What is cyber insurance?
16, Apr, 2020
Data breaches and other cybercrimes are becoming way too common, and Canada has become a high target country. In the past couple of years, data breaches have resulted in major fines and legal fees across the country – not to mention headaches. Everyone is a target, businesses of all sorts have been attacked; retail stores, banks, professional services operations and organizations of all sorts have been victims.
Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
A data breach can damage more than just your computer system – it also can damage your reputation and put your customers, yourself and your customers at risk. That's why cyber insurance can be a smart precaution for any size business.
What is cyber insurance?
Cyber insurance generally covers your business in case of a data breach involving sensitive customer information, such as SIN numbers, credit card information, account numbers, driver's license numbers and health records. It also helps restore the damaged equipment and resolve the situation.
Won’t my general liability policy (CGL) cover cyber liability?
General liability insurance covers bodily injuries and property damage resulting from your services or day to day operations. Cyber insurance is often excluded from a general liability policy.
What does cyber insurance cover?
Besides legal fees and expenses incurred, cyber insurance is designed to help with:
- Notifying customers and authorities about a data breach
- Restoring personal identities of affected customers
- Recovering compromised data
- Repairing damaged computer systems
The government now require companies to notify customers of a data breach involving personally identifiable information. In some cases, the victims are also required to compensate those who have been breached – a process that can be very expensive.
Cyber insurance from ASET
ASET, through the Technologists Office Insurance Program offers cyber security coverages and services to all ASET Members.
The Technologists Office Protection Program
Designed specifically for Technologists, closely with ASET, the Technologists Office Protection Program (TOPP) provides comprehensive coverage in the event of damage plus a number of value-added coverages including:
- Cyber risk
- Damage to computers and electronic media
- Loss or damage to valuable documents
- Crime coverage including fraud
- Employee theft
- Umbrella coverage bodily injury, property damage, personal and advertising injury
Safeguard your business against cyber liability claims today. If you’re buying a small business insurance policy from a company, you’ll want to clarify exactly what your policy covers, and what it doesn’t. The best way to manage your risk and reduce your exposure is by knowing that even if an unfortunate event occurs, you and your business are protected.
Accessing the unique needs of technologists and the professional exposure associated with the industry we have designed the Technologists Office Protection Program and the Technologists Professional Liability Program.