Laurie Bauer , CAIB | Business Development Manager , Orbit Insurance Services

As cybercrime continues to grow , 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 .

The Canadian Anti-Fraud Centre ( CAFC ) reported that Canadians lost $ 531 million in 2022 through fraud and cybercrime . As for 2023 , by June 30 , 2023 , the CAFC had received 32,458 reports of fraud and 21,299 victims of fraud , totalling $ 283.5 million in losses .

What Is Identity Theft ? According to the Canada Revenue Agency , identity theft involves stealing or misusing someone else ’ s personal information such as their name , address , birthdate , account information , and social insurance number ( SIN ) for criminal purposes .

How Can I Protect Myself from Identity Theft ?

● Keep your usernames , passwords , access codes , and PINs secret . If you choose to write your passwords down , use a password-protected spreadsheet or a notebook stored in a secure location .

● Carry only the identification you need .

● Immediately report lost or stolen credit or debit cards .

● Be careful who you share images and videos with .

What Is Cybercrime ? According to Statistics Canada , Canadian law enforcement agencies define cybercrime in two categories . The first category is where a computer is the tool of the crime . These crimes include harassment , fraud , intellectual property violations , and selling illegal substances and goods . The second category is where a computer is the object of the

crime . These crimes include hacking , defacing websites , and creating and distributing malicious computer viruses .

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 .

Canadian Anti-Fraud Centre antifraudcentre-centreantifraude . ca

Canadian Revenue Agency bit . ly / CRA _ identity _ fraud

Statistics Canada bit . ly / statscan _ cybercrime

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 .

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 .

Call your insurance broker to discuss your security coverage . news & views SPRING 2024 | 53