Personal Cyber Insurance Nascent but Growing in Demand as Digital Crimes Increase

Published on February 20, 2024

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....