As our digital world expands, so do cyber threats. That’s why BCAA Home Insurance is introducing Cyber Coverage, a new optional coverage, that is designed to protect you and your finances from common cybercrimes.

Online cybercrime is a growing threat

Today virtually all Canadians face cyber threats. From phishing, to fraud, and identity theft—with many suffering real financial loss. According to Stats Canada, 70% of Canadians aged 15 and older experienced a cybersecurity incident in 2022. In some cases, the financial impact can be significant, with police‑reported fraud cases on the increase every year and over $230 million in losses for Canadians according to The Canadian Anti-Fraud Centre (CAFC) in 2021. Not to mention the threat of data breaches with over 27,000 breaches in Canada, equivalent to 75 per day according to a 2024 study by IBM.

These incidents are a stressful reminder that if you’re online (like most of us are), you could be a target of cybercrime. On the bright side, there are ways to protect yourself and help is available if something goes wrong.

Four common cybercrimes to watch for

Here are some of the most common cyber threats that BCAA’s Cyber Coverage can offer protection against:

Identity theft

This happens when a bad actor illegally gathers your personal information (e.g., name, birth date, address, social insurance number) and uses your identity to commit fraud, like opening credit cards in your name or hiding behind your name in a legal matter, resulting in a fake criminal record.

Phishing

A phishing attack uses fake emails, text messages, or social media – often posing as a reputable company – to trick you into handing over your sensitive information, like passwords or credit card numbers, or downloading malicious files. This is a common scam, and often leads to identity theft cases, data loss and malware infections.

Some of our own BCAA customers were targeted by a phishing attack in 2024. To help protect our customers, we published these tips on How to protect yourself from phishing scams.

Hacking

This happens when a hacker finds a vulnerability in a computer or software system to gain unauthorized access to a computer or computer network. They then use this authority to grab your data, corrupt or damage systems, disrupt data-related activity or just decide to lock you out. Common devices vulnerable to hacking include smart devices, webcams, routers and jailbroken phones.

Malware

Short for malicious software, malware includes viruses, ransomware, and spyware, all designed to mess with your computer, shut down your laptop, or brazenly steal your data.

How to reduce your risk

Although there are products available to protect you from cybercrimes, prevention is still really crucial. Here are a few simple things you can do to reduce the likelihood of getting sideswiped by a cyberattack:

• Set up two-factor authentication on your online accounts: Two-factor authentication (a.k.a. Multi-factor authentication) reduces your risk of being hacked by more than 90%, according to Microsoft and Google. It’s one of the easiest and most effective ways to protect your digital life—especially when paired with strong passwords and regular security checkups.
• Always be updating: Install software updates the moment they’re available to you
• Make your password unique: Use long and unique passwords with letters, numbers, capitalization and symbols for each login and change them often
• Set up a firewall on your network: Make sure your Wi-Fi router has a firewall and encrypts your Wi-Fi
• Parallel networks: Create separate Wi-Fi networks for your phones/computers and your smart home devices (like smart thermostats, lights, video doorbells, cameras, fridges, and smart home security systems). This helps limit cyberattack access if one network gets compromised.

Here’s what you get with our Cyber Coverage

For just $60/year (that’s only about 16 cents a day), you’ll get 24/7 phone support and protection if you suspect or have been the target of a cybercrime.

24/7 Assistance with Specialists

Get access to 24/7 phone support with specialists to help you navigate the complexities of cybercrimes. Whether you suspect or are certain you're a victim, they'll guide you through proactive steps you can take to protect yourself to try and prevent your exposure turning into a bigger event.

These calls aim to reduce your exposure to a cybercrime, but in the event of a claim, you'll have $25,000 of annual protection for things like:

Identity theft

If your identity gets stolen, you’ll be reimbursed for debts and expenses like legal fees while you recover and rebuild your identity.

Online fraud

Get protection against financial losses caused by phishing scams, illegal bank transfers, hacking, and data breaches.

Home system compromise

If your smart TV or device gets hacked, we’ll help you with repairs or replacements to the device and support with data recovery and restoration.

Online shopping fraud

When you’re buying or selling online, we’ll protect you from scams and fraudsters in digital marketplaces.

Extortion

If you’re threatened online and ordered to pay money to stop a harmful act, get coverage for certain extortion-related expenses.

Cyberbullying

We offer coverage for counselling, temporary relocation, wages and professional security, related to cyberbullying events.

Get peace of mind by adding Cyber Coverage today

Want an added layer of online protection with Cyber Coverage? Add it to your home insurance policy when you quote with BCAA Home Insurance. Bonus: If you’re a BCAA Member, you’ll save up to 20%, plus an additional 5% when you buy online.

Already a BCAA Home Insurance customer? Cyber Coverage will be available to add at your upcoming renewal. We’ll send you a reminder to speak to one of our trusted advisors about adding Cyber Coverage when you receive your renewal package.

Let’s all stay safe out there!