Tariff Update: Insights and analysis on the imposition of U.S. tariffs on Canada
U.S. President Trump followed through on his threat that April 2 would mark a “Liberation Day” of tariff hikes to counteract what the White House perceives to be ‘unfair’ trade practices. By presidential decree, the U.S. will hike import tariff rates on all trading partners, with an aim to level the playing field.
Canada’s Most Stolen Vehicles in 2024—And How to Protect Yours
Auto theft in Canada has taken a surprising turn this year. After years of rising crime, 2024 finally saw a nationwide drop of 18.6% in vehicle thefts.1 But don’t breathe a sigh of relief just yet—car theft is still a billion-dollar problem, with 18 thefts per hour. 2
From high-end SUVs to pickup trucks, some vehicles are more at risk than others. Whether you drive one of these top targets or not, knowing how to protect your car is key. Here’s a closer look at Canada’s most stolen vehicles in 2024, why thieves love them, and how you can outsmart criminals.
The 10 Most Stolen Vehicles in Canada (2024)
These vehicles were the hottest targets for thieves this year3:
| RANK | CAR MAKE & MODEL | NUMBER OF STOLEN VEHICLES |
|---|---|---|
| 1 | TOYOTA HIGHLANDER | 3,414 |
| 2 | DODGE RAM 1500 SERIES | 3,078 |
| 3 | LEXUS RX SERIES | 3,037 |
| 4 | HONDA CR-V | 2,988 |
| 5 | TOYOTA RAV4 | 2,690 |
| 6 | HONDA CIVIC | 1,654 |
| 7 | JEEP WRANGLER | 1,641 |
| 8 | LAND ROVER RANGE ROVER SERIES | 1,533 |
| 9 | CHEVROLET/GMC SUBURBAN/YUKON/TAHOE | 1,488 |
| 10 | CHEVROLET/GMC SILVERADO/SIERRA 1500 SERIES | 1,383 |
Which Cars Have the Highest Theft Rate?
Looking at sheer numbers is useful, but theft rates3—which compare thefts to total registered vehicles—paint a clearer picture of risk.
| RANK | CAR MAKE & MODEL | NUMBER OF STOLEN VEHICLES |
|---|---|---|
| 1 | LAND ROVER RANGE ROVER | 4.43% |
| 2 | LEXUS RX SERIES | 3.15% |
| 3 | TOYOTA HIGHLANDER | 2.76% |
| 4 | CHEVROLET/GMC SUBURBAN/YUKON/TAHOE | 2.37% |
| 5 | JEEP WRANGLER | 1.16% |
| 6 | HONDA CR-V | 0.61% |
| 7 | TOYOTA RAV4 | 0.53% |
| 8 | DODGE RAM 1500 SERIES | 0.59% |
| 9 | HONDA CIVIC | 0.24% |
| 10 | CHEVROLET/GMC SILVERADO/SIERRA 1500 SERIES | 0.23% |
Why Are These Vehicles Being Stolen?
Auto theft isn’t just about opportunity—it’s a multi-billion-dollar industry. Here’s why certain cars are stolen more than others:
- It’s no surprise that high-end SUVs and pickups dominate this list. These vehicles are not just stolen for joyrides—many are shipped overseas and resold for massive profits.
- Compact SUVs like the Toyota RAV4 and Honda CR-V remain at risk due to their popularity and ease of theft.
- Keyless Entry Vulnerability – Many modern cars are stolen via relay attacks, where thieves amplify your key fob’s signal to unlock and start your car.
- Chop Shops & Parts Market – Older models, like the 2006 Silverado, are stolen for parts, as their components are valuable and easier to resell.
As auto theft rates continue to increase and ultimately affect everyone’s insurance premium, our partners at The Personal compiled a list of tips to prevent your car from being stolen.
How to Protect Your Vehicle from Theft
Don’t let your car become another statistic! Follow these expert tips to reduce your risk of auto theft:
LOCK UP & ROLL UP
It sounds basic, but nearly 50% of stolen cars were left unlocked. Always lock your doors and close windows—even when parked at home.
NEVER LEAVE YOUR CAR RUNNING
A moment of convenience can lead to instant regret. Leaving your vehicle running unattended makes you an easy target.
UPGRADE YOUR SECURITY
Standard car alarms are not enough. Invest in:
- Steering wheel locks – A simple, highly effective deterrent.
- Faraday pouches for key fobs – A Faraday bag, pouch or box is essentially a small container that you store your car keys in which block electromagnetic fields, such as those emitted by keyless entry systems and prevents thieves from hijacking the signal.
- Wheel locks – Prevents thieves from stealing your rims and tires.
- Bollards – Some car owners have taken the extreme measure of installing hydraulic retractable driveway bollards on their property.
PARK SMART
Whenever possible, park in:
- A garage rather than a driveway.
- A well-lit, high-traffic area if parking outside.
- A secured lot with surveillance cameras.
INSTALL HOME SECURITY CAMERAS
If you park in your driveway, security cameras deter thieves and help recover stolen cars. Motion-activated floodlights are an extra bonus.
STORE KEYS AWAY FROM DOOR & WINDOWS
Thieves can hijack your key fob signal from inside your house! Keep your keys far from entry points or store them in a Faraday bag.
DON'T STORE VALUABLES IN YOUR CAR
To prevent car theft and break-ins, avoid leaving valuables visible or unsecured in your car, and instead, keep them with you or store them securely in the trunk or a safe location. Don't leave anything in plain sight: Even seemingly small items can attract thieves. If you must leave items, store them out of view in the trunk.
CHECK YOUR INSURANCE COVERAGE
Make sure your auto insurance covers theft and replacement costs.
Car Parts Are Being Stolen Too!
While entire vehicles are a target, so are expensive parts, especially catalytic converters. These emissions-control devices contain platinum, palladium, and rhodium, making them a gold mine for thieves.
📉 Good news: Catalytic converter thefts have dropped significantly since 2022, thanks to:
- Tougher laws requiring scrap yards to track sellers;
- Police initiatives like VIN etching programs; and
- A significant drop in the price of precious metals like rhodium, palladium, and platinum.
