Whether you are a start-up or an established business, your business is probably at risk. No matter how good their system, every business is prone to digital threats once they go online. And while it can be tempting to place all the onus on IT security, you won’t feel 100% secure unless you also take out insurance against loss of data and reputation.
An Alberta cyber liability insurance can help protect your business from the financial damage suffered as a result of cyberattacks or accidents. But it can be expensive to secure your cyber assets, so it is crucial to find the right insurance cover at a competitive price if you truly want to save money.
What is cyber insurance?
A cyber attack could destroy your company’s reputation overnight and could be highly detrimental to the livelihoods of you and your employees by costing you millions of dollars and forcing you to shut down.
While your first instinct could be to engage in expert cybersecurity advice, it isn’t a silver bullet. Cyber insurance, on the other hand, is designed to protect companies against the high costs involved with data breaches.
Cyber insurance can be surprisingly affordable, especially if you compare the coverage cyber insurance quotes online before buying a policy.
What does cyber insurance cover?
Cyber insurance can help you cover expenses associated with
● Investigation of the crime
● Information that may be lost during the breach
● Restoring hardware or software components that may be damaged
● Potential losses related to loss of income from business premises or equipment
● Managing your business’s reputation
● Claims or legal costs from third parties
An insurance policy also offers coverage in cases where you lose sensitive data through theft and have to employ a team of cyber experts to deal with the problem.
Does your business need cyber liability insurance?
The increasing risk of malware, combined with the threat of leaks – both accidental and malicious – is pushing more companies to invest in cyber insurance. With a cyber policy, you can defend your business against digital threats, minimize liability exposure, and mitigate risk.
If your business deals in any of the following, you might need Alberta cyber liability insurance:
● Online payments (transfer and processing)
● Sensitive customer data, cookies, confidential information
● IT services
As a rule of thumb, it is wise to consider cyber insurance if your business has any kind of online presence – no matter how big or small your business is.
How to find the best Alberta cyber liability insurance quote online
There are two types of cyber insurance coverage: first-party cyber insurance coverage and third-party cyber insurance coverage.
First-party cyber insurance protects the insured from breaches that occur due to errors of commission by the insured, i.e., negligent errors on their part, and/or failures to follow industry best practices and notify individuals whose data may have been compromised.
On the other hand, third-party coverage can ensure the costs incurred due to third-party issues, such as data breaches that occurred on third-party systems.
Some businesses may also decide to purchase additional protection beyond what is legally required of them by the province. Since the costs can add up, comparing quotes online ensures that you will find an insurance plan that meets both of your needs and offers suitable coverage in your desired price range.
Simply answer a few questions and get accurate, fast options from reliable insurance providers. All it takes is 5 minutes for you to compare all available Alberta cyber insurance quotes to protect your business assets. So, you don’t have to wait to mitigate potential cyber threats anymore.