As a business owner in Atlantic Canada, regardless of whether you work in high tech or a more traditional industry, you require some form of cyber protection. Many business package policies provide basic protection for cyber exposures, such as the costs associated with notifying clients of a breach. But in many cases, it is not sufficient to help your business recover from a serious cyber incident. Whether or not you’re tech-savvy, it’s important to select the appropriate cyber coverage to protect your business, clients and employees from risks associated with the internet.

Does My Company Need Cyber Coverage?

As a business owner, you take every precaution to protect your business from risk. The internet is constantly evolving and even the most tech-savvy individual is lucky to stay one click ahead of internet criminals and hackers. All it takes is one click by an employee on an email that looks like it came from you to turn your business upside down. It’s important to understand your company’s exposure. If you do business online, use cloud computing services or maintain sensitive data about your clients digitally you have a greater risk of exposure.

You may consider yourself not as an attractive target as a multinational corporation or government agency, but hackers are increasingly targeting small businesses. This puts everyone at risk.

What Is Cyber Coverage?

Cyber Insurance is a specialized coverage that addresses the risks specifically associated with the internet. It is designed to protect businesses and individuals from losses such as data breaches, ransomware attacks (more formally known as denial of service attacks) and hacking, and on the liability side a failure on your part to properly secure your client’s confidential information.

Some items generally covered by a cyber insurance policy include the following:

  • Liability claims: this covers the cost of legal fees, fines and penalties, the cost of forensic investigations, and court-ordered awards or settlements. This is if your business is found liable for security breaches and privacy loss suffered by customers and other parties who entrust their data with you.
  • Crisis management: a cyber policy also allocates financial resources to help you communicate security breaches and network interruptions to clients, and in the process, recover from the PR fallout of these service disruptions to save your reputation.
  • Customer notification, support, and monitoring: this covers the cost of notifying affected customers according to compliance standards and providing the required support to restore their data.
  • Hacker damage: restore or reconstruct data and management systems damaged during a hack or breach.
  • Business interruption: recover lost profits and leverage financial support for fixed expenses incurred throughout the breach and restoration of data management systems.
  • Cyber extortion: covers the cost of a ransom demand for illegal threats to shut down your system through denial of service attack or disclosure of private personal information.

Ask Our Brokers

At Archway Insurance, our brokers are here to help protect your business from the damage of reputational and business loss due to cyber risks. We understand that even the most cautious client cannot eliminate any potential for exposure to online crimes. Our brokers will help you navigate through the different options available for cyber insurance, to help you choose the product that’s right for your business. We’re here to ensure you won’t lose a customer or valued partnership in the fallout of a cyber attack.

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