The Bottom Line
While car theft is finally declining in Canada, the problem is far from solved. Whether you own a luxury SUV, a work truck, or an everyday commuter, taking the right precautions can significantly reduce your risk.
Want more protection? Make sure your auto insurance policy has you covered. A stolen car can be a nightmare, but the right insurance ensures you're not left stranded.
Stay safe, stay vigilant, and keep your car where it belongs—with you.
2 Auto theft: BILLION DOLLAR QUESTION - Canadian Underwriter
3 Canada's Most Stolen Vehicles
* The CDSPI Home & Auto Insurance Program is underwritten by The Personal Insurance Company and distributed by CDSPI Advisory Services Inc.
The CDSPI Home & Auto Insurance Program is subject to certain conditions, limitations and exclusions. Products, services, savings and discounts are subject to eligibility conditions and may vary by jurisdiction. Rates and discounts are subject to change without notice. The CDSPI Home & Auto Insurance Program is not available to residents of Quebec. Auto insurance is not available to residents of Manitoba, Saskatchewan and British Columbia due to government-run plans. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails.
CDSPI Funds Top the Table for the Second Year in a Row!
For the second consecutive year, CDSPI’s Family of Funds ranked #1 in investment performance based on data from Morningstar Direct. Writing in Investment Executive, Catherine Harris highlights CDSPI’s standout results in her article, Best Seg Funds of 2024 Leaned on Magnificent Seven. She notes that: “CDSPI had the best investment performance — 88.9% of its AUM [assets under management] were in funds ranked in the first or second quartile by Morningstar Direct. It was the second year that the small dental not-for-profit (with $797.7 million in AUM) was at the top, by a wide margin.”
According to Ms. Harris, CDSPI Funds “…are all externally managed. Among the 39 seg funds, 31 had above-average returns, with CDSPI Corporate Bond CI Fund, managed by CI Investments, and Global Real Estate Fund, managed by Invesco, posting the highest returns in their categories.”
Steven Moscone, Vice President of Advisory Services at CDSPI Advisory Services believes that topping the list in consecutive years is an impressive achievement for the organization. “This speaks to strong fund management and strategic investment decisions. Our ability to maintain this success for a second year highlights our commitment to delivering value to our clients.”
What are Morningstar Ratings?
Morningstar Ratings evaluate the strength of a fund based on past performance, risk-adjusted returns and fund expenses. These ratings, represented by a scale of stars ranging from one to five, offer investors a snapshot assessment of a fund's performance relative to its peers within the same category. A five-star rating indicates a fund has performed well compared to similar funds over the long term.
HOW TO USE MORNINGSTAR RATINGS
Morningstar ratings play a role in investment decision-making for several reasons:
Performance Comparison:
They allow investors to quickly compare a fund's performance against its peers, providing insights into its relative strength or weakness.
Risk Evaluation:
Morningstar ratings consider risk-adjusted returns, helping investors assess a fund's ability to generate returns while managing risk. This assists in aligning investments with risk tolerance and objectives.
Expense Analysis:
By factoring in fund expenses, Morningstar ratings enable investors to evaluate whether a fund's performance justifies its cost, ultimately impacting long-term returns.
Decision Making:
Morningstar ratings offer a simplified method for investors to narrow down their choices and identify funds worthy of further consideration, particularly amidst a vast array of investment options.
Other Approaches to Assessing Fund Performance
Morningstar acknowledges its rating system is a quantitative measure of a fund's past performance that is not intended to accurately predict future performance. Before investing, investors should conduct thorough due diligence. This may include analyzing a fund's investment strategy, manager tenure, and portfolio composition to ensure alignment with objectives.
Investors, with the help of an Investment Advisor, can also consider alternative methods for evaluating fund performance and philosophy:
Peer Group Comparison:
Comparing a fund's performance against its peers within the same category offers additional context and helps investors assess whether performance is truly exceptional or standard within the industry.
Fund Philosophy and Objectives:
Understanding a fund's investment philosophy and objectives is crucial. Investors should ensure alignment with their own goals, considering factors beyond just ratings.
Independent Research:
Supplementing Morningstar Ratings with independent research from reputable sources aids in gaining a comprehensive understanding. This may include analyzing historical performance data and expert analysis.
“Morningstar ratings are just one tool we use when navigating the complexities of investment choices,” says Shan Janmohamed, an Investment Advisor with CDSPI Advisory Services Inc. “While the rating does offer insights into fund performance, investors should consider their own goals and tolerances for risk. By combining Morningstar ratings with other research and understanding the fund philosophy, we help our clients make strategic investment choices tailored to their objectives and timelines.”
Navigating Economic Uncertainty
In an environment marked by economic volatility, disciplined investment strategies are crucial for long-term success. While Morningstar ratings offer historical perspective, ongoing monitoring and adjustment of your investment portfolio are essential to ensure it remains aligned with your financial goals.
Economic uncertainty can significantly affect your financial plan, including your retirement timeline. That’s why seeking the guidance of an Investment Advisor from CDSPI Advisory Services Inc. is critical. They have the ability to assess your financial situation, recommend strategies to rebalance your asset allocation and help ensure your portfolio stays on track despite shifting economic conditions.
Investment Planning Advisors from CDSPI Advisory Services Inc. are CERTIFIED FINANCIAL PLANNER® professionals who take the time to understand your unique needs and always provide objective, unbiased advice. Our advisors are paid a salary and are not influenced by any outside affiliations or third-party pressures.
If you have any questions about your Financial Plan or investment strategy, please contact our Investment Advisors at 1.800.561.9401 or investments@cdspi.com. You can also book a meeting online.
*Best seg funds of 2024 leaned on Magnificent 7 | Investment Executive | Catherine Harris
How to Help Keep Your Home Safe from Natural Disasters
Contributed By: The Personal
Extreme weather events like floods, wildfires, and tornadoes are becoming more frequent and intense, causing costly damage. Help protect your home against natural disasters with our tips.
