Lately, network security breaches and cyberattacks have become more and more common. Did you know that Statistics Canada compiled data from nearly every police organization in the country and discovered that in 2018 there were 7,727 victims and 32,968 separate cases of cybercrime? Companies, regardless of their size or industry, are susceptible to data loss, viruses, network damages, information theft, and more digital threats. It’s important to note that your traditional commercial insurance policy will not cover your business for these types of risks which is why you need a specialized insurance program to guarantee privacy breach coverage.
As the “modern crime”, cyberattacks can put businesses in some serious hot water. Cyber insurance is one of the best ways to protect your firm against these threats.
There is no enterprise that is totally immune to the debilitating impact of cybercrime. Commonly, media will report on privacy breaches that impact renowned businesses that are much larger than your run-of-the-mill retail company, but 56% of cyber incidents are actually targeted towards small businesses. Thankfully, EasyCover is here with a solution. Our cyber insurance policy covers Privacy Liability and Network Security Liability that will help secure you should your network infrastructure and/or business data become compromised.
The Significance of Network Security and Privacy Liability Insurance
No matter whether the organization that you run is a regional company, a massive, multi-million dollar enterprise or even a home-based business, the threat of cybercrime is very much real. Increasingly so in recent years, cyber threats have become a jarring reality for many businesses in Canada. Everyone and everything is online. Our clients, their data, crucial business information, important files, information, and more – so what would be the consequence if your business suffered a privacy breach? Insurance is the best way to ensure that your business is covered from any potential risks.
Many organizations are at risk of cybercrime threats, but businesses make up 84% of that total. With technology constantly evolving, there are many ways a business can be exposed to risks. One of the biggest ways to mitigate this is by practicing proper network security. Liability claims may still happen despite our best efforts, however – which is where privacy liability insurance comes into play. Cyber insurance in Canada is absolutely essential to guaranteeing security against the massive costs that come with lawsuits resulting from privacy breaches. No system is 100% failsafe, after all. Get privacy breach insurance with EasyCover and have peace of mind in knowing that if something occurs, we can help your business post-attack and maintain your operation’s financial stability.
Click To View LimitsWhat Does EasyCover’s Cyber Liability Coverage Offer?
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Privacy Liability Insurance:
This coverage may protect your enterprise from damages that you are legally responsible for and obligated to pay to third-parties as a consequence of a security breach that caused your company’s failure to secure confidential or private data.
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Network Security Liability:
This coverage may help protect your business from having to pay the full cost of damages you are legally responsible for paying to third parties as a result of your network’s failure to prevent the spread of computer viruses or the breach of a hacker.
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Network Security and Privacy Breach Costs:
This coverage may cover your business from the necessary and reasonable costs (such as a vendor or client notification costs and credit or identity monitoring that is associated with your business’ response to a data breach or cyberattack). This can involve the expenses of forensics, attorneys, and public relations experts, as well as possibly any other related services or expenses defined by your policy.
Cyber Liability Insurance and Risk Management
When it comes to the risk of a potential privacy breach, insurance is just one of many important methods of managing your business’ exposure to digital threats. Of course, it is a good (and crucial) start, but there are many ways to manage your business’ risks. Here are a few ways to bolster your company’s cybersecurity:
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- Find a reputable provider and install a firewall for your business’ network and computers.
- Install anti-virus software and virtual data monitoring tools. Utilize procedures which can help your company to review its electronic threats.
- If a breach happens despite your best efforts, ensure that you create an incident report to prevent future incidents and track your losses.
- Regularly encourage your staff and team members to practice proper password etiquette and go over the importance of cyber risk management.
- Make account security a part of your business’ staff orientation.
- Ensure that your business’ important information (such as data it cannot afford to lose, client information and confidential documents) is all backed up on a cloud-based storage system.
Our experts at EasyCover are happy to help work with you and your business to ensure that you have the best risk management procedures and practices possible. We can review your company close-up to determine what exposures your scope of work faces so that you can be prepared for whatever issues may come your way.
We Secure Your Business as Network Security Liability Experts
It takes a lot of work to build up a business and a lot of dedication still to keep your operations ongoing for years to come. A cybercrime incident can tear down all your efforts in an instant, which is why you are going to want to secure your business with the right cyber risk insurance program. EasyCover’s insurance brokers are licensed professionals who are willing to help you compare your cyber insurance options so that you are guaranteed the best coverage for the right price.
We are also risk assessment professionals and will review your business for you to identify your cyber insurance risks based on your operations and tailor a customized solution to guarantee that your firm is properly secured.
The experts here at EasyCover are regularly trained and educated on the latest business cyber risk insurance products and innovative industry developments.
You don’t want to be another company who suffered a privacy breach when they weren’t prepared. Get yourself protected against cybercrime with EasyCover’s cyber risk insurance. Get a free quote today!
