Cyber Liability Insurance2018-11-29T22:40:46+00:00

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 paties.

Cyber Liability Insurance protects businesses against these risks.

Join thousands of Canadian businesses that are already protected!

Cyber Liability Insurance

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.

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.

What Does Cyber Liability Insurance Cover?

There are two major types of cyber liability or cybersecurity insurance coverage:

  • First-party insurance provides coverage for direct costs associated with responding to the failure and managing the incident.
  • Third-party insurance provides coverage for lawsuits or claims that come as a result of a cyber incident.

Cyber Liability Insurance can cover the following:

  • Breach Assessment & Repair
  • Reputation Management and hiring a PR or crisis management firm
  • 3rd party legal fees & settlements
  • Regulatory fines your company could be ordered to pay

What is Not Covered?

It is quite important to understand whether you need to add on extra cyber liability insurance coverage.

Below are some add-ons you might want to consider:

1. Acts and/or omissions of third parties: Coverage in the event that a claim arises because of the actions of one of your vendors.

2. Data Restoration Costs: If you manage large amounts of sensitive data, consider adding this coverage.

3. Failure to protect data: This coverage would protect you in case a lost laptop or USB key results in the release of sensitive data.

4. Regulatory fines and penalties: A significant breach could result in regulatory investigations, fines or penalties.

5. Business interruption coverage: Can cover the loss of revenue as a result a data breach.

Talk to us about which cybersecurity insurance coverages are right for your business.

Who needs Cyber Liability 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 Cyber Liability Insurance?

The cost of a Cyber Liability policy varies according to factors such as:

  • Industry
  • 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.

Get a free Cyber liability quote right here. It’s quick and easy!

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What our customers say about us

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Zensurance has been the easiest company I’ve ever received insurance from. Simple, painless and responsive, look no further than Zensurance for your company’s insurance needs.

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Chris Chan, Dwello
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The Zensurance team was responsive, professional, and knowledgeable. Zensurance knew exactly what we were asking for after a few minutes on the phone. I would highly recommend them for liability insurance especially if you’re not sure what you need to protect your business.

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Melissa Kwan, Spacio
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The Zensurance transparent customer experience helped me identify and hedge dynamic operating risks.

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