Radar can help
RadarTM, a severe weather alert service, is available for free on The Personal Mobile app. It lets you know about severe weather in your area when it’s happening. Unlike a typical weather app, Radar identifies risks such as high winds, hail, heavy rains and fire within a 500-metre radius of your home (up to 5 locations total), which gives you the opportunity to protect your family, home and vehicle before the weather hits.
4 types of natural disasters and how to keep your home safer
Extreme weather events such as floods, wildfires, windstorms and hail are becoming more frequent. They're also becoming more intense and causing more (and more expensive) damage. But there are steps you can take to prevent damage to your home.
For example, have you ever considered your gutters? Clean eavestroughs help direct water runoff away from your home (ideally with the help of downspouts pointed at least 2 metres away from your foundation). This can help protect against flooding, which is always a risk during weather events such as torrential rains, hurricanes and hailstorms. And it’s doubly protective, since by eliminating debris such as dry leaves, pine needles and branches, you’re helping to reduce your fire risk!
Check out these tips for more ways to protect your home.
Flash flooding and heavy rains
Floods are one of the most common natural disasters in Canada, and one of the costliest.1 In fact, water damage is the number one type of home insurance claim in Canada.2
While some areas are flooding hot spots, it can happen almost anywhere, at almost any time of year. But the number one cause is the spring thaw, followed by heavy rains, which we are seeing more and more of these days.
How you can help protect against flooding
Here are some steps you can take to prevent or minimize water damage to your home and property, no matter what your risk.
3 basic things you can do:
- Keep important documents and other valuables in a waterproof container.
- Make sure your basement floor drains are clear and unobstructed.
- Reduce water use during and immediately after heavy rains.
3 things that take a little more effort:
- Add a plastic window well cover as an extra barrier against water.
- Disconnect your downspouts if they empty directly into the public sewer system.
- Seal basement windows to prevent leaks.
3 things to have a professional take care of:
- Install a sump pump with a back-up power supply.
- Have a backwater valve installed and cleaned out twice a year, in the spring and fall.
- Grade the ground around your home so it slopes away from your foundation for at least 2 metres (6 feet).
How insurance can offer peace of mind against flood risks
Home insurance policies typically cover accidental water damage to people’s homes. This type of damage is caused by things like water main breaks and damage that occurs if a bathtub overflows. But other types of coverage are also available for additional peace of mind.3
4 optional water-related endorsements we offer:
- Ground water or sewer backup (Endorsement 16c): offers protection if, for example, your city sewers overflow and cause water to back up into your basement.
- Flooding from an overflowing body of water (Endorsement 16d): offers protection if, for example, a river overflows and damages your belongings.
- Endorsement 51: offers coverage for the cost of tearing up and repairing the ground to replace a broken exterior water service line on your property, for example.
- Above ground water and weight of ice, snow or sleet (Endorsement 42): provides protection if, for example, a window breaks during a storm and the water damages your floor and belongings.
Build back better and stronger
We offer up to $1,000 to help pay for a sump pump with a back-up power supply or a backwater valve if your property is covered by Endorsement 16c and you've had losses due to a sewer back-up.3
Forest fires
Forest fires, also known as wildfires or wildland fires, destroy hundreds of homes and displace thousands of people every year. Since so much of Canada is heavily forested, many regions are threatened by wildfires, especially when conditions are dry. With climate change bringing on longer, drier summers, more of these fires are springing up every year.
How you can help protect against wildfires
Though wildfires can spread quickly, there are steps you can take ahead of time to reduce the risk of fire damage to your home. If you share these tips with friends and neighbours, together you can make your community safer, since reducing the risk for one reduces the risk for everyone.
3 basic things you can do:
- Rake up and discard branches, pine needles and dead leaves around your home in the spring and fall.
- Keep the lawn around your home mowed to no more than 10 centimetres.
- Close your windows if you won’t be at home.
3 things that take a little more effort:
- If any combustible materials, such as firewood, are located near your home, move them to a spot at least 1.5 metres away.
- Replace evergreens, such as spruce and cedar, within 10 metres of your home with fire-resistant trees such as poplar or maple.
- Replace wood chips, bark or rubber mulch within 1.5 metres of any buildings with alternatives like pebbles that don’t burn.
3 things to have a professional take care of:
- Replace older roofing with fire-resistant materials.
- Repair attic vents, loose soffits, and gaps around doors and windows and, if possible, block any openings that could admit burning embers.
- Replace combustible siding with siding that is fire-resistant, such as brick or steel.
How insurance can offer peace of mind against wildfires
Home insurance policies cover property damage, including damage from wildfires. Some policies also cover additional living expenses that may be incurred if you have to evacuate.
Tornadoes, hurricanes, tropical storms and high winds
Tornadoes, hurricanes, tropical storms and high winds can leave a trail of destruction in their wake.
Tornadoes are seen most often between April and September but can occur year-round. They tend to pop up suddenly, but there are often warning signs, like severe thunderstorms, a rumbling sound, a funnel cloud formation, or dark skies with a greenish tinge.
These types of events are becoming more common, with the highest risk of tornadoes in southern Ontario and Quebec, the Atlantic provinces and the Prairies.4 Fierce winds can rip even heavy items off the ground and hurl them through the air, hurting people and damaging property.
How you can help protect against tornadoes, hurricanes, tropical storms and high winds
Tornado wind speeds can be as high as 500 km/h. They can rip up trees, destroy homes, and flip vehicles right over. But we've got some tips to help you keep your home and family safe from wind damage.
3 basic things you can do:
- Make sure your patio furniture, barbecues, garbage cans and other possible projectiles are secured, by stacking furniture against a wall, attaching items to a sturdy structure with bungee cords, bringing smaller items inside, etc.
- Park in a garage if you can. If you can’t, try to park as far away from trees, streetlights and power lines as you can.
- Make sure your windows, shutters, and doors are all closed and locked if a storm is coming.
3 things that take a little more effort:
- Prune dead or damaged branches so they don't break off and cause damage.
