With the holiday shopping season underway, 73% of shoppers say they are concerned about the security of their personal and financial data, according to a survey by Iris Powered by Generali, an identity theft protection service. Further, 83% of survey respondents said past data breaches play a role when deciding to shop with a retailer, while 58% said they were likely to do business with a company that offered ID protection services. Another option would be adding an identity theft endorsement or rider to a home or renter's insurance policy, according to Acrisure Partner. While they might seem similar, an ID theft endorsement and personal cyber insurance are each designed to cover different exposures, according to American Family Insurance. Personal cyber provides coverage when a policyholder is the victim of cyber extortion, online fraud, or a computer, home system or data breach, Riederer said. ID theft endorsements help policyholders recover by providing money for expenses associated with re-establishing damaged credit, such as fees for legal services and loan reapplications, lost wages and notary expenses. Further, an ID theft endorsement does not cover fraudulent charges made in the victim's name, including credit card purchases or loans. The Insurance Information Institute reports that most credit card companies will only hold victims of identity theft liable for a stated amount of fraudulent charges once the incident is reported. Further, home and renters policies might provide a limited amount of coverage for the loss of cash or credit cards. In addition to helping cover expenses, ID theft endorsements can include third-party identity fraud resolution services, according to American Family. To further stay protected this Cyber Monday, NortonLifeLock Inc. recommends consumers take the seven steps highlighted in the above slideshow. Related: |

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