Nationwide expands its identity theft insurance policies in an attempt to combat the threat of cybercrime

Cyber Liability InsuranceAs insurers are growing more concerned with the threats posed by cybercrime, they are looking for ways to mitigate any damage that may be caused. Nationwide Insurance has announced that it will be expanding its identity theft insurance policies that offer protections for personal information kept on home computers. The insurer is now offering free access to security software for those with appropriate insurance policies. Nationwide hopes that this will provide another layer of protection for consumers and cut down on instances of cybercrime.

According to the Bureau of Justice Statistics, an auxiliary agency of the U.S. Department of Justice, U.S. citizens saw more than $13 billion in financial losses due to cybercrime in 2010. Some of these financial losses came from breaches in security from companies that keep financial records of their dealings with consumers. The majority of the damage was done directly to consumers, however, as they did not have adequate security programs to protect themselves.

Nationwide’s new policies include programs provided by Europ Assistance USA, a travel securities company. These programs aim to provide protection against key logging, spyware, and phishing attacks that could leave consumer’s information vulnerable. Nationwide’s new line of insurance products will also account for up to $25,000 in recovery and reimbursement for those that are the targets of hacking and various types of digital theft.

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