As cybercrime continues to grow, becoming more lucrative and widespread each year, how can you, as a Canadian consumer, protect yourself and your digital assets? Consider adding identity theft coverage and cyber protection to your home insurance.
 
According to the Canadian Anti-Fraud Centre (CAFC), Canadians lost $531 million in 2022¹. Fast forward to June 30, 2023, and the CAFC reveals that there were 32,458 reports of fraud and 21,299 victims of fraud, totalling $283.5 million in losses¹.
 
While basic identity theft coverage and cyber protection are generally available as part of home insurance policies, homeowners may not be aware of all their options.
 
What is identity theft?
Identity theft is just what it sounds like; it involves stealing or misusing someone else's personal information, such as their name, address, birthdate, account information, and social insurance number (SIN) for criminal purposes².
 
How can I protect myself from identity theft?
Aside from our tips to secure your smart home devices, shop safely online, and fight fraud a few easy ways to protect your personal information from fraudsters include:

• Keep your usernames, passwords, access codes, and PINs secret. Don't write any of them down.

• Carry only the ID you need.

• Immediately report lost or stolen credit or debit cards.

• Be careful who you share images and videos with.

 
Despite our best efforts to prevent it, sometimes identity theft happens. Although coverage varies, some insurance carriers offer the option to add additional coverage for theft or illegal access to your credit or identity, as well as the costs associated with restoring your identity such as correspondence, notarizing documents, lost income, and legal fees to name a few.
 
What is cybercrime?
Canadian law enforcement agencies define cybercrime in two categories³. The first category is where a computer is the tool of the crime³. These crimes include harassment, fraud, intellectual property violations, and selling illegal substances and goods³. The second category is where a computer is the object of the crime³. These newer crimes include hacking, defacing websites, and creating and distributing malicious computer viruses³.
 
How can I protect myself from cybercrime?
Protecting yourself from all types of cybercrime requires taking the necessary preventative measures. Both the Government of Canada and the Royal Canadian Mounted Police provide resources that anyone can access.
 
Some insurance carriers offer coverage that expands on their identity theft endorsement to cover online fraud, computer attacks, identity recovery, data breaches, cyberbullying, and cyber extortion. Others offer coverage for expenses related to a cyber-attack or cyber extortion. Additionally, a few insurance carriers provide response teams to support you through a cyber loss.
 
If you're a victim of a cybercrime, report it to the CAFC, your local police, and both credit bureaus, Equifax and TransUnion. If you suspect your personal information has been compromised and your tax information is at risk, contact the Canada Revenue Agency (CRA). In the meantime, stay calm and gather all information about the incident, including documents, receipts, and copies of emails/text messages.
 
If you're a current OTIP policyholder, contact us at 1-833-615-9329 to review your existing home insurance policy and discuss additional identity theft coverage and cyber protection. If you’re not insured with OTIP and are shopping for home insurance, call us at 1-833-494-0085 to get a quote and receive a $20 gift card of your choice!
 

1. Canadian Anti-Fraud Centre

2. Canada Revenue Agency – Protect Yourself Against Identity Theft

3. Statistics Canada – Cyber-Crime: Issues, Data Sources, and Feasibility of Collecting Police-Reported Statistics