Cyber Crimes Still Common—and Expensive

We’ve reported before on how common—and how expensive—identity theft can be. Sadly, it appears that this is still the case.

Research from Hartford Steam Boiler shows that 37 percent of Americans’ accounts were hacked in a recent year. That’s a surprising statistic—and it wasn’t the only shocked contained in the report. Other ones included:

• Cyber crimes cost you. Victims of cyber crimes nearly always spent money to recover from an attack. The main costs were to restore data and purchase software. In 23 percent of these cases, people spent between $1,000 and $5,000 per incident.
• Young people are affected the most. Almost half of those who experienced a cyber attack (42 percent) were between 18 and 24. Another 34 percent were between 55 and 69, while 22 percent were older than 70.
• Cyber extortion is on the rise. A cyber extortion threat or demand was experienced by 11 percent of respondents. More than half (53 percent) of them refused to pay, although some paid multiple times—15 percent of them four or more times.

Experts warn that these kinds of crimes will likely only grow as a result of the many devices Americans use on a regular basis. While there are many steps you can take to prevent identity theft, no measure is 100 percent fullproof. That’s why it’s worth looking into identity recovery coverage. It will help you undo identity theft damage and reimburse you for covered losses like lost wages, administrative expenses and even some legal fees. It protects everyone in your household, including your children. An Erie Insurance agent can tell you more about this affordable coverage.