- Make sure there are no loose shingles on your roof that could be torn off.
- Make sure your siding is properly sealed so wind can’t get underneath and rip it off the building.
3 things to have a professional take care of:
- Opt for impact-resistant windows or install storm shutters.
- Remove trees that are too close to your home.
- Install impact-resistant roofing (Class 4 shingles) to protect against high winds.
How insurance can provide peace of mind against tornados, hurricanes and wind damage
Most home insurance policies cover damage from high winds, hurricanes and tornadoes, such as:
- Damage caused by flying debris and fallen trees
- Damage to your home and possessions caused by water entering through sudden openings caused by wind or hail
Hailstorms
Damaging hailstorms are mainly seen in Canada between May and October, with July being the most active month. They can occur anywhere, though severe storms occur more frequently in the southern Prairies, southern Ontario, and especially Alberta.
Intense hailstorms are becoming more frequent and can cause significant damage to your home, as well as to your vehicle. Hailstorms are usually very short-lived, but they can develop quickly and be very destructive.
How you can help protect against hailstorms
Hailstones come in all sizes, from tiny pebbles to the size of grapefruits, but all types of hail, even the smallest pellets, can cause serious damage in just minutes. But there are steps you can take to prepare your home for a hailstorm.
3 basic things you can do:
- Cover your vehicle with a thick blanket or park in a garage, if you can.
- Bring outdoor items such as barbecues and patio furniture indoors or cover them up.
- Draw your drapes, blinds, or window shades so any broken glass can be trapped and not blown across your home.
3 things that take a little more effort:
- Cover your windows with safety film to help prevent glass from shattering.
- Check your roof for missing shingles and water damage.
- Add storm shutters to your windows.
3 things to have a professional take care of:
- Add an ice and water shield to your roof covering.
- Install impact-resistant skylights and windows.
- Have a building inspector assess the ability of your home to withstand hail and other hazards.
How insurance can offer peace of mind against hailstorms
Damage to your home caused by hail is generally covered by your all-risk home insurance, though the same isn’t true for your landscaping – damage to trees, plants and lawns isn't covered. Hail damage to vehicles, however, is usually covered if you have All Perils car insurance.
Build back better and stronger
In some hail prone areas in Alberta, we offer up to $2,500 to help replace your entire roof with Class 4 asphalt shingles following a covered loss.5
Best practices for repairs and renovations
If, despite your efforts, your home is damaged by a natural disaster, or even if you’re just renovating, there are choices you can make to help ensure your home is better protected in the future.
To protect against water damage, you can choose water-resistant floor coverings such as vinyl or elevate floor coverings with water-resistant materials such as waterproof ventilated strips.
For better protection against fire, you can choose metal siding or asphalt shingle roofing.
Class 4 asphalt shingles, also provide protection against impacts, high winds and hail, so they’re a good choice all around.
Your municipality might offer subsidies to offset a part of the cost of installation. Contact them to find out what you might be entitled to and what regulations apply.
General tips to stay safe during a natural disaster
To keep your family safe in the event of a natural disaster, it's important to have an emergency plan and an emergency kit ready to go. Knowing what to do makes everyone feel empowered.
Keep your family safe – have an emergency plan
One of the most important things you can do to prepare for an emergency is to have a plan for how to stay safe. With a plan, everyone will know what their responsibilities are, where to go to be safe or/ and to meet up, and they'll have the tools they need to take care of each other.
Keep your family safe – prepare an emergency kit
Be sure to set aside enough supplies to take care of yourself and your family for 72 hours after an emergency. Some key items to include in your emergency , Link opens in a new window. are:
- Water (2 to 4 litres per person)
- Canned food and an opener, energy bars and other non-perishable foods
- A flashlight and extra batteries
- A first-aid kit
The Insurance Bureau of has a detailed checklist you can use to create your own emergency plan and kit.
Prepare for the worst (but hope for the best!)
As you might have noticed, many of the steps you can take to protect your home against a given climate event can protect against multiple events. So why not start today? Small improvements to your home's safety can pay off big time.
Prevention tools
Prevention tools, such as Radar, can help you get ready for severe weather. Radar is a weather alert service that can pinpoint severe weather risks for up to 5 specific addresses and send you alerts so you can prepare.
Filing a home insurance claim
If you do have to file a claim, don't worry. We make it easy and are here to guide you through the process.
You can file a claim online or over the phone, whichever is easier for you. We know it's a stressful time, so we’re committed to helping however we can.
One thing you can do to make the process easier for yourself is to keep a checklist of everything in your home. Ideally, your checklist will be backed up by receipts, descriptions, or pictures of all your things.
By making sure you’re aware of the kinds of climate events that are common in your region, staying on top of weather alerts, and making your home more resilient, you can help keep your home safer.
* The CDSPI Home & Auto Insurance Program is underwritten by The Personal Insurance Company and distributed by CDSPI Advisory Services Inc.
The CDSPI Home & Auto Insurance Program is subject to certain conditions, limitations and exclusions. Products, services, savings and discounts are subject to eligibility conditions and may vary by jurisdiction. Rates and discounts are subject to change without notice. The CDSPI Home & Auto Insurance Program is not available to residents of Quebec. Auto insurance is not available to residents of Manitoba, Saskatchewan and British Columbia due to government-run plans. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails.
These tips are provided for information and prevention purposes only. They are general in nature, and The Personal cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
Some conditions, exclusions and limitations may apply. The conditions of the coverages described are set out in the insurance policy, which always prevails. Available insurance products may vary by jurisdiction.
RadarTM is a trademark of Desjardins General Insurance Group Inc., used under licence.
- Floods: Information & Facts - Canadian Red
- Water damage – Infoinsurance.ca
- Certain conditions, exclusions and limitations may apply. Rates and discounts are subject to change or termination without notice. Rates and discounts are based on each client's profile and are subject to eligibility conditions.
