Ontario Personal Cyber Insurance
Your private data is just as important as your home, vehicle, and personal belongings. Therefore, why would you leave it unprotected? Many homeowners are unaware of cyber risks until it is too late. Your personal information is just as important as your personal assets, for that reason, you need the right protection from the exposures that arise in modern connected life.
What Is Personal Cyber Insurance?
Personal cyber insurance financially protects you from the aftermath of a cyber attack or data breach. The coverage of this type of insurance policy will help you restore your systems to their previous state and recover any lost data. Personal cyber insurance also covers your liability in the event that other people’s information is stolen from you.
Below are two possible examples of how personal cyber insurance can help you.
Cyber Attack scenario #1:
Here is a loss scenario provided by one of our insurers:
An individual opened an electronic file attached to an email that looked like it was from a well-known delivery service. It unleashed a nasty virus, which corrupted data and reconfigured the existing computer setup. Restoration involved reformatting the hard disk, erasing everything on it and reinstalling the operating system and all software applications.
Coverage can be purchased to recover data and restore systems that have been lost or damaged due to an attack involving a computing or connected home device.
Cyber Attack scenario #2:
Here is another loss scenario provided by one of our insurers:
A mother regularly volunteers at her children’s school, helping teachers track students birthdays and their lunch account numbers. She uses a spreadsheet on her personal tablet. During a field trip, she leaves the tablet on the bus and it is never recovered. Fearing that families at the school might become victims of identity theft, the woman calls her lawyer who advised her to notify the affected families and provide them with fraud alert services.
Who Needs Personal Cyber Insurance?
If you store sensitive information on yourself or others in electronic form for any reason you should strongly consider getting personal cyber insurance. This is especially true if you want to be protected from any breaches in data that pertain to someone else’s sensitive information. Such a release of information could lead to a law suit and thousands in legal fees. Ensure that you are not left paying for someone else’s crime.
Cyber Attacks can happen in multiple ways such as opening an attachment in an unknown email, downloading online software, or clicking on an add. Exposure to malware viruses can be costly and time-consuming. It is essential to have protection against loss of account funds or unauthorized access to personal data, and have coverage for recovering and restoring devices. Additionally, Personal Cyber Insurance provides you with assistance and protection for dealing with cyberbullying, including attacks preventing you from accessing your home, disrupting small business operation, or threats to release personal information.
The online world can be tricky with scammers using various tactics for trying to gain access to your personal information. Personal Cyber Insurance protects you against the times you weren’t able to tell fact from fiction. It provides coverage against losses due to identity theft, illegal bank and credit card transfers, phishing schemes, and other deceptions. Additionally, you will receive assistance for resolving these issues.
You might think that hackers only target large corporations or businesses. However, it is not uncommon for ransomware attacks to happen to anyone regardless if using a home computer or servers found in businesses and federal agencies. Ransomware provides a threat for damaging, disabling, or denying you access to files on your devices and systems. With Personal Cyber Insurance, you will have professional assistance and coverage for dealing with ransomware attacks.
Storing addresses, phone numbers, and other sensitive information on a device is convenient. However, even basic information can be dangerous if the data gets into the wrong hands. Personal Cyber Insurance will provide coverage in the event of loss, theft, or even accidental release of data stored on your systems. This also includes data breaches such as forensic IT and legal reviews.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
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