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Did you know?
Frequently asked questions
What is cybercrime?
Cybercrime can take many forms of varying degrees of severity. Cyber criminals are innovative, bold, and creative when it comes to sophisticated malicious acts that endanger the privacy of your company's computer data. Here are a few common examples:
Am I a potential cybercrime victim?
Whether you are a company that uses the internet or computer software as a data storage tool, or you collect confidential or sensitive computer data (from your customers, employees, or business partners), or if even just a portion of your operations are automated, you are certainly a potential target for cybercrime. Unfortunately, no company or individual is immune from a cyber attack, hacking, or data theft that could have significant financial consequences for you and your customers. Cyber criminals attack small, medium, and large-sized businesses alike.
How would cybercrime affect my business?
In the aftermath of a cyber attack, even a temporary disruption in your operations could affect your customers’ trust, leaving a lasting impact on their loyalty towards your business. The negative impact on your company's reputation could be huge and could last for months or even years, causing a significant drop in your turnover that could jeopardize the very survival of your business. According to Intact Insurance, the statistics are clear on this topic: without adequate coverage, 60% of businesses will close their doors within 6 months of a cyber attack.4
What is cyber risk insurance?
Cyber risk insurance was designed to cover financial damages caused by a cyber incident that affects computer data or exploits gaps in the information technology systems used by the business to store and protect its data. Cyber risk insurance is complementary to your property and liability insurance, since risks that affect computer data are typically excluded from other primary insurance policies.
Who is cyber risk insurance for?
Today, businesses increasingly rely on IT and the internet to reach a larger customer base. Your business model has undoubtedly changed in recent years, with the explosion of IT resources and platforms that make life easier for businesses and consumers alike. The potential impact of a cyber incident is therefore becoming a growing concern for every business, regardless of its size. As a business owner, you are responsible for the security and privacy of your customers’ and employees’ personal information. Cyber risk insurance is therefore essential for any business that uses, hosts, or stores confidential, personal, or sensitive data.
Cyber risk insurance coverage
Cyber risk insurance can be tailored to meet your needs. Let us help you assess your business’ risk level, identify the coverage that would apply to your daily operations, and suggest the correct indemnity limits for each type of coverage. We can approach various specialized insurers for products that are best suited to meet your specific needs. Cyber risk insurance typically includes two sections with different coverage elements. The first section covers damage caused to the insured as a result of a cyber event. This section may contain up to 4 elements of coverage, namely:
Crisis management costs, such as costs relating to:
Cyber extortion costs, in particular, the costs incurred by:
Damage to the computer systems, such as costs related to:
Business interruption resulting from a cyber incident, either:
The second section offers coverage for damages caused to third parties as a result of a cyber incident that affected your business. It can contain up to 3 elements of coverage, in particular:
Did you know?
Most people think they are unlikely to become involved in a legal dispute, but an employment issue, faulty goods or a tax issue are actually very common.
Most small business owners are unable to face the cost and complexities of the Canadian legal system without expensive legal help and advice.
For as little as $215 per year, a Legal Expense Insurance policy will allow you to defend or pursue your business’ legal rights and reputation without worrying about the cost and stress involved to resolve the dispute.
With this policy, underwritten by ARAG and available through ASSURART, you would be covered up to $100,000 per claim and $1,000,000 per year for various disputes related to:
The insurance also includes:
For more information: https://www.youtube.com/watch?v=TlxDd_yOOlk&t=23s
To get a quote:
Click here to fill out the application form: (Under Construction)
1 Farrow, Trevor C. W.; Currie, Ab; Aylwin, Nicole; Jacobs, Lesley; Northrup, David; and Moore, Lisa, "Everyday Legal Problems and the Cost of Justice in Canada: Overview Report" (2016). Osgoode Legal Studies Research Paper Series. http://digitalcommons.osgoode.yorku.ca/olsrps/150
2 Bruineman, B., “Steady Optimism – 2019 Legal Fees Survey” (8 avril 2019). Canadian Lawyer Magazine.