As the usage of connected home devices continues to rise, so does the risk of home cyber attacks. Laptops, smartphones, Smart TVs, smart locks, connected appliances and other equipment can be infiltrated.

What’s mostly concerning, hackers are always finding creative ways to break into smart devices and new technologies, and a typical homeowner insurance policy does not cover these types of losses.

Good news is, Home Cyber Protection can be added to a homeowner insurance policy, and covers homeowners in an event of a cyber attack, cyber extortion, online fraud or a data breach, and costs as low as a few cents a day.

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Download the infographic:
Costs associated with home cyber attacks and how insurance can help

Below are 4 examples of what can go wrong:

1. System failure: hackers can access connected home devices

Smart home thermostat
Hackers can gain access to a home’s connected devices and network, comprising the security system, laptops and smart thermostat.

2. Cyber extortion: a homeowner can be a target for extortion

ransomware cyber attack
Homeowners can receive a ransom note on their computer screens alerting them that their files had been locked, and can only be decrypted if a payment is made. The amount can increase if the homeowner does not cooperate, and ultimately all the files can be destroyed.

3. Virus detected: hackers can attack a home’s computer

Teenage boy on computer
Homeowners can click on a malicious link, unleashing a virus, corrupting data and reconfiguring programs, costing thousands in repairs.

4. Online fraud: a homeowner could be targeted for online fraud

upset woman looking at computer screen
Homeowners can receive fraudulent emails alerting them that a family member is in some form of trouble and in need of financial help to hire legal representation. In some cases, homeowners, shocked and frightened for the family member, transfer payments to these unknown sources, only to find out that they had been defrauded.

More than ever, cyber attacks are becoming the inevitable, and Home Cyber Protection can save homeowners and tenants thousands in paid losses.

To learn more about cyber coverage for homeowners and tenants, contact the MyHomeWorks team.

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How to prevent teen cyber extortion

How to be safer when using public Wi-Fi


© The Boiler Inspection and Insurance Company of Canada. All rights reserved.

This article is for informational purposes only. All recommendations are general guidelines and are not intended to be exhaustive or complete, nor are they designed to replace information or instructions from the manufacturer of your equipment or software. Contact your equipment service representative or manufacturer with specific questions. Under no circumstances shall BI&I or any party involved in creating or delivering this article be liable for any loss or damage that results from the use of the information or images contained in or linked to in this article.

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