Sunday, July 21, 2024

Demand for personal cyber insurance is growing

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Millions of Canadians are victims of cybercrime every year As a result some are adding something new to their arsenal That is personal cyber insurance

Canadians have heard the same advice for years about protecting against cyber attacks, spotting theft and other digital crimes. That means changing your password, using two-factor authentication, and considering virtual private networks to keep your location private.

Yet millions of Canadians fall victim to cybercrime every year. As a result, some are adding something new to their arsenal. That is personal cyber insurance.

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These coverages range from authorized use of bank accounts or credit cards to counseling and social media monitoring for cyber threats, depending on the provider and plan. Some plans help with data restore and access to computer or digital home systems. The rest offer professional help if someone is being harassed online.

Insurance coverage for such incidents is still relatively new. However, with the increase in cyber crime, the interest in such insurance is also increasing. That’s what experts in insurance and online crime say.

According to Statistics Canada data, in 2022, there were 74 thousand 73 incidents of cyber crime recorded in the police register in the country. In 2021 the number was 71 thousand 727 and in 2018 it was 33 thousand 893.

“You can be the most vigilant person when it comes to online security, you can do anything with cyber security,” said Caroline Borris, product development manager for personal risk services at insurer Chab. But the point is that no matter how careful you are and no fault of your own, you can be a victim of a cyber attack.

A survey of 1,605 Canadians and Americans in 2022 found that 39 percent, or two out of five, bought a personal cyber insurance policy.

Chhab has been providing such insurance facilities since 2017. Canadians can purchase insurance policies from the company, which will indemnify them against stolen digital assets or money lost as a result of cyber-attacks. Chhab also provides coverage for the cost of hiring public relations, legal and digital forensics firms to recover from a cyber attack. Customers can get between 25 thousand to 5 lakh dollars under this. For that they have to pay 127 dollars every year. Then it will continue to grow.

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