Does Your Business Need Cyber Insurance?

With the COVID-19 pandemic resulting in a shift to work-from-home culture, companies faced many challenges. Some of these challenges included cybersecurity incidents such as phishing, ransomware, and social engineering as the reigning champions of reported incidents. This was a data and security nightmare for many organizations as they were left with a great exposure to the hacking world of professionals, resulting in direct and indirect loses.

Our partner, Coalition Insurance, explains in recent findings, “the range in losses for ransomware attacks is noteworthy. According to the DBIR, the median amount was $11,150 while the range in losses for 95% of the cases fell between $70 and $1.2 million.”

These stats come with huge disparity and would make any business owner nervous.

Direct losses are not the only cost associated with a cybersecurity incident or breach. Digital Forensics and Incident Response (DFIR), legal counsel, fees, and reputation damage all factor into the total losses to the affected business. But did you know that Cyber Insurance can help your organization recover financially and operationally after a cybersecurity breach. Are you curious to know how Cyber Insurance can benefit your business?

Sounds like you are ready to learn more about our Cyber & Technology Liability Policy. Let’s dive into some of the details  that would be covered.

You can get coverage for nearly anything and everything that relates to cyber incidents and technology failures, including:

  • Stolen funds
  • Lost business income
  • Breach response costs
  • Cyber extortion
  • Computer replacement
  • Bodily injury
  • Pollution damage
  • Reputation repair

Today, as more companies acknowledge the very real threat of hackers, cyberterrorists, and even internal security breaches, they seek clearer policies with specific wording that protects valuable company data. Cyber Insurance like our Cyber & Technology Liability Policy, can help identify these clear policies and protect your business from the cybersecurity threats. If you are unsure about how your company might be at risk, our partners at Coalition Insurance have a risk assessment slider to help give you a general idea of the potential impact on your business.

Interested in this product offering?

Here are some of the highlights:

  • Cybersecurity platform includes 24/7 monitoring, employee training and security services
  • Comprehensive policy that covers more risks
  • Risk management tools for every single policyholder
  • In-house breach response and forensics
  • 24/7 claims
  • Third Party and First Party Coverages available

Contact one of our specialized brokers today to see how our team can help you protect the value of your business with the most comprehensive cyber insurance available. 

Want to learn more about cyber liability? Head to our blog: 3 Little Known Facts About Cyber Liability Insurance in Ontario.