Should I insure my business against cyber risks?

Yes, cyber attacks and data breaches are becoming increasingly common in the 21st century. A study from Deloitte shows that the number of stolen records in Canada rose by 4379% between 2015 and 2020.

As remote work becomes more prevalent, this number will only increase. To be honest, it seems to be more of a question of “when” more-so than a question of “if”. To make matters worse, remote working leads to decentralized systems which makes it difficult to respond to data breaches in a timely manner.

Cyber attacks are not small inconveniences. These sophisticated attacks can lead to business disruption, financial losses, and significant damage to your business’ reputation.

If you think that your business is too small for a cyber attack, think again. The vast majority of cyber attacks in Canada are against small and medium sized businesses.

Assurances Simon can help you choose the right insurance policy to diminish the effect a cyber attack will have on your company.

Types of Cyber Attacks

If we’re going to be honest with you, there are too many types of cyber attacks to list! The most common cyber attacks our customers deal with are phishing, DDoS attacks, malware, and ransomware.

Phishing attacks trick users into revealing sensitive information to an attacker pretending to be a trusted organization.

Denial of service attacks, otherwise known as DDoS attacks, work by flooding a server with internet traffic, making it virtually impossible for actual customers to access said website.

Malware is extremely harmful software which will exploit any programmable device, server, or network.

Ransomware is a software that encrypts files and prevents users from accessing them. The software or attacker then demands payment for the recovery of the files. Ransomware is often coupled with phishing links.

What does cyber insurance cover?

● Loss of business income due to a cyber attack and while recovering from one
● Cost of hiring a specialized IT firm to negotiate ransom with cybercriminals
● Cost of paying a ransom to cyber criminals
● Cost of hiring a specialized IT firm to restore your systems to health
● Cost of restoring corrupted data
● Cost of hiring a specialized communications firm (crisis management expenses)
● Cost of legal representation
● And more!

Call 514-881-885 to speak with a member of our Commercial Insurance team about adding cyber insurance coverage to your business.

Are cyber attacks covered under my general liability insurance?

The vast majority of insurance companies require you to add cyber insurance as an add-on to your professional liability insurance. The team at Assurances Simon will determine whether or not your commercial insurance plan covers you for cyber risk.