Cyber-attacks have skyrocketed in the last few years and the unfortunate truth is that many businesses are not adequately protected. Traditional insurance policies do not typically cover these cyber risk exposures or do so in a very limited way, which is why businesses should strongly consider purchasing a cyber risk insurance policy.
A Cyber Risk Insurance policy provides protection for losses caused by:
- Social Engineering
- Theft of personal funds
- Cyber Extortion
- Ransomware attacks
- Unauthorized use of computer resources through cryptojacking or botnetting
One of the additional benefits of a Cyber Insurance policy is the additional services that are automatically included. The services provide businesses the ability to respond to threats with increased capabilities and quicker response times. Many businesses don’t know who to call in the event of a cyber breach. Westland’s cyber insurance products provide you with a network of “Response Partners” who are cyber breach specialists and ready to be deployed in the event of a critical cyber incident.
Incident Response Coverage includes:
- IT Forensics
- Breach Notification
- Crisis Communication
In addition, with the world-wide web, national boundaries do not necessarily exist, giving rise to concern that cyber liability risks extend beyond our borders. Even though a company is a local Alberta based organization, they could still face potential threats from overseas.
Cyber Insurance Coverage also extends to include:
- System damage and business interruption
- Network Security and Privacy Liability
- Media Liability
- Technology Errors and Omissions
- Court Attendance Costs
Many business owners are not aware of the cyber risks that their business faces; therefore, they are not certain on the type of protection they need. Westland Insurance works with business owners to provide professional insurance advice and can assist with Risk Management for Cyber Insurance. Westland can customize a commercial insurance package that includes cyber insurance coverage specific to the unique needs of the business. Contact our business insurance specialists for expert advice on cyber insurance.
Cyber Risk Management
Learn about risk management for cyber risks by downloading our Cyber Risk Management Bulletin_2020
To request a quote for Cyber Insurance or to add Cyber Insurance coverage to your existing policy with Westland! Call your branch today or request a Alberta Cyber Insurance quote online!