Skip to main content

Agents Can Offer Identity Theft Insurance and Cybersecurity Services

OCT. 13, 2020

It seems as if we hear about big business data breaches every few months anymore. But the threat is not only real for corporations but for individual data too.

Cybersecurity is a critical challenge in our digital world, and many people remain wrongfully optimistic. According to our latest Agent Authority Survey1:

  • 47% of consumers are concerned about cyberattacks
  • Only 39% of agents believe that their customers are prepared to prevent these from happening.
  • About 4 in 10 consumers believe that antivirus software will protect them
  • 20% say that they are “too smart” to be the victim of an attack.

What are the most common types of cyberattacks2?

  • Malware describes malicious software including spyware, ransomware, viruses, and worms. Malware breaches a network through a vulnerability, typically when a user clicks a dangerous link or email attachment that then installs risky software.
  • Ransomware is a form of malware that attempts to encrypt (scramble) your data and then extort a ransom to release an unlock code. Most ransomware is delivered via malicious emails.3
  • Phishing is sending fraudulent communications that appear to come from a reputable source, such as a bank or online service, usually through email.
  • Hacking means gaining access to IT systems from outside an organization. Traditionally, the hacker will attempt to gain access to bank account information or credit card databases. However, intellectual property is another source of value. The use of social engineering, tricking individuals into revealing user names and passwords, remains a threat.

Help your clients by increasing their awareness

Currently 8 in 10 agents say that many of their clients are unsure of how they are exposed to cybersecurity losses, what cyber services are available as part of an ID Theft insurance policy, or that they underestimate the threat.

Here are some conversation starters to help increase awareness and educate your customers about their exposure to cybercrimes:

  • Asking a customer if they (or someone they know) has ever been the victim of ID theft, fraud or a scam? How did it impact them and/or how did they resolve it?
  • Would they know what to do it they were a victim of ID theft, fraud or s scam? Often times we find that consumers either do nothing or very little at the first signs of fraud (see recent blog and infographic) and it can end up resulting in a very complex mess for them to later resolve.
  • Point out how many of the other things that consumers often insure/protect which can be replaced, but your identity is really worth protecting as well
  • Tips for Taking Care of Your Digital Self

Nationwide offers cyber protection services

Nationwide’s Identity Theft Protection Program has partnered with our vendor, GGA, to release new personal cyber services and features. These new features include:

1. Online Data Protection

  • Anti-Ransomware – Monitors all attempts at encryption activity and protects your emails, photographs, spreadsheets, and other files from being encrypted and held for ransom.
  • DataScrambler® – Protects you from spyware that attempts to steal confidential information, log your keystrokes, and access your computer’s built-in webcam
  • PhishBlock® – Detects malicious websites designed to steal your information by using proactive and customized anti-phishing technology

2. Personal Cyber Protection Advice & Guidance

Our dedicated team of cyber risks specialists are available to assist with any concerns or questions about keeping yourself safe online.

  • Phone support to answer questions on best practices, review attempts of device compromises such as spam emails, and suggestions on prevention
  • Educational articles on security topics such as home network, email online browsing, unsecured Wi-Fi hotspot usage and backup & restore.

3. Data recovery

  • Updating and upgrading of operating system (OS) patches related to security vulnerabilities in PC and mobile devices
  • Assistance in device restoration to a working state, including OS reinstallations or device reset
  • Assistance with setup or regular backup to a preferred solution to ensure optimal availability in the event of loss

4. Device cleanup

  • Updating and upgrading of OS patches related security vulnerabilities
  • Scanning and removal of infections such as virus, malware, adware, etc. where possible
  • Device tune-up to improve performance and operability

5. Home internet security restoration

If a client is a victim of a cyberattack, our dedicated team of specialist will work to restore their home’s internet connection and internet-connected devices and re-secure home infrastructure including:

  • Identification and troubleshooting internet service to confirm issue and repair any connectivity operating system (OS) or configuration issues on devices
  • Advice on resolution steps if the issues are outside of the home environment
  • Optimization of Wi-Fi for connected devices in the home environment
  • Troubleshooting research and repair of your router or connected devices, ensuring that your router is updated to the latest OS and firmware
  • Providing information and answering questions on best practices to secure your home network.

Nationwide’s Identity Theft Protection Program

Nationwide’s Identity Theft protections is there to back them up if a client becomes a victim to Identify theft. Nationwide will reimburse up to $25,0004 for covered out-of-pocket expenses and provide access to a team of Resolution and Cyber Risk Specialist5 to help:

  • Obtain the list of your creditors and contact them with separate itemized fraudulent account statements for each fraudulent occurrence
  • Report fraudulent activity to local authorities and forward a report to your creditors.
  • Stop damage to your credit within minutes of your authorization by directly contacting major credit bureaus to place fraud alerts.
  • Report the identity theft to the Federal Trade Commission
  • Assist you in replacing documents include driver’s license, passport, social security including driver’s license, passport, social security card or other identification
  • Provide foreign language translation whenever necessary (e.g. If you are overseas and need help communication with local police to file a report).
  • Provide an emergency cash advance if identity theft occurs while away from home (restrictions and limits apply).
  • Help you untangle the consequences of medical ID theft.
  • Review credit and non-credit related records with you to determine the extent of damage that has been incurred.
  • Provide you with ongoing monitoring and alerts of fraudulent activity associated with your name, address, social security number and date of birth.

Cyberattacks can result in a significant loss of time and money—not to mention lasting emotional effects. Your clients need to be aware that this can happen to them and could have major impacts. Nationwide’s Cybersecurity and Identity Theft Protection services can help offer them peace of mind, as well as valuable services to help both prevent cyber and identity theft crimes and recover their data and identity.

Sources