Defend and Protect: Data Breach & Cyber Insurance
Are you looking for cyber or data breach insurance policy that safeguards your finances in the event your business data and business systems are compromised? We help you find a comprehensive policy that bolsters your organization.
Cyber and Data Breach Insurance
Protecting your business from malware, phishing and other system attacks can be like guesswork if you do not have an extensive cyber or data breach insurance policy in place. Preventative measures are essential but an insurance policy plan can help you pay for services after a cyber-attack so you can get back to doing business quickly.
What is Data Breach Insurance?
Data breach insurance protects your business data from damage and takes care of notification costs that could plague your long-term business operations.
What is Covered Under a Data Breach Insurance Policy?
A data breach insurance policy may include two fundamental coverages in most industries, data compromise and computer attack coverage
Data Compromise:
If your data is lost or compromised, this insurance option may include notification costs and legal fees to get you back in business or in good standing.
Computer Attack:
The most common cyber-attacks are malware and phishing (fraudulent emails), which are intentional attacks on your computer systems or network. This insurance coverage helps you recoup the costs of the attack and to notify clients, if necessary.
Secure Cyber Insurance in Canada
Many companies fail to protect themselves from cyber-attack risks. In fact, a 2019 IBC survey found that almost 50% of small business owners do not allocate sufficient financial resources to cybersecurity. A broad cyber insurance policy defends your business from financial demise in the wake of cybercrime.
What is Cyber Insurance?
Cyber insurance is protection against your business systems being hacked or breached by people outside your organization. If you deal with customers, you know their personal information is sacred. Phishing and malware can steal that data and break trust between you and your customers. Cyber insurance covers costs to repair, contain, and deal with client notification costs and legal fees.
What is Covered Under a Cyber Insurance Policy?
Below are common costs typically covered under a cyber insurance policy.
- Incident Response Costs:
Costs associated with an incident response team after a cyber-attack.
- Damage & Restoration Costs (systems):
Cost to restore and/or repair business systems after an attack.
- Business Interruption (systems):
Expenses for a system outage caused by malware, DDos, or other attack.
- Social Engineering:
Coverage for employees duped into sharing computer access or funds to a bank account outside the organization.
Why Choose Rhodes & Williams Insurance?
In Business for almost 90 years.
In Business for almost 90 years.As an independently owned brokerage, we take care of our clients at every stage of the insurance journey, from the initial connection to the completion of each customer’s request, on time.
Hands-on Insurance Services.
Hands-on Insurance Services.We have a team of committed brokers, which allows us to be the go-to insurance brokerage in major cities in Canada. We provide impeccable service so you can go on with your life with your insurance needs taken care of.
Trusted by Many.
Trusted by Many.Whether you need home, car, business, or recreational insurance in Canada – we have your back. See our Testimonials for proof of exceptional service.
FAQs
There is a wide range of premiums for a cyber insurance policy in Canada, and they depend on many factors. Generally, a stand-alone policy is much more expensive than an add-on to your professional liability insurance policy. The cost for a stand-alone policy may cost between $750 to $1K per year. while an add-on to your professional liability policy may cost you approximately $100-$200 per year.
There are many things that could affect your premium under a cyber insurance policy, including your business size, industry, employee number, location, employee training on cyber security, data and computer systems in place, and more.
Cyber insurance covers costs from common attacks, including malware and phishing in your business only, while data breach insurance deals with costs associated with data breaches internally and externally, including notification costs to reach customers.
A cyber insurance policy will likely NOT cover hacking or data breaches from internal employees and other staff, power failure and surges that affect your data and computer systems, and patent/IPO infringement.