Why do I need personal cyber insurance?
We recommend that our clients have personal cyber insurance for a five reasons:
- Anyone can fall victim to cybercrime.
- Cybercrime can be costly and is on the rise in Canada.
- The coverage is affordable with good value.
- You’ll have access to specialists to help you navigate cybercrime and recovery.
- Your financial losses due to cybercrime can be mitigated.
How much does personal cyber insurance cost?
Personal cyber insurance starts as low as $5 per month or $60 per year. You can get an online cyber insurance quote from our partners at CyberBoxx here or contact our brokers to discuss the cost of other providers.
What does personal cyber insurance cover?
Exactly what’s covered will depend on your individual policy. However, here are some common things a cyber insurance policy will cover:
- Access to professionals to help you navigate and recover from cybercrime.
- Financial loss due to stolen funds, fraudulent charges, and/or lost salary.
- Ransom or extortion fees.
- Legal expenses.
- Repair or recovery of electronic devices, data and documents.
Keep in mind that every policy is different and there are limits to each area of coverage. For example, ransom fees might be limited to $25,000. It’s important to read your terms and conditions carefully and speak to a broker if you have any questions or concerns. We’re here to help you choose the best coverage for the best price!
Claims Examples for Personal Cyber Insurance
Here are a few examples of personal cyber insurance claims:
You accidentally click a bad link and ransomware is downloaded onto your computer. All of your files are encrypted and access to your computer is essentially blocked until you pay the $3000 ransom. Cyber insurance would help you navigate this situation and could cover the costs of the ransom.
You receive an invoice and pay it before realizing that it was a scam. Cyber insurance would cover the amount that was paid and help you take the right steps to correct the situation.
You collect a list of names, phone numbers, email addresses and physical addresses for an event. The data is stolen. Your cyber insurance covers the cost of properly notifying everyone on the list and related services.
Do I need personal cyber insurance coverage if I have good security on my devices?
Yes, we recommend everyone carry cyber insurance coverage. While following security and privacy best practices on all of your devices is a great start, most claims are caused by human error. We make mistakes and cybercriminals are very good at seeming legitimate. Cyber insurance is affordable coverage that can help you recover from a cyber incident.