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:
- 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
Cyber Insurance Solutions
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?
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?
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.
- Do you maintain lists of information such as clients, mailing lists, etc.? If a non-profit, fundraisers, sponsors, etc.?
- Do you maintain sensitive information such as employee SIN numbers, home addresses, contact information, health information?
- What information would be compromised if you lost your mobile phone or laptop? What if an employee lost theirs?
- Do you take and process, or keep credit card information?
- Do you store your own financial information, or others, on your computers?
- 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.