- Wind and tornado protection
- Certain conditions, exclusions and limitations may apply. Rates and discounts are subject to change or termination without notice. Rates and discounts are based on each client's profile and are subject to eligibility conditions
Pay Up or Else! The Rise of Ransomware
Ransomware is malicious software that is designed to block access to computer files, folders or a whole system. It typically encrypts the victim's data, rendering it inaccessible, and then displays a message demanding payment, often in cryptocurrency, in exchange for a decryption key that will release the data. Ransomware can infiltrate systems through phishing emails, software vulnerabilities, or downloads from malicious websites. All it takes is one wrong click and ransomware can be deployed to wreak havoc on individuals, businesses, and organizations of all sizes, causing significant disruption to operations, compromising sensitive data, and inflicting financial losses.
We Don't Negotiate with Terrorists
While widely attributed to U.S. President, Richard Nixon, the principle of "We do not negotiate with terrorists" has been ingrained in political rhetoric for decades. After falling prey to a ransomware attack, most organizations are faced with the decision of whether they’re going to pay the ransom demand. Ultimately, the decision to pay is with the insurer (if you have cyber insurance) but most insurers will take into consideration the wishes of the policyholder.
Paying the ransom doesn’t necessarily mean that an organization will regain access to their encrypted data. This is often because the decryption utilities provided by those responsible for the attack simply don’t work. Don’t forget, these are criminals and there’s nothing that says that they must satisfy their end of the agreement after receiving payment. That goes not only for handing over a functional ransomware decryption key, but also for deleting any stolen data.
The rising popularity of cryptocurrencies have further enabled cybercriminals and helped them evade law enforcement. Ransom payments in cryptocurrency are difficult to trace and can be easily converted into cash.
60% of small to medium enterprises that experience a cyber attack and who do not have cyber insurance, will fail within 6 months.1
In a recently published report, titled Ransomware: The True Cost to Business, nearly half of respondents (46%) who fulfilled their attackers’ demands regained access to their data following payment only to find that some if not all their data was corrupted. Just 51% said that they successfully recovered all their data after paying, with three percent admitting that they didn’t get any of their data back after payment.2
Despite these statistics, negotiations with ransomware terrorists do occur. During a recent CDSPI webinar, Douglas Fast, Vice President and Client Executive at BFL Canada, recounted a scenario involving a client dealing with a ransomware attack. Hackers demanded $400,000 for the release of data, which included sensitive client files. "The Beazley breach response team wasted no time; within hours, a team of experts, including forensics specialists, legal advisors, privacy experts, and negotiators, was mobilized to manage the situation. Through strategic negotiations, they managed to significantly reduce the ransom to $185,000. Ultimately, the insurer covered the ransom amount, recovered the data, and effectively resolved the crisis."3
Ransom demands vary widely depending on the attacker’s sophistication and their perception of how much their target can afford to pay — varying from thousands to tens of millions of dollars. However, Nicholas Hickey of Beazley Insurance cautions, “As a dentist and businessperson, you’re not expected to, nor should you know the intricacies of negotiating with criminals. That’s why we have professional negotiators on staff as part of the Breach Response Team.”4
Ransomeware Demands Keep Rising
According to a recent report, ransomware attacks have surged by 25% and that number keeps rising. However, by some estimates, the ransom payment only accounts for a small portion — often as little as 15% — of the overall costs associated with the ransomware attack. The cost of downtime (an average of 22 days to fully resume operations)5 and recovery of lost data after a ransomware attack often exceeds the actual ransom.
Beyond the immediate damage caused by a breach, the reputational damage can be catastrophic in terms of how customers perceive a brand's commitment to data security. This loss of trust can lead to long-term reputational damage, loss of customers/patients, and potential legal and regulatory repercussions, all of which can far outweigh the initial cost of the ransom.
Strategies to Prevent Ransomeware Attacks
Ransomware is an evolving threat, and small businesses should take proactive measures to protect against financial loss.
Phil Fodchuk, National Leader, Cyber Security at MNP Digital points out that “the fundamental operations of your practice are almost completely digital. Without a well-functioning computer system, you’d likely completely shut down.”
With this constantly evolving threat, Fodchuk urges clients to “think about your practice’s cyber security needs the same way you think about recommending regular check ups to patients. It’s part of an overall approach to prevention that ensures measures can be taken as early as possible if needed to prevent negative outcomes.”6
The Five-Step Process to Protect Your Business7
01
Identity
Compile a list of all your software, hardware, and data sources, third-party vendors, and others that can access your data.
Based on this information, create a cyber security policy that outlines employee roles and responsibilities and share it with your team.
02
Protect
Add controls to your practice that include:
- Security software
- Access logs (network and devices)
- Scheduled data backups
- Data and device disposal
- Employee training
03
Detect
Constantly monitor your devices for unauthorized personnel access, unusual network or staff activity on your network, and unauthorized network connections (internal or external).
04
Respond
Create and regularly test your cyber security plan. It should include:
- Reporting any breaches or attacks to the authorities, your patients, and other affected parties
- How to keep your practice running smoothly
- Dealing with other external forces that may put your data at risk
05
Recover
After an attack or breach occurs, focus on repairing and restoring your affected hardware, software, and network, as well as keeping your patients and team up-to-date on your response and activities.
Is Cyber Insurance Worth It?
Yes. Cyber insurance is a critical tool necessary to protect yourself and your practice from cybercrime, but it can't be your entire strategy. Your best approach is to build strong defenses against attacks regardless of whether or not you're insured. A ransomware attack can happen any time, to any organization. Immediately upon discovering that your systems have been compromised, contact your cyber insurance provider and a breach response team will be deployed to provide support and counsel to aid in the resumption of business operations.
160 Percent of Small Companies Close Within 6 Months of Being Hacked (cybersecurityventures.com)
2Freed, Anthony M. Three Reasons Why You Should Never Pay Ransomware Attackers. Cyberreason.com
3CDSPI Webinar. March 2024.
4Ibid
5The cost of ransomware: Why every business pays, one way or another. March 2023
6Fodchuk, Phil. How to effectively protect your practice from cyber security threats. MNP Digital. December 2023.
7Cyber security basics for dentists. Presentation by MNP Digital. February 2024.
