Cyber insurer Emergence has introduced a product aimed at families and individuals, while warning that the COVID-19 pandemic has accelerated a trend toward increasing risks as more people study and work from home.

“Our dependence on the internet, and exponential growth of web-enabled devices and social media has made us much more interconnected, which opens up vulnerability to cyber crime at an ever-increasing, alarming rate,” Emergence Founder and CEO Troy Filipcevic said.

“Furthermore, the COVID-19 pandemic has also brought about a new wave of heightened criminal activity.”

The company, which launched more than five years ago with a focus on SMEs, says it has extended its range to offer Australia’s first stand-along personal cyber product

Emergence Personal Cyber Insurance includes cover for hacking, malware, viruses, espionage, denial of service attacks, financial theft and identity theft.

It also addresses anti-social behaviour with assistance in the case of cyber bullying, staking and harassment.

“Families rely on insurance protection against other everyday risks that we face, such as fire, and nowadays everyone is susceptible to falling victim to cybercrime,” Mr Filipcevic said.

The personal cyber product is underwritten by Lloyd’s and distributed through brokers.