Smart home technology is developing rapidly with security being a great motivator for its advancement. Almost 50% of people are considering purchasing a smart-home device within the next year, with two thirds claiming that security is the main reason.
There is already a large variety of home security technology on the market. For example, there are smart locks which allow users to unlock and lock doors remotely using their smart phone, and cameras like the Y-cam Cube, which can stream live, high quality footage day and night to your computer or smartphone wherever you are in the world.
What are the benefits?
This new technology offers protection that traditional security devices simply cannot match. As well as this, such devices present the possibility of people’s behaviours and attitudes towards security changing.
An innovative new security device called Cocoon uses technology which listens for vibrations in the air caused by movement. When the device detects something unusual, it sends a notification to the owner’s smartphone along with video footage. This allows the user to decide what to do – phone the police, ignore it or sound the alarm.
What are the risks?
There are fears over the potential issues of privacy, as well as of hacking and cyber-attacks.
There have already been some cases where hackers have managed to take over the controls of some smart home devices, such as webcams. With over 70% of IoT (Internet of Things) devices being considered to have cyber security vulnerabilities, it is important to make sure you purchase devices with high cyber security standards.
What does this mean for the future?
Devices that can help reduce the likelihood of a break-in and/or damage or loss of possessions has obvious benefits in keeping you and your possessions safe.
In addition to this though, some insurers are already offering discounts on insurance to policyholders who have certain smart security devices in place. With the reduced risk of such claims having to be made, insurers will look more favourably on the risk they are being presented with.
If you would like advice on the effect security devices can have on your insurance, talk to the experts at McClarrons by calling 01653 697055 or emailing enquiries@networkportfolio.co.uk/mcclarroninsurance.com.
Statistics obtained from Zurich.