Reap the Benefits: Life Insurance vs. Mortgage Insurance
If you’ve taken out a mortgage to purchase your home, your lender likely asked whether you wanted to purchase their mortgage insurance. It makes sense to want to protect one of the biggest investments you are likely to make, particularly if you plan to live and raise a family in it.
Ensuring your loved ones can keep your family home if something unforeseen happens to you should be a top priority. However, the type of mortgage insurance your lender offered you, commonly called “creditor insurance”, may not be the best option for your situation. Life insurance offers options and benefits that may better fit your financial priorities.
Mortgage Protection: Mortgage Insurance vs. Life Insurance
Let’s take a step back and examine what these products do and how they compare. Mortgage insurance and life insurance have a similar purpose – ensuring your family can continue to live in their home if something happens to you - but there is one main difference.
The death benefit on mortgage insurance only covers your outstanding mortgage amount and is paid directly to the lender. Life insurance pays the death benefit to the beneficiaries named in your policy. Your beneficiaries can apply the money towards the mortgage or anything else. There could be many reasons why your loved ones might prefer to use the death benefit for something other than paying off the mortgage. Your beneficiary may prefer to instead use the funds to cover other expenses such as funeral costs, childcare or other living expenses, to pursue academic or business opportunities, or to invest. Only personal life insurance gives them the flexibility to choose for themselves.
Knowing you’ve got it covered – it’s is better than hoping you do
Another way in which these types of insurance differ is in how they determine if you qualify for the coverage and ultimately if they will pay the claim. Mortgage insurance usually determines if you qualify for the coverage after your beneficiaries submit a claim. Even though you answered their questions when you applied for the insurance, if a pre-existing health condition is found, the claim may be denied. This is called “post-claim”, or “post-death” underwriting and its potential consequences are not the kind of legacy you want to leave behind.
According to Julie Berthiaume, a senior insurance advisor at CDSPI Advisory Services, “with life insurance, all the underwriting is completed before your insurance goes into effect. You may be asked to complete a health questionnaire or take medical tests, but you can be confident that your beneficiaries won’t be left in the cold when they need to make a claim”.
How life insurance and mortgage insurance compare:
| LIFE INSURANCE | MORTGAGE INSURANCE | |
|---|---|---|
| Who owns the policy? | You do. | Your lender. |
| Who benefits? | Your chosen beneficiaries. | Your lender. |
| How can the benefits be used? | Your beneficiaries decide how to use the funds. | To pay off the mortgage only. |
| Does the benefit amount decrease? |
No, it remains constant. You can also (depending on your policy terms and conditions):
|
Yes, it declines with the mortgage balance, so even if there is only a single payment left, that becomes the benefit. In addition, the monthly premium stays the same even as the benefit decreases. |
| When am I underwritten? | Before you are approved. | After a claim is filed. Your coverage can be cancelled, for example, if a pre-existing health condition is found after your application was “approved”. |
| Is it portable? | Yes. This is your policy. It doesn't matter who the lender is. | No. If you change lenders, you will have to find new coverage and you may no longer qualify. |
| How long does coverage last? | You decide what works best for your situation. | At the end of your mortgage term or when you change lenders. If you still need insurance, you will have to find new coverage (see above). |
While mortgage life insurance can be convenient – since premiums can be built into your monthly mortgage payments, and you only need to answer a few questions to be “approved” – it has significant limitations that could leave your loved ones no better off. In fact, many industry experts have expressed skepticism about the efficacy of this type of insurance1, with Rob Carrick of the Globe and Mail warning consumers to avoid it under most circumstances2.
Choosing your life insurance protection:
Life insurance offers the guarantees needed for today while remaining flexible to adapt as needs change. Life insurance policies can provide you options that include allowing you to change your coverage as your financial needs evolve, and some policies may allow you to suspend payments if you become disabled and cannot work. With so many options available, there is a life insurance solution available to suit your financial needs and priorities.
A licensed insurance advisor can answer your questions and help you decide if life insurance is the right option for you to protect your mortgage and your family. They can also help you explore alternatives like disability insurance and critical illness insurance to create a more comprehensive and robust protection plan.
1 https://www.moneysense.ca/spend/insurance/life-insurance/life-insurance-vs-mortgage-insurance/
The information contained in this article is of a general nature only and should not be considered personal insurance or financial advice. For specific advice about your situation, please consult with your financial advisor.
Cyber Hygiene: Protecting Dental Practices in the Digital Age
In a busy dental practice, where the whirl of drills, the hum of suction, and the murmur of voices fill the air, an unexpected concern has emerged: cyber hygiene. While it may seem odd to link dental care to the care of digital assets, in today's world, it's a vital connection to make. Just as you emphasize the importance of brushing, flossing, and regular check-ups to maintain oral health, so too must you prioritize the fundamentals of cyber hygiene to safeguard your digital operations.
In essence, cyber hygiene is about cultivating a structured and intelligent environment that mitigates the risks of external threats without requiring constant IT intervention. It's akin to preventive care in dentistry – taking proactive measures to ward off potential issues before they escalate into serious problems. By adhering to cyber hygiene best practices, dental practices can not only protect sensitive patient data but also ensure smooth operations without the constant fear of cyber attacks looming overhead.
Cyber hygiene is foundational to both cybersecurity and cyber resilience. While cybersecurity guards against threats, cyber resilience improves an organization's ability to recover and resume normal operations after a security breach. Cyber resilience strategies involve cybersecurity, incident response, business continuity and disaster recovery.
Best Practices for your Dental Practices
1. Back up your data
2. Have a risk management strategy. Know your legal requirements and obligations.
3. Grant limited access rights
4. Provide training to employees
5. Use multi-factor authentication
6. Use security software & update / patch regularly
7. Implement email security
8. Protect your practice with CDSPI Cyber Insurance
1. Implementing Automated Backup Systems
First and foremost, dental practices must prioritize the implementation of robust automated backup systems. No longer is manual backup sufficient in the age of sophisticated cyber threats. By leveraging automated backup solutions such as reputable cloud services, practices can ensure that vital information remains protected even in the event of a breach or system failure. This not only safeguards patient records and sensitive data but also frees up valuable time for dental staff to focus on patient care.
