With the increasing threat of a potential cyber breach to your business, it is essential that you are informed and aware of the Cyber Liability insurance coverage available for your business.
Each year, cyber breaches increase in Ontario, making it vital you stay informed of the possible risk.
What is considered a cyber breach?Any privacy breach, be it theft, loss or unauthorized access to confidential digital files are all forms of a cyber breach, and they 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 important.
Is your business vulnerable to a cyber breach?
Unfortunately, cybercrime does not discriminate; neither company size nor location will increase or decrease the likelihood of being targeted. Therefore, we must accept that most companies are at risk for a cyber breach and take the potential threat seriously.
Interesting Fact | Over 40% of all cyber-attacks are against small businesses, as hackers feel they are an easier target. (Source: Gore Mutual)
Options for your businessEach business is unique and depending on each businesses particular risk exposures you have options when it comes to protecting your business. Cyber Liability Insurance is a great option for larger companies, however, for small to medium businesses they may be more inclined to explore Cyber Expense Insurance.
Cyber Expense Insurance is a standalone product, which means you can add it onto your commercial insurance policy as an extension or you can get this insurance through a different insurance company. It does not offer the full coverage that Cyber Liability Insurance does, however, most small to medium businesses would not require that level of coverage, nor would they want to pay the cost associated with that type of coverage.
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 recover any losses sustained including business interruption.
If you would like more information, please contact a Youngs Insurance Broker today!
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