May 25, 2022

Protecting Yourself From Losses Caused by Cybercrime and Fraud

Written by:
Bob Phillips
Reviewed by:


That’s the price of a malware installation kit on the dark web marketplace. For as little as a dollar, someone can get the tools to install a malware application on your PC. Imagine what real hackers have at their disposal if an everyday person can do this for such a low price.

According to the Insurance Information Institute, 47 percent of Americans experienced financial identity theft in 2020, and U.S. citizens lost more than $3.3 billion to fraud, an increase from $1.5 billion in 2019. Losses are jumping as more malware is being loaded into mobile apps as the number of smartphone and tablet users grows.

High net worth individuals are at greater risk of being targeted. With companies improving their cyber protection, cybercriminals are looking for easier and more visible targets. High net worth individuals are more likely to have details of their personal lives published online, and they tend to be older and less tech-savvy than younger generations. 

Cyber and Fraud Insurance Protection

Kelly Klee is committed to protecting our affluent clientele against losses caused by cybercrime and fraud. We partner with PURE Insurance and offer PURE Starling, an optional endorsement to high-value home insurance.

These are a few of the highlights of PURE Starling:

Customizable coverage limits: starting at $100,000 up to $2,000,000.

Online and offline fraud coverage: types of fraud covered include social engineering, unauthorized wire transfer or payment, forgery or alteration of checks, acceptance of counterfeit money, identity fraud, and theft of cryptocurrency.

Cyber extortion coverage: if a cybercriminal holds your data, website, computer system, sensitive information, or device hostage until you meet their demands, PURE’s coverage provides immediate access to specialists who will help you respond to the threat. The policy reimburses you up to your policy limits if payment is made.

Data recovery and system restoration coverage: covers professional reinstallation of damaged software, removal of malicious code, device or system reconfiguration, and replacement of electronic data that has been lost or damaged.

Breach notification costs coverage: reimbursement for the cost of legal advice to determine how to deal with the breach, hiring a company to investigate the cause of and length of the breach, and notifying individuals who may have been impacted.

Privacy and security claims coverage: if a cybercrime against you gives cybercriminals the personal information of others, and they, in turn, sue you, you may be reimbursed for defense costs up to the policy limits.

Claims are reported to one of PURE’s licensed in-house professionals and resolved by cyber security specialists who deliver the high-level service for which Kelly Klee and PURE are known, from a quick and professional response to a timely and fair settlement.

Your homeowner’s and umbrella coverages don’t protect you against losses from cybercrime and fraud. PURE Starling fills that gap for a very affordable premium.

Call Kelly Klee today at (844) 885-1600 to learn more about PURE Starling. Our specialized coverage advisors will provide you with complete details on this important coverage and customize a policy to meet your unique needs.  


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