2. Embracing Risk Management
In the ever-evolving landscape of cyber threats, risk management is paramount. Dental practices must anticipate potential vulnerabilities and have strategies in place to mitigate them effectively. From identifying potential points of entry for cyber attackers to developing response plans in the event of a breach, proactive risk management can significantly bolster the resilience of a practice's digital infrastructure.
3. Controlling Access
Access control is another crucial aspect of cyber hygiene. Dental practices must invest in tools and services that automate authentication processes and monitor access to sensitive information. By enforcing strict access controls, practices can minimize the risk of unauthorized access and swiftly identify any anomalies or suspicious activity within their systems.
The granting of administrative privileges should be approached with caution and diligence. Practices must implement processes to assess the necessity of such privileges, determine their validity period, and enforce multiple authentication factors for added security. Moreover, it's essential to have mechanisms in place to revoke privileges promptly when no longer needed, ensuring that access remains tightly controlled at all times. One common example is when temporary reception staff are brought into the practice. Allowing them limited access is necessary so they can perform their role, but imposing limits to what they can access and revoking that privilege when they leave is critical for maintaining the integrity of the practice's digital security.
By carefully managing administrative privileges, dental practices can minimize the risk of unauthorized access and potential breaches of sensitive information. This approach not only protects patient confidentiality but also preserves the trust and reputation of the practice. In an era where data breaches and cyber threats loom large, proactive measures such as these are essential for safeguarding the digital assets of dental practices and ensuring the continued delivery of quality care to patients.
4. Provide Employee Training
Individuals play a crucial role in maintaining the security of the practice's digital assets. Encourage employees to create strong, complex passwords and consider utilizing password management tools to securely store and manage credentials. Simplistic or recycled passwords are practically an open invitation to malicious hackers. Create a company password policy to protect enterprise security by establishing rules, requirements, and expectations around user credentials.
Emphasize the importance of regularly updating passwords and avoiding the reuse of passwords across multiple accounts to minimize the risk of credential compromise.
5. Use Multi-Factor Authentication
Multi-factor Authentication (MFA) has become an industry standard in cyber hygiene and is required to qualify for cyber insurance. MFA requires two or more authentication factors, such as a password and a one-time code sent to the user's mobile device or email address. Rather than just asking for a username and password, MFA requires one or more additional verification factors, which decreases the likelihood of a successful cyber attack.
6. Security Software/Updates
Having the latest security software, web browser and operating system are the best defenses against viruses, malware and other online threats. As companies increasingly digitize their businesses and automate their operations, unpatched or end-of-life software present significant cybersecurity threats. A recent survey revealed that 60% of breach victims said their breach’s cause was an unpatched known vulnerability. Once considered optional, software patching has become vital due to the increasing frequency and costs of cyber incidents that result from these exposures. The good news is that once vulnerabilities are known, patches are routinely made available quickly.
7. Email Security
Educate employees about the dangers of phishing attacks and the importance of exercising caution when opening emails from unfamiliar or suspicious sources.
Warn against downloading software or files from untrusted sources, as these can often harbor malware or other malicious threats.
Remember that good cyber hygiene isn't a set-it-and-forget-it proposition. Rather, it encompasses an array of habits, practices, and initiatives on the part of organizations and their users, with the goal of achieving and maintaining the healthiest possible security posture.
The Bottom Line
Despite all of these preventative measures you take, a determined cyber criminal, may one day access your systems. That is why it is crucial that you have cyber insurance in place. Cyber attacks and breaches are increasing, becoming more costly and damaging. CDSPI is in the business of protecting dentists and their practices and have addressed this need by introducing CDSPI Cyber Insurance. Cyber insurance can help your business financially recover if devices or documents are lost or stolen, or if computer networks are breached, leading to information being stolen or ransomed, business operations interrupted, or computer systems corrupted.
While insurance can defray many of the costs of a security breach, only tight security and good cyber protection practices can protect your practice from attack. In essence, cyber hygiene is the cornerstone of digital security for dental practices in today's interconnected world. Just as proper oral hygiene is essential for maintaining a healthy smile, so too is diligent cyber hygiene crucial for safeguarding sensitive patient data and preserving the integrity of dental operations. By implementing robust security measures, prioritizing risk management, and promoting cyber awareness among staff, and protecting yourself with cyber insurance, dental practices can ensure that their digital infrastructure remains resilient in the face of evolving cyber threats. After all, in the world of dentistry, prevention is always better than cure – and the same holds true for cyber hygiene.
The information provided in this article is for general informational purposes only and is not intended to replace or serve as substitute for any professional advice. You should consult with a professional advisor for advice concerning matters specific to your situation before making any decisions.
The CDSPI Cyber Insurance program is exclusively distributed by BFL CANADA Risk and Insurance Services Inc. and underwritten by Beazley Canada Limited. The CDSPI Cyber Insurance Program is not available to residents of Quebec.
A Grain of Salt
Some people aren’t taught about personal finance at home or school and can struggle with investing their money, managing debt, or budgeting their monthly income. That's one reason some turn to social media to learn how to manage their money.
Know the Landscape
As of April 2022, 4.7 billion or 59% of the world’s population were social media users.1 Apart from the usual suspects offering political commentary, humour, and celebrity gossip, the social media landscape also includes a subset of users known as “influencers.” These users have the ability to influence potential buyers of a product or service by promoting the items through their social media. Usually, their sphere of influence increases by the number of followers they have. Influencers make money primarily from partnerships with the brands whose products they promote but there is a growing movement toward full transparency after media reports of influencers being fined and receiving payments that they did not disclose2.
Facebook, Twitter, TikTok, Instagram, YouTube, Snapchat, Reddit, and LinkedIn are all vehicles that contain popular personal finance, investing, and entrepreneurship content shared by influencers.
