In this increasingly digital age, the threat of having a cyber liability breach to your business is very possible. It is important that you are aware of Cyber Liability insurance coverage available to you, which helps reduce your business’s risk.
Any privacy breach, be it theft, loss, or unauthorized access to confidential digital files can have devastating repercussions for your business. For example, a cyber breach may compromise your reputation and financial position; this is why having Cyber Liability insurance coverage is essential.
In Canada alone, cyber data breaches increased by 29 percent between 2009 to 2010. Having Cyber Liability insurance for your business will provide you with peace of mind knowing if your business is targeted you have coverage in place to help you recover any losses sustained including business interruption.
Cybercrime does not discriminate on where you are located or the size of your company etc. most companies are at risk for a cyber breach and need to take the potential threat seriously.
Each insurance company offers a different version of cyber liability insurance coverage. It is important that you discuss this with your Broker to ensure your coverage best suits your business activity and covers any potential threats to minimize your risk.
We hope you have found this article to be eye-opening and informative on the potential risks of cybercrime and the importance of having cyber liability insurance coverage in place to protect your business. If you have any questions or would like to discuss cyber liability insurance please contact your Youngs Insurance Broker today!
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