The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of reinsurer Munich Re, has announced the launch of a new personal lines cyber insurance product for consumers in Canada, called Home Cyber Protection.
The product will offer a suit of coverages and services for cyber attacks, cyber extortion, online fraud and the breach of personal information involving smart phones, computers and connected home devices.
The services will include the removal of malware on a computing or connected home device, the recovery of data and system restoration, and professional assistance on how best to respond to ransomware attacks, and payment of ransom when approved.
Additionally, it will provide coverage for losses due to identity theft, unauthorised bank transfers, forgery, and intentional deception, as well as forensic IT and legal reviews, notification, fraud alert and identity recovery services when private data is lost, stolen or published.
BI&I’s Home Cyber Protection can be added to the homeowners or tenants policies of insurance companies that partner with BI&I, and will cover individuals and family members insured by those policies.
“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 Derrick Hughes, Vice President for BI&I. “Consumers can now access cyber coverages previously available only to businesses.”