Inarguably, the internet has made our lives easier in countless ways. As it continues to evolve, the advantages it provides small business owners to grow their revenues and companies will increase. But there’s a downside to doing business online: cybercrime.
Unfortunately, cybercrime is as prevalent and broad as the internet itself. No individual or small business is immune from the risk of a cyber-attack or a data breach that exposes your business’s or customers’ confidential information.
A 2023 RBC poll on cybersecurity finds a majority of Canadians (88%) report they’ve experienced an increase in attempts to defraud them, and seven out of 10 (73%) say they were knowingly targeted.
Meanwhile, consultancy EY Canada notes a business’s employees are the weakest link in its cybersecurity defences, with 39% of business owners that responded to its poll saying careless or unaware employees are their top vulnerability to a cyber-attack. Moreover, EY Canada says 63% of Canadian business owners admit their cybersecurity budget is less than 10% of their IT budgets.
That puts the onus on small business owners to prioritize cybersecurity and their protection by enhancing their defences and including cyber insurance in their insurance policies.
What Does Cyber Insurance Cover?
Cyber insurance is an extension of small business liability coverage that you can choose to add to your policy. It provides your organization with financial support if your company suffers damage or loss because of a data breach or cyber-attack.
Our customized solutions are geared toward your business’s or profession’s cyber risks. Following a cyber-related incident, a cyber liability insurance policy can help cover your costs for:
- Repairs and restoration of damaged software systems
- Legal advice
- Crisis management services
- Credit monitoring
- Access to a 24/7 incidence response hotline
- A dedicated team to help you coordinate responding to your affected customers
- Business interruption coverage for losses you suffer due to a system outage
- Social engineering fraud
- Ransomware and other cyber extortions
Does Your Small Business Need Cyber Insurance?
Any contractor, solopreneur, independent professional, or small business owner that uses technology to do business faces legitimate cyber threats.
From phishing attacks and ransomware to fraud to online scams, the number of ways a hacker can infiltrate your network and systems and cause havoc is multiplying exponentially.
The only way to thwart those attacks, reduce risk, and safeguard your assets and data involves preparing an effective cybersecurity plan and including cyber liability insurance in your policy.
Fill out our online application for a free quote. Our friendly, knowledgeable brokers will shop our partner network of over 50 Canadian insurance providers to get the low-cost cyber insurance policy you need and customize it to suit your risks.
If you have questions about cyber liability insurance or any type of business insurance, get in touch with us. We’d be happy to answer your questions and address your concerns.
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