In today's digitally connected world, we have more and more of our sensitive, personal information stored electronically and online. With all the ways technology has enhanced our lives, it's also opened the doors for identity theft, hacking, stalking, harassment and other cyber crimes. There are countless ways criminals can gain access to your information, through even the most basic of online activities like checking your email or downloading an app.
Both large and small-scale data breaches have become extremely common. You’ve probably heard of all the high profile cases where data was stolen from large, multinational enterprises, affecting millions of people. While you generally only hear about these large-scale cyber attacks, small and mid-sized companies are being targeted more frequently, due to a lack of resources available for cybersecurity. No matter how careful you are, you can't control how organizations and third parties handle your data. We're more vulnerable than ever before to cyber threats.
One way you can protect yourself and your family is through personal cyber insurance.
Personal cyber insurance has been designed to help you recover financially and emotionally following a cyber attack, and give you the tools to reduce your chances of being a victim in the future. Personal cyber insurance can include coverage for:
- Extortion or ransom payments for threats of releasing your personal information, restricting access to files, and destruction of your personal computer network
- Funds stolen from your bank accounts and fraudulent charges to your credit cards
- Costs to replace or restore your affected or lost data and devices
- Professional assistance in resolving identity theft
- Expenses incurred due to online harassment and cyberbullying such as counseling, temporary relocation and lost wages
- Professional services to restore your reputation after libel, slander or defamation of character
- Access to security and fraud specialists to identify vulnerabilities and advise you on ways to better protect you and your family
This type of insurance is still relatively new to Canada and is currently offered by certain carriers as a supplement to existing homeowners policies. For more information on personal cyber insurance or to get a quote, please contact a CapriCMW Insurance Advisor.