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Cyber Insurance Canada

Protect your company should cyber criminals infiltrate or steal your business data.

60% of medium and small businesses don’t survive after a cyber attack or security breach. As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy continues to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.

In an age where a stolen laptop or data breach can instantly compromise the personal information of thousands of customers, protecting your business from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability policies.

Read this cyber insurance real world example.

Who needs cyber liability insurance?

Do you handle:

  • Customer payment, credit or bank account information?
  • Social Insurance (SIN) or driver’s license numbers?
  • Customer and employee names, email addresses, phone numbers, and addresses?
  • Personal information and sensitive data?

If you answered “yes” to any of these questions, then you could benefit from comprehensive cyber insurance and cyber risk management.

 

cyber criminal

What does Cyber Insurance cover?

  • The direct cost of responding to and managing the incident.
  • Coverage for lawsuits or claims.
Data breach coverage

In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action.

Business interruption loss reimbursement

A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.

Cyber extortion defence

Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid.

Legal support

In the wake of a cyber incident, businesses often seek legal assistance. This assistance can be costly.

How much does Cyber Insurance cost?

Cyber insurance starts at $550 per year. Companies holding financial data or healthcare information can expect to spend $1,000 per year or more.

An average Cyber liability claim is $295,000.

When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. As a result, cyber liability insurance has become an essential component to any risk management and cyber security program.

Contact CMB Insurance Brokers today to learn about the Cyber Insurance solution that’s right for you.

Read more about Cyber Insurance:
Cyber Liability Data Breach Insurance
Detecting and Overcoming Cryptojacking
Cyber Risks: Protect Your Email
Understanding Mobile Payment Risks
Policies to Manage Cyber Risk
How to Prioritize Cybersecurity
Overcoming Cyber Threats in a 5G World
Cyber Risks & Liabilities

What types of Business Insurance do I need?

There are many types of insurance policies that our experts can advise you on and package to meet your specific needs, such as:

  • Commercial General Liability
  • Commercial Property Insurance
  • Business Interruption Insurance
  • Pollution Liability Insurance
  • Professional Liability Insurance
  • Product Liability Insurance
  • Equipment Breakdown Insurance
  • Commercial Auto Insurance
  • Cyber Insurance