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How Cyber Insurance Can Protect your Company from Breaches

 

Markus Spiske 207946

Everything you wanted to know about Cyber Liability and Privacy Breaches but didn’t ask because you were locked out of your computer.

Almost every day you read on line that cyber-attacks are happening. You may have noticed that you don’t hear about them happening in Canada!  That is likely because there is no mandatory requirement to notify the Privacy Commissioner if your company or business has suffered or been affected by a breach.

What kinds of cyber breaches are happening? Well, everything from denial-of-service attacks, to hackers stealing personal information, to malware attacking your computer system, to financial theft through social engineering methods!

Fires, natural disasters and flooding can definitely impact your businesses operations. However these risks are somewhat “easy” to plan for. A proper business insurance program will address these exposures with the appropriate coverages, but have you considered Cyber Liability Insurance? What would you do if you came in to work to find that your computer system was inoperable because a hacker was holding your system for ransom? This is known as cyber ransom or a denial of service attack. If you have purchased the appropriate Cyber Liability Insurance policy, help may only be one phone call away.

Some Insurance companies have partnered with what they call “Breach Coaches” who will help your company get back in operation as soon as possible. These Breach Coaches have a team of experts available to help identify what type of cyber-attack is happening, and how much information or data is actually being held by the hackers. They could also help secure your system and provide guidance as to how to best avoid or prevent the next hack. If this happened, would you know what to do… or would you find it reassuring to know that an expert was only a phone call away?  If Personal Information has been stolen, the Breach Coaches may help with Crisis Management, Privacy Notification Expenses and other risk responses.

Insurance coverage options are many and varied, each with their own exclusions and coverages.  Talk to a Cyber Insurance Expert today to understand your risks, and protect yourself!

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