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Cyber Insurance

Business
Cyber Insurance

For more info, contact

Tim Tokrud

Director of Commercial Lines

Karen Benell

Account Executive

While cyber insurance is relatively new to the insurance world, it’s showing no signs of disappearing. This is because data is everywhere, and much of it is confidential or sensitive. Personal or business information breaches can be incredibly damaging and costly. If your business or organization has sensitive commercial or personal information that resides online or communication methods that transfer that information digitally, cyber insurance is imperative.

Going through the cyber insurance application process can help identify risks and exposures.

Be prepared, the application process for cyber insurance is both detailed and exhaustive. Working with your local insurance broker that understands your business, and your opportunities for cyber exposures helps you navigate the application process as a team. Taking into account the risks from IT and HR and finance to marketing, legal, and your board of directors, we work with you and your team to ensure we are thoroughly assessing your risks and outlining a complete picture in your application.

Types of Cyber Attacks:

  • Phishing
  • Malware
  • Man-in-the-Middle Attacks (MITM)
  • Denial of Service Attack (DoS)
  • SQL Injected Attack
  • Cross-Site Scripting (XSS)
  • Rogue Security Software
  • Drive-By Downloads
  • Password Attacks

FAQ

Do I need cyber insurance?

If you have a website and/or email address that can be found publicly, it can likely be manipulated by the outside world, which means you would want to consider cyber coverage.

In today’s increasingly digital world, most if not all businesses have cyber exposure. If you have questions about the cyber risks to your business connect with us.

How do I get cyber coverage?

Filling in an application with us. We can submit it to insurance companies who do a “soft hack” of your system.

This allows us to get a report from the insurance providers on your vulnerabilities. Then either they provide a quote with those risks in mind or the report provides a road map to help you secure your system to then apply for coverage again when updated.

What does cyber insurance cover?

Cyber insurance can include coverages like:

  • Computer attacks
  • Cyber extortion
  • Identity recovery
  • Data compromise liability
  • Network security liability
  • Electronic media liability

Is it worth having cyber coverage?

Yes.

For example, we’ve had clients who have experienced push payments, where either there is a hack to disrupt the flow of payments or false requests for payments transferred to third parties. These cyber incidents happen. Everyone thinks it will not impact them until it does. There have been so many examples of ransomware and cyber leaks, it can happen to anyone. Cyber coverage is there to be the peace of mind just in case while keeping your data secure and in your hands.

My team works from home (WFH), does it impact my cyber coverage?

It may.

Increased WFH has had a huge impact on cyber insurance in Ontario. Depending on your security measures in place, your current cyber coverage may not apply, or finding coverage may be more difficult. If you have a remote team, connect with your local broker to discuss your options for coverage.

How do I know if I have cyber risks?

If you answer yes to any of the following questions.

  1. Do you maintain lists of information such as clients, mailing lists, etc.?  If a non-profit, fundraisers, sponsors, etc.?
  2. Do you maintain sensitive information such as employee SIN numbers, home addresses, contact information, health information?
  3. What information would be compromised if you lost your mobile phone or laptop?  What if an employee lost theirs?
  4. Do you take and process, or keep credit card information?
  5. Do you store your own financial information, or others, on your computers?
  6. Do you use a cloud storage solution for your data, and client information?

If you do, connect with us. We will help you determine the best coverage for your cyber risks.


Protect your data.


Smart home, smart hackers.

Have you thought about cyber coverage at home? In an age where technology can turn the lights on and off in our homes, it makes us need to assess the need for cyber insurance on the personal lines side as well.

Read more about this type of coverage in our recent blog.

Questions about cyber coverage at home? Connect with us!

Get in touch
Get in touch
Get in touch
Complete the form to connect with your local Gifford Carr broker to get a detailed quote. Trust us to ensure you are protected. So you can focus on what matters.



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        Contact our team
        Contact our team
        Contact our team
        Complete the form to connect with your local Gifford Carr broker to get a detailed quote. Trust us to ensure you are protected. So you can focus on what matters.





          Computer attack

          Computer attack

          Coverage for your data.

          Icon Computer
          Icon Computer

          This coverage can help pay for the costs to replace and restore your data and systems as a result of hacking, virus or malware and/or a denial-of-service incident.

          Cyber extortion

          Cyber extortion

          Coverage for the negotiations and investigations of cyber extorsion.

          Icon Computer
          Icon Computer

          This coverage can help reimburse the costs of a negotiator or investigator to facilitate and/or resolve a cyber extortion threat.

          Identity recovery

          Identity recovery

          Protect your identity.

          Icon Computer
          Icon Computer

          Coverage that can help pay for expenses to recover after an identity theft incident, including case management services.

          Data compromise liability

          Data compromise liability

          Protection from the fall out of a data breach.

          Icon Computer
          Icon Computer

          Coverage that can help mitigate costs for defence and settlement if you’re sued because of a breach of personal information.

          Network security liability

          Network security liability

          If there’s a failure in your network protection plan, this can help.

          Icon Computer
          Icon Computer

          Coverage that helps pay for defence and settlement costs if you’re sued because of a failure in your system’s security.

          Electronic media liability

          Electronic media liability

          Protecting your online content.

          Icon Computer
          Icon Computer

          Coverage that can help pay for defence and settlement costs if you’re sued for posting information on your website that results in the infringement, defamation, or a violation of the right to privacy.