Oftentimes financial influencers produce educational content that is presented in an entertaining way that gets them noticed on a worldwide platform. In fact, there’s a new term floating around - “finfluencers”– or financial influencers – for those who focus just on financial matters. However, be cautious of the fact that these influencers may not be licensed financial professionals. Free advice, tips and strategies are great ways to dip your feet into learning a bit more about finance. At a minimum, they can help you to know what questions to ask a financial advisor.
What to Watch Out For
When scrolling through social media, remember the rule of thumb “take it with a grain of salt” and proceed with a healthy dose of skepticism. Watch out for get-rich-quick scams and promises that are too good to be true. Cryptocurrencies have boomed (and plummeted) in recent times so they tend to generate a lot of online chatter—but is this an investment that fits with your risk tolerance? Simply put, risk tolerance is the level of risk an investor is willing to take. Risk can mean opportunity, but it is also about tolerating the potential for losses, the ability to withstand market swings and the inability to predict what’s ahead. Online investors need to be aware of the added risk of criminals pretending to be reputable advisors and subsequently stealing personal/banking information.
The Bottom Line
Influencers cast a large net on social media as a means of gaining followers; they don’t know a client’s individual situation and aren’t able to necessarily recommend what fits for them. Also, be wary of not knowing what credentials, if any, that person has; they are not subject to the same regulations and educational requirements as licensed financial professionals. Finally, there is no legal requirement that social media users disclose any conflicts of interest or compensation they may receive for making recommendations.
However, following these financial influencers can be a first step in learning more about managing your finances and managing your money. There's almost certainly a personal finance niche on any platform that can pique your interest. But remember, your circumstances, experiences and situation are likely to be significantly different from the individual to whom the mass-produced financial advice, is oriented toward.
When it comes to trusting someone with your money, your future, and your privacy, CDSPI has been a trusted partner to dentists and the dental community for over 60 years. Our advisors are Certified Financial Planner® professionals with a strong understanding of many of the financial challenges of running a successful dental practice with the expertise that can help you achieve your financial goals.
Debt: Minimizing Stress and Maximizing Benefits
According to a recent study1, personal finances are the greatest source of stress for 22% of Canadians. However, the odds of successfully managing debt, and your stress are better when you create a clear plan of action to pay it down. It also helps when you reframe how you perceive debt.
Some people want to pay off debt as soon as possible but are conflicted by the fact that investing for the future is also important. Which takes priority? Dentists don’t usually have pension plans or other employee savings plans unless they start one themselves. Therefore, the responsibility falls on you personally—you’ll need to save for your post-practice life on your own and the sooner you start, the more you can save and earn on your investments—the benefits of compounding growth shouldn’t be ignored!
If you're planning to buy a home or practice in the next few years paying down your debt will help free up your cash flow to carry a mortgage, start a family or buy a practice. However, you cannot put your life on hold for 10, 15 or 20 years while paying off your education.
It’s important to understand how interest rates can impact the overall cost of borrowing and should be taken into consideration when prioritizing a payment plan. Lending rates vary, so you need to be strategic about which debt you pay off first and which you can leave until later.
A student loan might have an interest rate of prime minus a quarter and new debt might have higher rates. Debt to buy a practice might have interest that is tax deductible. It is recommended to consult a professional to assess your financial situation and your long-term plans.
Types of Debt
Many people mistakenly think all debt is bad, but there are certain types of debt that can be advantageous when it comes to your credit. Debt that you're able to repay responsibly and has a financial reward can be considered "good debt," and a favorable repayment history may be reflected in higher credit scores. Examples of good debt may include:
Student loans.
Taking on student loans or a line of credit to pay for your education and training is an investment in your higher lifetime earnings.
Effective April 1, 2023, the government of Canada has permanently eliminated the accumulation of interest on all Canada Student Loans. If you have a Canada Student Loan you will be responsible to pay any interest that may have accrued on your loan before April 1, 2023.*
Your mortgage.
You borrow money to pay for a home or a practice in the hope that by the time your mortgage is paid off, both will have increased in value and when retirement rolls around you will be debt free. Home equity loans and lines of credit—may also be considered a form of good debt and the interest payments on these are tax-deductible in certain situations.
It’s no surprise that credit card debt is considered "bad" debt because of its high interest rates and low minimum payments, and the fact that it is not typically used to buy appreciating assets. Use your credit cards for the rewards and other benefits available—but pay the balance in full each month.
Your Credit Score
One of the biggest benefits of taking on debt is that it can help build your credit score. Your credit score is a measure of your creditworthiness, and it’s a key factor that financial institutions consider when deciding to lend you money. By taking on debt and making regular payments on time, you can demonstrate to lenders that you are a responsible borrower, which can improve your credit score. Then, when it’s time to buy a practice or a home, you qualify for the loan and get preferred interest rates.
Debt Stress
For some, debt is an emotional issue versus a financial tactic. However, it’s no secret that everyone is feeling a higher level of financial and personal stress because of rising inflation and affordability challenges. Often, simply talking to someone and coming up with a plan to deal with it can be a real source of stress relief.
Talk to Someone You Trust
Should you use your money to invest, to pay down debt — or both? Your answer depends on individual factors, such as your goals, your debts, and your approach to money. Over time, as your needs, priorities, and life change—your strategy can adapt with you.
Talking to someone you trust can help you develop a plan to move forward without being bogged down with worry. The Investment Planning Advisors at CDSPI Advisory Services Inc. have collaborated with dentists like you for over 60 years and they understand the challenges and the stresses you’re experiencing.
By managing your debt in a responsible manner, you can reap the benefits of debt without the negative effects of stress and anxiety.
If you have any questions about managing your debt, setting up a Financial Plan or investment strategy contact CDSPI at investment@cdspi.com or 1.800.561.9401 or book a meeting online.
1 Source: Leger/The Canadian Press survey September 9-11, 2022.
*This program only includes the federal Canadian student loans. Provincial loans are not part of this program and remain subject to interest charges.
The information contained in this article is of a general nature only and should not be considered as personal investment or financial advice. For specific advice about your situation, please consult with your financial advisor.