Cyber Liability Insurance
When business systems are breached or hacked you can incur costly containment and repair expenses, furthermore, you also run the risk of lawsuits brought on by 3rd parties.
Cyber Liability Insurance protects businesses against these risks.
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What is Cyber Liability Insurance?
If hackers or cybercriminals infiltrate your business network, take over your website, hold data hostage, or steal sensitive client information, you can be held liable for the incident besides having to take care of the recovery costs. Cyber Liability Insurance, also known as Cyber-security Insurance, helps businesses recover from, and manage costs associated with such an event.
As reported in a recent article by PCMag, the average cost for data breach for Canadian businesses was an astounding $4.74 million, hence the importance of a robust Cyber Liability Insurance.
Who needs Cyber Insurance?
Canadian business owners may think they don’t need Cyber Liability coverage unless they are in the tech industry. The reality is that any business is at risk of a cyber attack. If your business handles any of the following, you should consider a cyber liability insurance:
- Customer payment, credit, or bank account information
- Medical information
- Social Insurance Numbers (SIN) or driver’s license numbers
- Customer names, email addresses, phone numbers, and addresses
Retailers, healthcare organizations, and financial service providers are especially at risk because they handle large amounts of sensitive and lucrative client information and because they often lack the technical sophistication to have robust security measures.
Learn more about how to protect your business against cyber attacks.
What is the cost of Cybersecurity Insurance?
The cost of a Cyber Liability policy varies according to factors such as:
- Level of experience in the industry
- Past cyber attacks
- Company size
- Amount of client information being stored
- Security systems in place
- Employee training on cyber security
Cyber insurance starts at $200/year for most companies, but companies holding financial data or healthcare information can expect to spend $1000/year or more.
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Common scenarios where Cyber Insurance is useful
A virus enters your IT system and damages your electronic data, causing your business to screech to a halt. A cyber liability policy will cover the costs of business interruption.
A hacker steals your electronic data and threatens to sell the information unless you pay him to recover the files.
A data breach has left your company with a bad reputation with clients and vendors. A cyber liability policy will cover marketing costs to recover your reputation.
Frequently Asked Questions about Cyber Insurance
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