Cybersecurity Insurance

The internet has changed the way Canadians do business. It has also opened the door to new unforeseen security risks. Cybersecurity insurance is there to protect you from financial loss when your online security software fails.

Cybersecurity issues may arise due to:

• Hackers and Data Breach
• Improper Storage
• Employee Negligence
• Defective Software
• Outdated Security Protocols

Cybersecurity is a major issue for companies across Ontario, because it not only protects vital information about the inner workings of your business, but private employee and customer information.

Cybersecurity issues may lead to:

• Fraud
• Identity Theft
• Financial Theft
• Intellectual Property Theft

At Ron Johnston Insurance, our experienced brokers constantly survey the digital landscape for new security upgrades and threats. We work hard to ensure our clients have the coverage you need to protect against any potential digital problem.

What Does Cyber Risk Insurance Cover?

Cybersecurity insurance helps in a variety of liability aspects, including:

Legal Fees

If there is a lawsuit due to data breach, cyber risk insurance protects you from out-of-pocket expenses. It covers court fees, defense costs, and fines associated with the suit.

Remediation

Dealing with individuals who have been impacted by a data breach is never easy. Remediation costs allow you to notify each party and maintain privacy.

Digital Investigation

Depending on the type of cybersecurity risk you have encountered, you may wish to investigate the source of the problem. Digital investigation coverage helps you get to the bottom of a data breach without being held financially accountable for the search.

Reputation Management

In times of information leaks, your company’s reputation is on the line. Reputation management and PR gets expensive. Cyber risk insurance covers you, giving you the best chance at maintaining your business’ reputation and financial standing.

Data Restoration

If data is lost, the restoration process is time consuming and expensive. Sometimes only partial data can be retrieved. If you are unable to restore data it could mean paying extra salaries, putting in additional hours, and hiring specialists to find or complete information you once had access to. Data restoration protection helps cover these costs.

Loss of Income

Loss of income coverage helps with expenses such as rent, electricity, water, and salaries, up to a maximum amount or time frame, or until the issue is resolved.

Cyber Liability Protection

There are three main types of liability issues associated with cybersecurity insurance claims. These are:

• Conduit – If you use a third-party’s security services and they fail, your conduit liability coverage helps pay for resulting claims.
• Privacy – Privacy policy negligence, unauthorized personnel access to private files, and lack of communication to affected parties all fall under your privacy liability for cybersecurity insurance. If you are sued for these, or other issues relating to privacy liability, you are covered.
• Lack of Access – When your customers and clients are unable to access your website, app, or business software because of a data breach or cybersecurity issue, lack of access liability protection covers you in related claims.