Marsh Insights: Identity TheftIdentity theft is not a new concept. As long as there has been a potential to gain from the misappropriation of personal information, it has existed. However, technology has helped change the landscape with the proliferation of the internet, computers, smart phones, and social media. Over time, identity theft has become a more serious threat for those who don’t take proper precautions in safeguarding their personal information. We all should prepare for the eventuality that we may someday become a victim. In recent news, an Internet security vulnerability named the Heartbleed bug was responsible for a decision by the Canada Revenue Agency to shutdown its tax return filing website while it addressed security concerns.

According to the 2013 Norton Report, a startling 68% of adults in Canada have experienced a cybercrime in their lifetime with 42% experiencing such a crime within the past 12 months. This figure equates to approximately seven million Canadians experiencing a cybercrime within the past year.

The results of cybercrime can range in severity. For some, it may be as simple as having to reset a password, but for others the results can be devastating from both a personal and financial perspective. In the more serious cases, it can take years and thousands of dollars to restore your credit and reputation.

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