With much focus placed on commercial cyber insurance, not enough attention has been directed to personal customers and making sure they’re protected — and know what to do — when a cyber event hits them. And insurers are the key to moving this forward.
Businesses have been wrestling with cyber risk management and how to protect consumers’ personal and confidential information for decades. The responsibility to protect against cyberattacks has largely been put on big business, which have had to get aggressive about their cybersecurity posture due to the extreme financial risk many companies face in the wake of a breach.
Some would argue this focus on business breaches has unintentionally lured consumers into a false sense of security that a breach of personal information or financial fraud resulting from a cyberattack will always be covered by someone else — like a business or their financial institution.
But in 2020, cyberattacks on consumers have been relentless and criminals are widening their targets and tactics to inflict damage like we haven’t seen before. Canadians need to get proactive about managing their own cyber risk hazard level, and they need…
