial institutions will more often than not be replaced. However, there could be a situation, perhaps where they believe your clients has been grossly negligent, when their funds will not be reimbursed. They may also incur costs to recover their funds or replace their personal documents or title deeds, or have charges applied due to the lack of funds in an account, which are not normally covered by the financial organisation. This may occur if someone maliciously gains access to their computer equipment by electronically bypassing the security systems in place, and as a result are able to access and transfer their funds, documents or title deeds to someone else or another bank account. This could also occur if they mistakenly use a fraudulent unsecured wireless network. This could also result in the fraudulent use of their data or call allowance. Another way criminals try to obtain log in and password details is by sending emails which mimic a financial institution and attempt to fool the individual into providing their details. If this were to happen, we would cover the charges they incur, the funds taken, and the costs needed to replace their documents or title deeds. We will pay up to €30,000 (or €50,000 if the higher limit selected, for this cover)

Social engineering cover

Criminals are using increasingly sophisticated means to fool people into transferring money to a fraudulent account. For example, criminals will attempt to gain access to email and social media accounts by sending emails with links which, once clicked, will allow access to these accounts. With this access, they can then send an email to saved contacts to request funds be transferred, perhaps by pretending to be a friend or relative abroad in need of emergency cash or a company such as a builder requesting payment for some works. Emails can also be accidently sent to the wrong address or even intercepted with sophisticated software. In all these scenarios, fraudulent bank details are provided. In these situations, banks and other financial institutions are unlikely to reimburse the funds, as they are deemed to have been wilfully transferred. If this were to happen, we will reimburse the amount of funds you have transferred and lost. 

We will pay up to €30,000 (or €50,000 if the higher limit option is taken) for the theft of client funds transferred to a fraudulent account following a phishing attack.

Cyber extortion cover

Cyber extortion most commonly occurs in the form of ransom ware, which is often spread through malicious emails pretending to be from reputable sources or contacts your client knows. Once opened, a malicious software (malware) may disrupt or lock their device, encrypt or threaten to encrypt or delete the data, music or videos contained on their device, or threaten to share information held on their device, unless a ransom is paid. Whilst some malware may be reversible, others are much more sophisticated and may require payment to release an electronic key (code) to free the device or decrypt their data, music or video. They may also need the advice and support of an expert to help them. If this were to happen, we will reimburse the ransom and cover the fees and expenses of a consultant to advise on handling the demand.

We will pay up to €60,000 cover (or €100,000 if the higher limit option is taken) for a ransom being demanded following a cybercrime.

Cyber media liability cover

This may occur if someone maliciously targets your client and gains access to their personal email or social media accounts. As a direct result of this , emails or posts could be sent from your clients account(s) which result in them being required to settle a claim or judgement against them for breach of intellectual property rights, defamation, libel or slander, or negligent transmission of a computer virus.

We will pay up to €60,000 cover (or €100,000 if the higher limit option is taken) for financial loss, as a result of a clients’ personal accounts being hacked, and they’re found guilty of infringing intellectual property rights, transmitting a computer virus or making libellous/slanderous comments.

For more information please contact Robert Coughlan at 

087 9111964 or visit