Skip to main content

Home Sense

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. 

Would you believe that more than one in three Americans is hacked in a given year—and that the damage can cost thousands of dollars? /blog/cyber-crimes Erie Insurance https://www.erieinsurance.com/-/media/images/erieinsurance/erieinsurancelogo.png

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York).  The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.


The insurance products and rates, if applicable, described in this blog are in effect as of February 2017 and may be changed at any time. 


Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. 


The insurance products and services described in this blog are not offered in all states.  ERIE life insurance and annuity products are not available in New York.  ERIE Medicare supplement products are not available in the District of Columbia, New York and Wisconsin.  ERIE long term care products are not available in the District of Columbia and New York. 


Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.


Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.