In the internet age, it’s normal to worry about the safety and security of your data and online information. However, what’s less common is to worry about your data being apprehended by hackers and used against you for means of blackmail, ransom or extortion.
For high profile people, diplomats, celebrities and uber-wealthy families, this concern is quite real. Online data—from our financial information to email and social media accounts—can hold tremendous amounts of sensitive information and personal insights. For high profile people, if this kind of information is released it can be tremendously damaging.
That is precisely why insurance giant AIG has just rolled out a cybersecurity product. According to Reuters, who reported on the launch this week, the product “offers coverage for expenses that arise from online bullying, extortion and other digital misdeeds. Called ‘Family CyberEdge,’ it includes public relations and legal services, as well as at-home assessments of family electronic devices, executives said in an interview.”
In fact, AIG is one of a few insurance companies that have launched similar products to serve their customers. Others include German insurer Munich Re, which devised a policy that insures people for malware and online fraud, as well as New York-based company Pure Insurance, which began offering a similar product in 2015.
For people who don’t perceive themselves at risk of cyber-crime, it might be somewhat surprising that such a policy would be necessary. But with the unstable political and economic climate, high profile individuals are aware that their information could be used against them by malicious or politically-motivated actors. Just look at the fall-out from the email hack of the Democratic National Committee last year, which some say cost Hillary Clinton the entire election.