Minimize risk with Cyber Insurance to fit your business.

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What is Cyber Insurance and Why Do I Need It?

As businesses handle more data in complex ways, the risk of cyber threats has grown with increasing speed and sophistication. Cyber insurance, a part of commercial insurance, helps manage these risks, focusing on data security in the realm of business operations.  

Cybersecurity professionals continually monitor and respond to emerging threats to protect systems and data from compromiseAn Insurance broker can help you assess internal risk provide insight into industry best practices for cyber-security, and recommend cyber coverages that fit your industry and your unique business model

Cyber Insurance is Part of the Overall Security Framework

Accepting the reality of Cyber Security is the first step towards assessing your security, considering the implementation of security training programs, auditing your passwords and authentication methods, activating regular backups of servers and databases, and acquiring a comprehensive Cyber Insurance policy.

Cyber Risks Typically Excluded from Cyber Insurance Coverage:

  • Poor Security Processes
  • Prior Breaches 
  • Human Error 
  • Insider Attacks 
  • Preexisting Vulnerabilities 
  • Technology System Improvements
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Using a password for mobile cybersecurity or a password to confirm login in the online banking application. Cyber security threats. Laptop and smartphone.

Types of Cyber Attacks

A cyber attack refers to any deliberate and malicious attempt to compromise the confidentiality, integrity, or availability of computer systems, networks, or data. These attacks can take various forms and may have different objectives, including:

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Types of Cyber Coverage

A cyber insurance policy is designed to help organizations mitigate the financial impact of a cyberattack or data breachIt typically provides coverage for a variety of expenses and losses associated with such incidents, including: 

Data Protection: Then vs Now

Then: Paper-Based

  • Stored centrally

  • Limited physical access

  • Slow to access archived data

  • Disconnected data stores

Traditional Insurance Protection:

  • Fire
  • Flood
  • Theft
  • Professional Liability
  • Errors & Omissions

Now: Digital

  • Multiple digital copies

  • Distributed access

  • More repositories to secure

  • More opportunities to affect data

Today’s Insurance To Protect Against:

  • Ransomware / Malware
  • Phishing / Social Engineering
  • Data Breaches
  • Denial of Services
  • Regulatory Compliance Gaps

Cyber Attack Case Studies

Request a Cyber Insurance Quote

Whether you have adequate Cyber Insurance or not, we would be happy to have a conversation about how we can help your digital infrastructure remain safe and secure!

Cyber Resources & Articles

Our Location

521 Memorial Ave

Thunder Bay, ON P7B 3Y6

 

1-807-343-9444

[email protected]

Hours of Operation

Monday - Friday: 9am – 5pm

Weekends: Closed

 

Need to make an after hours claim? Visit our emergency claims page.