Cyber security insurance

Cyber Insurance and your Small Business

We live in a world that offers conveniences, accessibility and speed. As such, it makes every user vulnerable to cyber attacks such as data breaches, identity fraud, and viruses. Just in 2017 cybercrime skyrocketed, with ransomware attacks rising by 250 percent since 2016 and denial of service attacks have been also increasing in frequency.

Cyber threats pose a great risk to all Canadian businesses. Whether you are running a national corporation or a local or even a home-based business. The truth is the cyber threats are real. So, how are you protecting your small business?

As technology has evolved the vulnerability of your small business has increased. It can take just one employee opening a suspicious email for your small business to be victim to a virus attack. This can put your small business out of service for some time as you try to deal with the aftermath. Imagine the loss of revenue. A data breach attack could cost your reputation and the confidence of your clients along with potential lawsuits that may arise. According to the Insurance Bureau of Canada: “The possibility of cyber liability lawsuits is a reality that every business owner should consider. There have been several very high-profile personal information breaches that affected tens of millions of records and will cost the companies involved millions of dollars.”

What is Cyber Insurance?

Cyber Insurance, also known as cybersecurity, cyber risk insurance or cyber liability coverage (CLIC), is a policy designed to protect you from financial losses, business disruption or damage that can occur from problems associated with your information technology system.

What does Cyber Insurance Cover?

Insurance companies offer different policies for cyber risk insurance because simply having the latest and most effective firewalls and data protection programs is not sufficient. A resourceful hacker can still find their way in. Often, small businesses are most at risk.
In general, cyber liability insurance cover expenses related to claims and will protect your small business for risks like:

Data Breaches: This covers expenses like lawsuits and legal fees, investigations, privacy notification cost, credit checking, and fines.

Business Interruption: Loss income when hacks and DDoS attacks force your small business to a standstill.

Network Security: Damages to third parties caused by denial of access, or costs related to data on third-party suppliers or theft of data.

Cyber insurance is always evolving as new threats arise. I am able to find coverage to your specific industry.

Some of the flexible cyber risk coverage options include :

Third party (liability) and first-party coverage
Cyber theft and cyber extortion coverage
Network security liability and network extortion
Data protection
Electronic data breach liability and electronic media liability coverage
Physical/paper record breach liability coverage
System and data restoration costs coverage

Protect your small business with Cyber Insurance

Today’s cyber criminals are becoming more sophisticated in their approach. Most only target small businesses whose firewalls and encryptions prove to be small obstacles. These attacks have the potential to destroy your small business. Protect it! Consider adding cyber insurance to your small business.

Learn more, contact me to find the many ways cyber insurance can protect and limit your liability.