Cyber Insurance

Cyber Insurance

With the expanding use of technology, all companies of every size across the globe are increasingly vulnerable to losing money, sensitive information and productivity when cyber criminals attack their systems.

Many companies have also had to adjust their businesses quickly to address the challenges of the global pandemic – including rapidly expanding their IT systems to accommodate virtual workspaces for employees. This shift has opened many new access points to the company’s IT systems, rendering them increasingly vulnerable to cyber-attack.

Approximately 70 percent of cybersecurity incidents are the result of employee error or a lack of IT security training, such as:

  • Phishing attacks
  • Sharing passwords or having weak (or non-existent) passwords
  • Physical loss of devices (such as phones or laptops)
  • Improper data sharing
  • Introducing viruses and malware into the company IT systems

The Cyber Liability and Privacy Liability insurance can help protect your company from cyber criminals with coverage for: crisis management experts, stolen funds, lost revenues from system outage, and legal defense costs and damages (for third party lawsuits alleging you’ve mishandled their sensitive information).

Cyber Crime is a growing risk for any size of business. Cyber criminals can hack into your computer systems, steal confidential customer and/or employee information for which you could be liable, or try to extort you for funds to return data. The news has generally discussed only large and easily recognizable organizations as cybercrime targets, but victims now tend to be much smaller companies with less rigorous IT system safeguards. And unfortunately, we’ve seen a surge in cyber-attacks against several of our smaller, local clients in recent months.

Canadian Centre for Cyber Security
The Canadian Centre for Cyber Security (the Cyber Centre) is part of the Communications Security Establishment. It is the single unified source of expert advice, guidance, services and support on cyber security for Canadians.