Personal cyber insurance nascent but growing in demand as digital crimes increase
BNN Bloomberg
When it comes to protecting against cyberattacks, identity theft and other digital crimes, Canadians have been hearing the same advice for years: vary your passwords, use two-factor authentication and consider a virtual private network to mask your location.
Yet tens of thousands of Canadians fall prey to cybercrime every year, so some are adding a new tool to their arsenal: personal cyber insurance.
Depending on the provider and plan, such coverage may include everything from the unauthorized use of bank accounts or credit cards to counselling and social media monitoring in the event one is cyber bullied. Some plans help with restoring data and access to computers or digital home systems. Others give customers professional help if someone is trying to extort them online.
While insurance covering these kinds of incidents is still relatively new, interest in it is growing in tandem with the number of cybercrimes, insurance and online crime experts say.
