Cyber Liability Insurance

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Understanding Cyber Insurance Canada with EasyCover.

Cyber Insurance Canada with EasyCover

Cybercrime is becoming more prevalent.

All companies who have an on-line presence or use computers to carry out their business operations, regardless of their size or industry, are susceptible to data loss, viruses, network damages, information theft, and other digital threats. Traditional Commercial General Insurance policies will not cover your business for these types of risks. You need a specialized insurance program for these cyber exposures and threats.

Cyberattacks can put businesses in some serious hot water. Cyber threats can shut down your website or computers, access your confidential information, infect your systems and potentially your clients’ systems, and trick you or your employees into transferring money to a cyber criminal. Cyber insurance is one of the best ways to protect your business against these threats.

There is no enterprise that is immune to the debilitating impact of cybercrime. Media tends to report on privacy breaches that impact renowned, larger businesses. However, according to the 2021 Coalition Cybersecurity Guide, over 43 per cent of cyberattacks target small businesses (source: Global Cyber Alliance).

Fortunately, EasyCover offers a Cyber solution. Our Cyber Insurance policy coverage includes Network Security Liability, Privacy Liability, Network and Data Extortion and Business Interruption Income Loss coverage.

The Significance of Network Security and Privacy Liability Insurance

No matter the size of your company or whether you are the sole employee of your own home-based business, the threat of cybercrime is very real. Increasingly, cyber threats have become a jarring reality for many businesses in Canada. Everyone and everything is potentially online: our clients, their data, crucial business information, important files, and more. Imagine what would happen if your business suffered a privacy breach and clients’ confidential information was accessed or compromised. Could your business afford the costs to stop the breach, replace lost data and information, comply with regulations regarding notifying clients, and deal with potential reputational damage? Insurance is the best way to ensure that your business is covered from these potential risks.

With technology constantly evolving, there are many ways a business can be exposed to cyber risks. Proper network security and internet protocols can mitigate this risk; however, cyber losses may still happen. When cyber criminals access your computer systems and potentially your clients’ confidential information, you could be exposed to privacy liability allegations.

Cyber insurance in Canada is an essential part of a complete business risk management program. Few businesses are able to self-finance costly litigation that could result from privacy breaches or the lost business income when operations are shut-down due to a cyber attack.

Get Cyber Insurance with EasyCover and have peace of mind knowing that if something occurs, we can help get your business back up and running.

What Does EasyCover’s Cyber Liability Coverage Offer?

  • Privacy Liability Insurance

    This coverage may protect your enterprise from damages that you are legally responsible for and obligated to pay to clients or third parties due to a security breach caused by your company’s failure to appropriately secure their confidential or private information.

  • Network Security Liability

    This coverage may help protect your business from having to pay the full cost of damages you are legally responsible for if a computer virus originates from your systems and spreads and harms clients’ or other third party computer systems.

  • Network Security and Privacy Breach Costs

    This coverage may cover your business from such necessary and reasonable costs associated with cybercrime, such as vendor or client notification costs and credit or identity monitoring. This can involve the expenses of forensic experts, lawyers, accountants and public relations experts, as well as possibly any other related services or expenses as defined by your policy.

We Secure Your Business as Network Security Liability Insurance Experts.

We Secure Your Business as Network Security Liability Insurance Experts

It takes a lot of effort to build your business. Cybercrime can wreak havoc on your operations, reputation and bottom line. EasyCover’s insurance brokers are licensed professionals who can help with your cyber insurance options so that you are guaranteed the best coverage for the right price.

Don’t 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!

Cyber Liability Insurance and Risk Management

When it comes to the cybercrime, insurance is an important first step in managing these threats. There are several other important processes a business should consider as prudent risk management practices for cyber security:

  • Find a reputable internet 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, create a comprehensive incident report to assist with prevention of future incidents and track your losses.
  • Regularly encourage your staff and team members to practice proper password security and review the importance of cyber risk management.
  • Make cyber security a part of your regular ongoing staff training.
  • Ensure that all business and client information is regularly backed up on a cloud-based storage system that is out of band and immutable.

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