Newfoundland Cyber Liability Insurance
The Privacy Commission of Canada reports that over 500 million Canadian business data records have been stolen or compromised? Those records include company financial reports and private information on clients and customers. It's not uncommon to hear in the news of a data breach. Unfortunately these stories are becoming more and more frequent. Whether you are a large multinational company or a small local enterprise, storing data electronically exposes your organization to risk. Insurance coverage for cyber liability is no longer a luxury, it is a necessity for your business.
Security breaches are affecting every type of business that keeps records. Why? Because, information has become the new "gold" of the Twenty First Century. Data is used for all kinds of fraud and it is costing billions of dollars. Protecting your business's data with firewalls and the latest in antivirus security measures is not enough. Almost any data system can be compromised under the right circumstances. As technology continues to advance, you need protection. Investing in Cyber Liability Insurance is the best way to mitigate your electronic data exposure.
If your data system is breached, many of your customers could be victims of fraud and identity theft. If this data breach is traced back to your company, you will be responsible for damages. You could be sued for millions of dollars and your business reputation may be ruined. This can happen to just about any kind of business that keeps a data base of customer or financial information. That is why you must have Cyber Risk Insurance if you want to cover your important risk factors.
What is Cyber Risk Coverage?
Cyber refers to digital information on computers, computer systems, and hard drives that can be accessed from the World Wide Web or via private networks. Insurance protects you from the many things that can happen once your data has been compromised.
Who Needs Cyber Coverage?
Do you run a business? Do you keep track of your records with computers? Any company that keeps records digitally is vulnerable. It doesn't have to happen over the Internet. A dishonest employee may decide to use customer records to commit fraud. A laptop or tablet computer could be stolen. There are so many ways that data can be compromised, just about every kind of business is at risk, and Cyber Liability Insurance is there to protect you.
Standard Cyber Coverage
Cyber Insurance should have some basic features and also options that are unique to your business or clientele. For example, you should have:
- Data Breach Repair Costs (repair physical damage from hackers, legal fees and notification of customers and the proper authorities
- Business Losses (protects in cases of data theft, which can cost thousands of dollars, and costs involved with network security once it has been compromised)
- Third Party Liability Insurance (coverage for liability if compromised data affects other businesses or individuals)
- Coverage For Penalties And Fines (coverage for fines from government organizations and payment card processing centers if data security has been breached).
Cyber Risk Insurance Options
You may need several insurance options to be fully protected, such as:
- Cyber extortion- (can also extend to protect your IT department)
- Event management
- Reputation management
- Privacy and security liability
- Third party data protection
- Forensic and investigation costs
- Data restoration
- Crisis management
- Business interruption and loss of income
- Legal costs for liability issues like copyright infringement, invasion of privacy, and character defamation
Finding the Right Cyber Insurance
When it comes to cyber coverage, experience matters and you can depend on the professionals at Crosbie Job Insurance Ltd. There's a reason we've have been around since the 1850s, we know how to adapt. Crosbie Job Insurance Ltd is a leading commercial insurance broker with access to underwriters all over the world. We can find you the best Cyber Liability Insurance solution to protect you and your business.
Don't get locked in on one insurer, as an independent broker we will shop your business. We will compare offers from many different companies and provide you with a customized insurance policy. This ensures that all your cyber risk factors are covered.
To find out more on Cyber Risk Insurance, simply fill out our Protection Savings Quote Form and one of our professional commercial representatives will contact you to discuss a policy that suits your needs. You will be able to sleep easy knowing that We've Got You Covered!