What is Cyber Liability Insurance?
Cyber Liability Insurance protects your business from losses or liabilities due to a data breach.
Cyber insurance is not just for large corporations or businesses with e-commerce available on their website. It’s for every business that utilizes the Internet.
Cyber Liability coverage is affordable, flexible, comprehensive and scalable for your business type, size and risk potential. Coverage includes damages for direct losses, such as business interruption and out of pocket expenses, such as coverage for damages as a result of a legal claim.
A 2017 Statistics Canada survey reported that 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.
Protect your business from a possible data breach
- Discuss with your IT person the software and hardware that can best reduce your business’s risk.
- Include potential costs of security upgrades to your business’s financial planning.
- Regularly review your business's risks and potential exposure to threats.
- Discuss your risk and insurance needs with an insurance broker well versed on Cyber Liability Insurance.
Please call us to review your business’s need for Cyber Liability Insurance. We'll help ensure that your business is protected - 519-736-8228.