Category Archives: identity theft protection

New insurance covers cyber risks for the wealthy

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Some of the wealthiest Americans can now expand their home insurance packages to include expert advice and technology for reducing their exposure to cyberattacks, as well as a variety of complimentary or reimbursable services if they do get hacked. AIG said it this week would be offering a “Family CyberEdge” product to existing customers of their Private Client Group, as an add-on to the home insurance packages it already offers. The Private Client Group caters to families with a net worth of more than $1 million and includes 40 percent of the individuals on the Forbes 400 list of the richest Americans. Its products are advertised as being suitable for “the most beautiful homes” and include packages for wine and art collections, as well as special services for people who own properties in multiple countries. The Family CyberEdge package includes a wide range of “risk mitigation services,” including an audit of personal mobile devices, home networks, wireless access points and social media, […]

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After 2015 breach, OPM overpaid for identify theft protections, report finds

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The Office of Personnel Management appears to be overpaying for an identity theft insurance program it rolled out to protect more than 20 million current and former U.S. government employees whose personal information was exposed in the agency’s massive 2015 data breach, a government watchdog said. A newly released report by the Government Accountability Office notes that OPM is providing coverage at a level that is “likely unnecessary” because “claims paid rarely exceed a few thousand dollars.” Exasperating costs further is also the fact that the government know how many affected individuals might have signed up for two different government identify theft monitoring programs that essentially offer the same thing. Shortly after the breach was first publicly acknowledged, OPM contracted two firms, Winvale Group and ID Experts, to protect government employees that had their personal information exposed in the personnel records breach and separate breach of background investigation data. “OPM has estimated […]

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