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cyber liability

A breach or hack in electronic data can incur costly expenses for your organization. Mitigate risks and safeguard your business from cyber crime with Cyber Liability Insurance. Protect yourself from potential digital vulnerability while handling sensitive data and technology systems.

Call 416.528.8305 for any questions about Cyber Liability.

Protect your business with cyber liability insurance in Ontario

Cyber liability insurance, also known as cyber risk insurance or cyber insurance, protects businesses that digitally handle sensitive information or electronic devices. This type of coverage will protect your business from claims arising from failure to secure private data or network. Examples include mishandling ownership information and financial statements.

If you have any form of data in your possession that could cause damages if it’s leaked, you need Cyber Liability Insurance coverage. Rest assured knowing that you can focus on excelling at what you do best while we use our expertise to protect your business. 

learn more about cyber liability insurance

Any businesses in this day and age will likely need cyber insurance. Nowadays, business operations incorporate more digital elements like online transactions or the use of cloud storage. In doing so, they become more exposed to digital threats.

You may not realize it, but you have more digital assets than you think. This includes:
  • Media files
  • Financial statements
  • Customer or client data, like credit card information
  • Intellectual property (IP)
  • Employee records
Cyber Liability coverage helps you protect yourself from the immediate and long-term consequences of unfortunate incidences. Besides losing information due to cyber crime, it might take you days or even months to get your business back on track. Cyber insurance can pay to help you recover this data and even compensate you for lost income during this time.

Unlike your traditional insurance policy, Cyber Liability Insurance considers new and unique risks that come with the nature of modern businesses. While it may not prevent cyber crimes, it can act as a safety net in your recovery plan against security breaches.
You need Cyber Liability coverage for your daily business operations if it involves:
  • Storing sensitive information from your client or other parties
  • Using electronic devices (phones, laptops, hard drives) and cloud systems for data storage
  • Providing products or services online
A common misconception about this type of insurance is that you are not at risk as long as you you do not own a huge company. However, that is simply not true. Cyber crime can take place across all industries and everyone, including small and mid-size businesses, are equally vulnerable.

Numerous types of businesses of any size in many fields can benefit from Cyber Liability insurance, including:
  • Information Technology (IT)
  • Accountants
  • Trucking Services
  • Website Designers
  • Manufacturing
  • Administrative Services
  • Law Firms
  • Construction
  • Retail
  • Non-Profit
  • and more
We can customize coverages for you if you do not fall into one of these categories. If you are unsure whether you need this insurance, get in touch with us at 416.528.8305 for a consultation. We are more than happy to discuss your specific needs.
Cyber liability insurance includes coverage for expenses incurred by first parties (you) and claims from third parties (others). First-party coverage covers expenses covers damages as a direct result of a breach. On the other hand, third-party coverage covers damages or legal costs for businesses that are compromised by cyberattacks. Cyber policies provide a range of coverages suited to your specific needs. Some coverages are automatically included, while others are optional. The following are coverages that may be included in a Cyber Liability Insurance:

First Party coverages
  • Loss or damage to data
  • Loss of income
  • Cyber extortion
  • Business interruption and extra expenses
  • Notification costs and credit monitoring
  • Reputation management and PR
Third-Party coverages
  • Out-out-court settlements
  • Legal and civil damages
  • Privacy regulation claims
It’s also in the insurer’s best interest that you avoid an incident so many of the best ones will offer training to employees and access to cyber security tools to mitigate risk.
The premium depends on many variables related to your business. The following factors help determine how much premium you can expect to pay for your coverages:
  • The industry and services you provide
  • Amount and sensitivity of data
  • Level and type of risk exposure
  • Size of your company
  • Annual revenue
  • Policy Terms
Every business is unique. If you have any questions about the specifics of this type of insurance, give us a call
Common cyber exposures and risks that your business can face include:
  • Malware, ransomware, denial of service
  • Social engineering or phishing
  • Hacking
  • Privacy risks
  • Operational disruption
​ Traditional insurance policies such as commercial general liability do not cover cyber exposures. Cyber risks and exposures are complex and unique depending on the nature of each business. For this reason, Cyber Liability is its own specialty coverage that is designed to handle digital aspects of businesses.
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