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The Boiler Inspection and Insurance Company of Canada (BI&I) is now offering a new home cyber insurance plan for consumers.
The plan, “Home Cyber Protection,” is the first personal lines cyber insurance product launched by the Munich Re subsidiary for Canadian consumers. It offers coverage and services for cyber extortion, cyberattacks, online fraud and the breach of personal information via smartphones, computers and connected home devices.
“The increasing growth of connected devices and smart home equipment is making homeowners more connected than ever, but also creating opportunities for cyber attackers to steal information, extort money, commit fraud, and damage data and systems,” said BI&I vice-president Derrick Hughes.
“Consumers can now access cyber coverages previously available only to businesses,” Hughes added.
BI&I’s cyber plan for consumers covers risks such as the removal of malware on a computing or connected home device, data recovery and system restoration. Losses due to unauthorised bank transfers, identity theft, forgery, counterfeit currency, as well as intentional and criminal deception will also be covered by the plan.
In addition to coverage, BI&I also provides professional assistance to customers on how they can respond to ransomware attacks, as well as payment of ransom once approved.
A release said that home cyber protection can be added to the homeowners’ or tenants’ policies of insurers partnered with BI&I.
