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A Straightforward Guide to Personal Cyber Insurance

Our increasingly digital world continues to create more opportunities for cyber criminals. In fact, the total number of police reported cybercrimes increased from 27,829 in 2017, to a staggering 74,073 incidents in 2022, according to Statistics Canada.

Unfortunately, a cyberattack can happen to anyone and have lasting financial impacts. That’s why it’s important to know how personal cyber insurance can help protect you and your household.

What is personal cyber insurance?

Personal cyber insurance is a fairly new insurance coverage being offered in response to the increase in cyberattacks and incidents in recent years.

Personal cyber insurance helps you to recover quickly and minimize financial losses from a cyber incident that could potentially cost thousands of dollars.

Many insurance companies offer this coverage as an add-on to your home or tenant insurance policy. It can also be purchased as a standalone policy from a specialty cyber insurer.

Who needs personal cyber insurance?

Anyone who owns a device that connects to the internet should consider purchasing personal cyber insurance.

This includes mobile phones, gaming consoles, smart televisions, home systems and fridges, to name a few.

Cyberattacks on our personal devices happen a lot more frequently than we may think. According to a 2023 Ipsos poll, only about 27% of fraud victims report telling family members about the incident, and only 22% told their friends.

For a relatively low cost, you can have peace of mind that you’re protected if you experience a cyber incident.

What does personal cyber insurance cover?

Personal cyber insurance typically offers:

Cyberattack coverage

In the event of unauthorized access or use of your computer or other home devices, this coverage may help with the cost to restore systems or data.

Cyber extortion coverage

This coverage helps with extortion expenses incurred and monies paid as a result of a credible cyber threat.

Cyber fraud coverage

In the event of unauthorized use of your credit card and accounts or identity theft, this coverage helps cover financial losses.

Cyberbullying coverage

Assists with counselling costs, professional cybersecurity costs, and legal expenses for the removal of online content and monitoring software to prevent further occurrences.

Data breach coverage

This coverage helps with the loss, theft, accidental release or accidental publication of personal identifiable information for one of more affected individuals.

Our team can help you find the right coverage for your needs. Contact us today.

How can I reduce my risk of a cyberattack?

There are some steps you can take to stay cyber safe and reduce your risk of a cyberattack, including:

  • Updating your software and devices regularly.
  • Using strong passwords that are unique to each platform.
  • Checking the send address of any emails or messages before replying or opening any links or attachments. Be wary of unsolicited emails, unknown senders, links and files.
  • Using multifactor authentication.
  • Refraining from using public Wi-Fi networks.
  • Avoiding sharing personal information on social media or while using artificial intelligence chatbots.
  • Ensuring you have protections in place for children using devices, such as utilizing parental controls to block inappropriate content.
  • Educating children about the potential dangers they could encounter online.

Contact our team to discuss personal cyber insurance and the coverage you need.