Rich people can now buy insurance to protect against what Warren Buffett calls the 'number one problem with mankind'
- Warren Buffett thinks cyber attacks are "the number one problem with mankind."
- Silicon Valley-based startup Rubica offers 24/7 cybersecurity monitoring to high-profile people in business, media, sports, and politics.
- Rubica is now promising its customers up to $1 million in insurance coverage if they get hacked.
After the massive Equifax data breach that exposed the personal data of nearly half the US population, one company has created a product to quell the fears of a community most vulnerable to the threat of a cyber hack: rich people.
Rubica, a startup based out of Silicon Valley, has begun promising customers of its 24/7 cyber security monitoring up to $1 million in insurance coverage to protect assets and personal data if they're hacked. It is one of the first products of its kind offered to individuals rather than companies.
Unlike identify theft, which exposes basic personal data enabling access to accounts or a new line of credit, a cyber hack on an individual could cause them to lose control of their digital life almost entirely, according to Rubica founder and CEO Roderick Jones.
Berkshire Hathaway CEO and multi-billionaire Warren Buffett calls cyber attacks "the number one problem with mankind," even more so than nuclear weapons.
Rubica says their product best serves high-profile figures like c-suite executives or board members of a well-known company, or figures in politics, sports, or media, who "have greater-than-average financial assets and are a prime target for financial cyber crime, or are involved in frequent online transactions, like active investing."
Elite coastal communities including Silicon Valley, Hollywood, New York City, and Washington, DC, are home to most of Rubica's wealthy customer base, reports the Financial Times.
Rubica works like Big Brother: Users download the app on their phone, tablet, or computer and it runs in the background, monitoring everything for threats. There's also a 'cyber security concierge' service customers can contact if they're worried about a particularly strange-looking email or are wondering whether they should use Dropbox or other file-sharing apps.