Organizations of all sizes need to protect themselves against the ever growing and evolving threat of cyber crime. With modern businesses becoming so reliant on digital technologies, most organizations face multiple attempted cyber attacks yearly. A cyber crime is where:
- a computer is the target of the crime
- a computer is used to commit a crime
- evidence is stored primarily on a device in digital format
Regardless of your business, if your organization uses the internet or any type of information technology (IT), it is vulnerable to cyber attacks or breaches. Your organization is not just exposed to attacks by external parties, it’s also exposed to internal threats. Some of the most common breaches come in the form of:
- malware (ransomware, spyware, etc.)
- disgruntled employees
- phishing
- accidental and intentional leaking/sharing of data by staff
- vulnerabilities and flaws in existing software
- network intrusions and hacking
- denial of service, and distributed denial of service
- employee fraud
- loss or theft of computers and mobile devices by staff and external parties
A successful cyber attack can cost your organization thousands of dollars, and in certain cases, millions. Canada is one of the most digitally connected countries in the world, making Canadian organizations and businesses like yours a prime target for hackers. With 89% of Canadian companies relying on use of the internet as part of their business practices, and almost 100% of companies storing data electronically, cyber liability insurance is a necessity for all organizations.
Cyber liability insurance can offer your business coverage for:
- data breaches
- intellectual property rights
- damages to a third-party system
- system failure
- cyber extortion
- business interruption
Our commercial brokers will help you identify areas of exposure for your business, review your current insurance policy to ensure you’re properly covered, and will cross-shop multiple insurance providers to ensure you’re getting the coverage your business needs at the best rates.
For more information, click on the Request a Quote button below or contact our office at 306-373-0663 to speak with one of our experienced commercial brokers.