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Does Your Small Business Need Cyber Insurance?

Does Your Small Business Need Cyber Insurance?
…cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.” - Ginni Rometty, Chairperson, President and CEO of IBM

Businesses of all sizes and in all areas of Canada are vulnerable to cyber-attacks, with small businesses becoming a growing target market, largely due to their belief that hackers won’t bother with a small business, a lack of available funds to implement preventative security measures, and their willingness to pay as they haven’t insurance in place.

  • 21% of Canadian businesses reported that they were impacted by cyber security incidents.
  • Approximately 19% of those impacted were classified as “small business”.
  • 54% of affected businesses reported that cyber security incidents prevented their employees from performing normal activities.
  • The average cost of a cyber-attack is $15,000.
Your small business needs cyber insurance if it:

  • Collects personal information
  • Relies on a secure network
  • Stores information in the cloud
  • Is involved in eCommerce
General cyber liability insurance includes:

  • Reimbursement for expenses related to a cyberattack
  • Third party liability insurance which covers your business in the event that a breach affects another business
Other cyber insurance coverage options small business should consider include:

  • Business interruption
  • Privacy liability
  • Data recovery expenses
  • Repair to infected networks and computer systems
  • Legal and forensic investigation costs
  • Crisis management and costs related to notifying affected customers
  • Expenditures resulting from the violation of privacy laws
  • Copyright and trademark infringement
  • Cyber extortion
  • Theft of information storing devices (cell phones, USB drives, laptops, etc.)
When it comes to protecting your business from a data breach, password attack, ransomware or phishing attack, the most important thing is to discuss in detail with an experienced cyber insurance professional all aspects of your business to fully understand your risks, to ensure the appropriate coverage is in place.

Our professionals at EasyInsure are here for your small business’s cyber insurance needs. To begin a conversation, please reach out to us at 1-800-679-2640 or email: