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Ensure Your Cyber Security ...

Times are rapidly changing and how we communicate and do business has too.

As many of us spend more time at home or have shifted work to home altogether during COVID-19, cybercriminals have upped their game. These days, businesses depend more and more on digital tools and technologies and the importance of safeguarding against cyber risk cannot be overstated. We’ve all seen the news stories of major corporations getting hacked, or even organizations in our own backyard. Any business, no matter how small or large, can be a victim of cybercrime or have a cyber breach and cyber insurance products are the best solution to avoid business interruption.

Cyber liability insurance, also known as cyber insurance, has emerged as a critical tool in mitigating the potentially devastating consequences of cyber threats and cyber risk management. At Orr Insurance & Investment, we offer comprehensive cyber liability insurance solutions and security measures tailored to the unique needs of Canadian businesses.

Question Mark What Is Commercial Cyber Insurance?

Commercial Cyber Insurance is a policy designed to protect a business’ liability for data breaches related to customers’ personal or sensitive business information. Cyber Insurance provides protection and coverage for the security and privacy of digital information and data should your business or organization be a victim of a cyber breach or cyber events.

In Canada, as in many other countries, the digital realm presents various challenges and vulnerabilities that necessitate robust protection. Cyber Insurance Canada serves as a financial safety net, helping businesses recover from the fallout of cyber incidents such as data breaches, cyber-attacks, and any other malicious cyber incident.

Question Mark Who Needs Commercial Cyber Insurance?

Every business can benefit from commercial cyber insurance. If you sell products through e-commerce or maintain electronic customers’ records, you should carry cyber insurance to protect your organization from risk. A breach of the systems containing this personal and commercial information can be extremely time-consuming and costly.

Question Mark What Does It Include?

Cyber Insurance Canada typically covers a wide range of cyber-related risks and expenses. These can include:

Data Breach: In the event of a data breach, where sensitive data is exposed or compromised, cyber insurance can cover the costs of notifying affected parties, data restorationlegal fees, and public relations efforts to manage the fallout.

Cyber Attack: A cyber attack encompasses threats, such as ransomware, malware, as well as phishing scams. Cybersecurity insurance helps businesses recover by covering costs related to system restoration, data recovery, and negotiating with cybercriminals.

Cyber Risk Management: Cyber security insurance providers often offer expert guidance and resources for risk management, helping businesses fortify their cyber defences and reduce the likelihood of incidents.

Incident Response Plan: Having a well-structured incident response plan is critical with respect to a cyber incident. Cyber insurance can support the development and execution of such plans.

Cyber Extortion: If your business becomes a victim of cyber extortion, where criminals demand payment to release your data or systems and identity theft incident cyber insurance can provide financial assistance.

Identity Theft Incident: In cases of identity theft incidents affecting your employees or customers, cyber insurance can cover the associated expenses and provide support for affected individuals.

Question Mark What Are the Risks Associated with Cyber Spaces?

The digital realm is rife with cyber threats with potentially grave consequences.

These risks include:

Data Restoration: Recovering lost or data compromise can be expensive and time-consuming.

Security Breach: Breaches can damage your reputation, undermine consumer confidence and lead to legal action.

Cyber Criminals Infiltrate: Sophisticated cybercriminals constantly evolve their tactics to infiltrate systems.

Sensitive Data: The theft or exposure of sensitive information can result in incidences of identity theft and financial loss.

Cyber Risk: Businesses face ongoing cyber risks that necessitate diligent cyber security measures.

Question Mark How It Will Affect You If You Are Not Insured

Without cyber liability insurance, the financial burden of handling cyber incidents falls squarely on your business. The costs of data recovery, legal expenses, regulatory fines, and reputation management can be overwhelming, potentially leading to financial ruin. Moreover, the loss of customer trust and confidence can have long-lasting consequences.

Coverages To Consider

Data compromise

Data compromise, cyber and privacy breach expenses insurance provides assistance for organizations before and after an event. Educational information is available with tips on preventative measures. Consultation is provided if a breach occurs with a plan on what to do, how and when to notify others and to mitigate public relations issues. There are limited expense reimbursements included to assist with managing the event.  However, these types of options are not actual liability insurance coverage and can often be purchased without actual cyber liability coverage as follows.

Privacy, Cyber, Security Liability Insurance Coverage

This coverage is needed to provide defence and legal liability for damages if the business or organization (the insured) is legally liable for failing to protect confidential information.

Certain Fines And Penalties And Defence Insurance

Some insurance policies may offer coverage for PCI-Payment Card Industry fines and penalties, or defence expenses in the event of a regulatory action regarding a privacy breach

In today’s increasingly technical world, it isn’t so much a matter of if there will be cyber attacks, but when.  There can be various ways to protect your business from cyber-attacks.  To mitigate your risk, contact your Orr Insurance & Investment Broker and find out what options work for you.

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