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Cyber liability insurance can’t stop online criminals but it is an important part of your business recovery plan when you suffer a cyber breach. With most businesses now working from home due to the COVID-19 pandemic, the risk of leaking sensitive client and business data is even greater.
When it comes to cyber crime, there are the high profile hacking attacks on companies like Equifax and Home Depot which dominate the news cycle for months. Then there are the thousands more every day that happens to individuals and businesses of all sizes that you don’t hear about.
Collectively, Accenture and the Ponemon Institute estimate that cyber crime costs Canadian businesses an average of $12 million each! And according to that same piece of research, companies recorded an average of 75 cyber attacks in 2018.