A cyber attack comes in many forms. As a business owner you need to be prepared because cyberattacks or threats can happen at any time to a company of any size or type.
What is a cyberattack?
A cyberattack is an attack or a threat either to steal or damage your data. Data can be in the form of your personal information, or the personal information of your clients, employees, suppliers, third parties, or even trade secrets and confidential information. Cyberattacks also include incidents where there is unauthorized installation of malware, denial of service, information theft, or dubious trading of your client information.
Cyberattacks have increased of late due to a surge in advanced technology, network damages and the tendency of people to work remotely using software, or devices that do not have the required virus protection.
What is the need for cyber insurance?
The need for cyber insurance arises due to increased incidents of cyberattacks and the inadequacy of a traditional business liability insurance plan to cover cyber activity.
In a cyberattack there is no theft of a physical asset, there are no doors, windows or cabinets smashed or broken, yet your business has still been ransacked and data compromised with. Since the majority of insurance companies only offer business insurance policies that cover physical assets, but not virtual property such as data or installed software, the need to create a space that can protect you and your business in the event that your data or network infrastructure is compromised with has never been more important.
What Is cyber insurance?
With more and more businesses growing their digital footprint, it is critical to protect access and data.
Cyber insurance protects your business in the event there is a cyberattack or data breach that breaches privacy and causes damage to you, your clients, or third parties. This includes costs incurred by victims of a cyberattack or breach, system recovery, notification expenses, fines, and lawsuits.
Our team at Beneficial Insurance Solutions offers a variety of Alberta cyber liability insurance policies to protect business of all sizes as a stand-alone policy or attached to your existing business insurance policy. These types of policies protect your business against the following but are not limited to additional coverages specific to your business needs:
- Cyber Liability
- Network Security
- Privacy Breach & Expenses
- Business Interruption Including Reputation Damage
- Loss of Digital Assets
- Ransoms/Threats / Extortion
- Network Recovery
- Payment Card Violations
- Data Breach
Every business is unique and has unique requirements based on the industry, market, size of company, growth expectations, operations and more. It is critical to have the best insurance broker that understands any cyber risks or threats involved so you are protected accurately. Our team at Beneficial Insurance Solutions has extensive experience working with our clients to protect their business against all types of cyberattacks.
Looking for a cyber liability insurance Alberta quote online? Call our team of cyber insurance brokers Alberta today at (403) 250-3121.