Cyber insurance is a type of business insurance that covers a business against cyber security risks. The Cyber insurance can be said to be an extension of business liability coverage
The business risks under this insurance is about the insured technology systems and the customer data.
The fact remains that businesses are moving into the digital space now . So they will be confronted with cybercrime.
This will become very challenging and business owners would need to protect themselves from these cyber-attacks. The thing is that cyber criminals can infiltrate any business network, to control the website, hereby stealing very sensitive client information.
The best way out will be for business to be insured and this is where Cyber insurance comes in to cover for the business if the insured is held liable for the incident and also when the insured have to take care of the recovery costs.
Areas that Cyber insurance covers in Canada
it covers any Incident Response Cost: This is for a cost associated with access to a 24/7 cyber incident response hotline
Cyber insurance protects against legal, Forensic, and Breach Management Costs: This concerns area like credit monitoring, legal advice, notification fees etc
There's also protection against System Damage and Restoration Costs: This is about costs of damaged due to the cyber event.
It covers for costs due to System Business Interruption resulting from a cyber attack.
The business risks under this insurance is about the insured technology systems and the customer data.
The fact remains that businesses are moving into the digital space now . So they will be confronted with cybercrime.
This will become very challenging and business owners would need to protect themselves from these cyber-attacks. The thing is that cyber criminals can infiltrate any business network, to control the website, hereby stealing very sensitive client information.
The best way out will be for business to be insured and this is where Cyber insurance comes in to cover for the business if the insured is held liable for the incident and also when the insured have to take care of the recovery costs.
Areas that Cyber insurance covers in Canada
it covers any Incident Response Cost: This is for a cost associated with access to a 24/7 cyber incident response hotline
Cyber insurance protects against legal, Forensic, and Breach Management Costs: This concerns area like credit monitoring, legal advice, notification fees etc
There's also protection against System Damage and Restoration Costs: This is about costs of damaged due to the cyber event.
It covers for costs due to System Business Interruption resulting from a cyber attack.
