Cyber Liability Service
Cybersecurity breaches are on the rise. A 2019 report by the Canadian Internet Registration Authority (CIRA) revealed the gravity of such incidents. 71% of all organizations surveyed reported having experienced at least one form of cyber security breach within the last year. Unfortunately, projections show increasing attacks and rising cost of each attack.
Despite our best efforts to protect our businesses, it seems like cybercriminals are inventing new and more devious ways to infiltrate business network, hold data hostage, invade websites, or steal sensitive client details. Although the immediate concern after a cybersecurity attack are regarding the cost associated with the attack, there is another bigger issue – the risk of getting sued. Cyber Liability Insurance or Cyber-Security Insurance can help your business with recovery and cover the costs of lawsuits. At Blair Insurance Brokerage, we connect you with Canada’s most reliable Insurers and help you to narrow down the most comprehensive and affordable offering to protect yourself.
Having been in the industry for over 45 years, we have immense experience in Property, Commercial, Automobile and Life Insurance. As a family-run entity, we pride ourselves in offering prime reliability, best-services guarantee, and integrity.
How to Prepare Against and Mitigate Privacy Breaches
Among the best practices you can implement to prepare your company against cyber-attacks include:
- Training employees on basic cybersecurity principles
- Purchasing Cyber Liability coverage
- Providing firewall security for your internet networks
- Backing up important business data
- Regulating access to your business computer systems and networks
- Securing your wireless connections
- Requiring your employees to have individual user accounts
- Limiting employee access to sensitive data or power to install software
- Changing passwords regularly
Why Cyber Liability Service is Essential
Your company has a legal obligation to protect your clients’ sensitive personal data. Therefore, it is essential to the health of your business to understand the severity of this risk and to obtain proper coverage against these risks.
Having cyber liability coverage protects your business from experiencing grave losses after privacy breaches. Depending on the coverage you select, the following costs can be included in your policy:
- Legal Defense Expenses
- Cyber Investigation Expenses
- Data Restoration Expenses
- Regulatory Fines & Penalties
- Credit Monitoring
- Extortion Expense
- Business Interruption Coverage
- System Damage Expenses
- PR/Crisis Management Expenses
- Notification Expenses
Types of Cyber Security Coverage
There are two forms of cybersecurity or cyber liability insurance coverage:
- First-party Insurance: This package offers coverage for all costs linked to failure to respond or manage the cyber-attack.
- Third-party Insurance: This package offers coverage for all claims or lawsuits that result from a cyber-attack.
At Blair Insurance Brokerage, we align you with the best package suitable for your business. As a trustworthy insurance brokerage since 1978, we have a team of highly skilled, knowledgeable, and dedicated professionals offering unbiased guidance.
Insurance and risk management are essential to protecting your business. Give us a call today to speak to one of our experts about Cyber Liability protection or your business. Also, check out our quotes to make a plan to protect your business.