As technology makes our lives more convenient, simplifies our need to recall information, changes the way we shop, how we bank, how we find our destination and how we communicate with each other... it also opens up vulnerabilities that most of us have never considered. Technology changes privacy completely and out personal details are at risk of being stolen without our knowledge
Most people have become wise to scam artists phoning or emailing us asking for bank details for the really rich prince stuck at the airport who promises to give you a million dollars if you would just help him out right now. We are very good at not giving out credit details over the phone to strangers or avoiding the lonely 'sugar daddy' online that just wants to get to know you without expectation. We are prepared for these predators. The Optus hack showed us just how evolved the cyber criminal has become.
Social engineering and ransomware attacks have grown in popularity in the last decade as more and more businesses move from paper to digital files. All that personal data collected and stored in computer server farms across the world is an absolute treasure trove for cyber criminals. Identity theft has become one of the biggest money spinners in the world of crime.
Identity theft is when a your personal information is stolen to create fake identity documents in your name, get loans/credit cards and benefits or even more devastating - apply for real identity documents in your name, but with another persons photograph. Once your identity has been stolen it can be difficult and extremely costly to recover. Imagine applying for your first home only to discover you fail the credit check because your stolen identity has been used to rack up debt that is not paid and now it's your credit rating that is ruined. How do you recover from that??
100 points!!
Think about applying for a credit card - you can do it online providing you have enough personal information to prove you are a real person. What qualifies as a properly identified person? 100 points.
What does 100 points look like?
* Drivers licence - 40 points
*Medicare card - 25 points
*credit card - 25 points
*utility bill - 20points
That's all you need to prove you are a real person. Where does a cyber criminal get that info? Your digital wallet is a great place to start.
How many of us carry just a phone with all our details on it?? Digital wallets, particularly with the younger generations, are the new norm. Your phone is a one stop shop for all your information. How many people access their banking on their phone? I would say most. What about apps with your phone bill? Again most. Covid made tap and pay options with your phone very popular across all generations.
The Optus hack taught us that no matter how much we do all the right things to protect our personal details, no matter how strong our passwords are or how much malware we install - you are still vulnerable. We trust companies with our precious details all the time. We can not control all the factors that cyber criminals use to access our information. Cyber insurance is becoming a necessary insurance policy of our modern world. It is no longer just a necessity for big companies, its also essential for us as individuals. It is there to insulate you, not if but when, the worst happens.
Contact your broker to get your free cyber insurance quote. Relax and let us Protect Your World
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