Why cyber risk is keeping Canadian business leaders awake at night
The best defence is a good offence. This old-school adage rings as true today as it did when it was first penned three centuries ago. Wikipedia cites none other than George Washington as the source for a phrase that’s oft-cited by military and business leaders alike. Specifically, “Washington wrote in 1799: “…make them believe, that offensive operations, often times, is the surest, if not the only (in some cases) means of defence.”1
In the case of cyber risk, having solid defence tactics in place – as well as cyber liability insurance – is an important part of any modern business plan. Hackers keep targeting Canadian business and a recent article in The Globe and Mail highlights why this trend is worrying:
“More than one in five Canadian companies say they were hit by a cyberattack last year, with businesses spending $14-billion on cybersecurity as they confront greater risks in the digital world, according to a new Statistics Canada survey.
The most common suspected motive was an attempt to steal money or demand a ransom payment, according to the survey. Theft of personal or financial information was less typical – less than one-quarter of the cyberattacks – though it was the most cited reason for investing in cybersecurity, StatCan said.”2
Because information is currency to hackers
Small, medium and large sized businesses all face significant downtime and PR issues in the aftermath of a cyber liability event. This is why business leaders search for the best cyber options for their organizations. Here at ALIGNED, we know that better cyber liability coverage also needs to be simple and fast for any business to secure.
We know a good offence can help prevent, manage and respond to cyber risk in your business. This is why we’re proud to deliver cyber liability insurance options for business operations in many industries.
That’s why you can get your cyber liability coverage with us
CIRA (the Canadian Internet Registration Authority) reports that cyber security risk management across Canada isn’t as robust as one might expect. A few eye-opening stats from CIRA.ca: Fall 2018 Cybersecurity Survey Report include:
- “Although 78 per cent were confident in their level of cyber-threat preparedness, 37 per cent didn’t have anti-malware protection installed and a shocking 71 per cent did not have a formal patching policy – exposing these organizations to massive security holes.
- Only 54 per cent of small businesses provide cybersecurity training for their employees even though the most common form of malware seen by our respondents, phishing attacks (42 per cent), directly exploit employees as a point of weakness.
- While 59 per cent of respondents said they stored personal information from customers, only 38 per cent said they were familiar with PIPEDA.”3
This may be because business owners assume their operations are already covered for cyber liability. In fact, it is extremely unlikely that a traditional business liability policy provides comprehensive protection when it comes to most cyber risks. More often than not, CGL policies – aka commercial general liability coverage – explicitly exclude such coverage.
[Good to know.] The current Canadian insurance market offers good value to first-time buyers of cyber liability coverage.
Cyber-related risks are here and growing in scope and scale. Canadian business insurance specifically designed to provide cyber liability coverage is fast, quick and easy to get a quote started for now!
Quickly secure cyber liability coverage for your business
Get started. To get an insurance quote for cyber liability started, you just need to confirm what type of business you want to insure. Once you confirm your industry, we need a few simple details. This includes your name, your contact info, the name of your business and some information such as:
- What is the rough projected annual sales/revenue of the person or organization requesting a quote (estimate is fine)?
- When do you need insurance in place by (for example ASAP, next week or so, just looking for an indication, etc.)?
That’s it to getting a cyber liability business insurance quote started with us!
It’s time to get your business aligned with the best cyber coverage options. Click to get your cyber liability insurance quote started with us now.
Stay informed. Stay vigilant. Read ALIGNED insights.
We’re proud to help our clients understand business insurance. Every day, we share insights about coverages, trends, risks, the insurance marketplace in Canada and more. Business leaders read our growing online library of insurance info and consult directly with ALIGNED brokers to better understand current and emerging coverage options.
We know how important it is to know what’s included and excluded with your commercial insurance coverage. With every industry struggling to keep up with the rapidly changing marketplace, simply bookmarking a website that features current and useful information can give you informed insights when you make business decisions. That’s why, with more than 850 featured insights, the Insurance Info section of our site is the go-to spot for many people who want information about Canadian insurance coverages.
How Do I Get Cyber Insurance?
Protect your business from cybercrime with cyber insurance. The threat of a cyberattack is real. Businesses of all sizes across all industries can fall victim to a hack or breach. Safeguard the financial well-being and customer reputation of your company by investing in cyber liability insurance.
FAQ:
What is Cyber Insurance?
Cyber liability insurance protects against financial losses relating to cybercrimes, such as hacks or breaches of your business’ technology systems and/or customer data. As businesses expand into digital spaces, cyberattacks are becoming more common, leaving companies vulnerable to a wide array of problems. But with cyber liability insurance, you can rest easy knowing that in the event of a cyberattack, you will be protected.
Why is Cyber Insurance Important?
Cyber insurance is important because cybercrime is on the rise, which puts businesses with online systems at risk. Examples of cybercrime among businesses may include hackers taking over your website, holding confidential customer data hostage, stealing sensitive financial information, or infiltrating your business network. In any of these circumstances, cyber insurance can help you pay for the recovery costs.
What does cyber insurance cover?
Cyber insurance policies vary by insurance provider but may include coverage relating to data restoration, legal expenses, notification costs, system business interruption, system damage costs, legal, forensic, and breach management costs, and incident response costs.
Who needs cyber insurance?
Any business that uses a computer or cloud system to store sensitive data ( internal or external), sells software or hardware to clients, and uses computer-linked point-of-sale systems requires cyber insurance. Without it, you run the risk of having to pay out-of-pocket if your system is attacked.
How Can You Protect Your Business from Cyber Security Risks?
The best way to protect your business from cyber security risks is by purchasing cyber insurance. ALIGNED’s team is made up of business insurance experts, any of whom can help you find a great cyber insurance policy. Contact us today to learn more or click here for a free quote.
Source(s): 1 Wikipedia: The best defense is a good offense; 2 The Globe and Mail “More than 1 in 5 businesses hit by cyberattacks last year: Statcan survey”; 3 CIRA.ca: Fall 2018 Cybersecurity Survey Report; Cyber Security and Cybercrime in Canada, 2017 – Statistics Canada
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