Cyber Security Liability
Small to mid size organizations are increasing relying on networks, cloud technology and computing systems to operate business in Canada. However, this may expose a company to new and emerging cyber threats. Media attention towards cyber breaches has increased significantly over the past five years focusing the importance of network, data security and privacy systems and risk transfer to protect branding and reputation. It is not a matter of if, but when your business will be a target of hackers, trojans, ransom ware or data distribution of private and confidential information.
A data breach to your organization could be financially damaging including costs related to first and third party costs, branding and reputation damage, legal costs and notification expenses to your customers.
Risk Management for Cyber Security Threats
Our risk management team can develop a tailored a program to mitigate exposures and enhance your cyber insurance coverage to ensure you are appropriately protected.
Summary of coverages that may be available:
- Cyber response expense
- Computer attack
- Breach of personal data
- Business interruption
- Hacker damage
- Cyber extortion
- Third party coverage
- Network security liability
- Ransom demand negotiations
Data Compromise Coverage-Cyber Defense and Liability
- Electronic theft
- Denial of service (DOS) attacks
- Ransom demands
- Physical theft of electronic data
- Physical theft of hard copy files
- Procedural errors
- Inadvertent employee or contractor error
- Injection of SQL
- Malicious insider
- Lost, stolen or hijacked device
With the amendment of Bill S-4 in Canada small and medium sized enterprises can not afford to be without proper cyber security insurance. Call in the experts at Reliance Insurance to help with a Risk Assessment tailored to your company and operations.