With the increasing reliance on technology in business, the financial impacts of cyber attacks are escalating at a significant rate. Your data and IT infrastructure is at risk whether your employees are in the office or working remotely from home. Your data is precious information and can become compromised through hackers, damaging viruses, and other attacks in an effort to exploit your data. Did you know you can insure against the financial impact of a cyber-attack or data breach?
We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected and provide peace of mind so you can focus on nurturing your business for the future.
Why Choose Westland?
We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, Click here.
Cyber Insurance Explained
Think it’s only in the movies that people hack into businesses and cause havoc? Think again. Technology is embedded into our everyday lives. Most likely, your business is heavily dependent on the tech you’ve invested in to keep things running. Unfortunately, hackers will analyze the vulnerabilities of your business and ultimately try to capitalize on them. That’s why it’s so important to have the right cyber coverage in place!
No matter the industry, our business insurance advisors can discuss the risks your business may face, including potential financial losses that can leave your business in a vulnerable position.
Cyber insurance gives your business the financial protection you need if you fall victim to a cyber-attack or a data breach. Most businesses capture large amounts of data of their clients, employees, and other key relationships. Take a moment to imagine if your business were to get hacked, exposing your business contacts and critical data? It’s probably not a comfortable feeling once you realize how detrimental it could be to your business and stakeholder relationships. Even if you use cloud based services and third party payment processors the responsibility lands on you to safeguard that information, and if you are unable to do so, it’s on you to make it right for those contacts.
Cyber insurance policies can cover you for business interruption, forensic support, legal support, and cyber extortion defense.
You start work only to find out that your business has had a data breach or your files have all been encrypted. How are you going to manage the ensuing investigation? Do you have the ability to negotiate terms with the cyber criminals to ensure you will get your data back? Worse yet, what if this becomes a newsworthy story? The insurance company has specialized teams to manage the cyber event quickly and professionally, including directly dealing with the cyber criminals in a ransomware situation.
So you had a cyber-attack and worked hard to get your information back. What happens now? Like a break-in, you’ll want to know exactly what happened. Mainly the extent of the breach and why/how it happened to avoid going through an attack again. A benefit of the right cyber insurance policy is the resources that may be available to help clear up those questions and provide support and expertise on how to move forward safely with the help of cyber specialists.
In the event of a data breach, you may have a legal obligation to report the breach to the privacy commissioner. It goes without saying, this can be very costly and an unexpected expense. Cyber liability policies will cover the costs of hiring a lawyer to navigate your responsibilities as they relate to Canada’s Digital Privacy Act.
During a cyber-attack, a tactic of hackers is to use extortion through ransomware, where they’ll demand payment to return your data. This usually comes with a substantial fee. Would you be able to buy back your information if it happened to you? In the unfortunate event that you are being extorted, cyber liability can help you recoup the losses.
If your business suffers a cyber-attack, it can bring your operations to a halt, to say the least. Cyber liability insurance may cover the loss of income during your downtime. This may cover expenses such as operating expenses and replacement of computer hardware that has been destroyed, as well as the cost to rebuild data that has been lost. Once you’re back on your feet after a cyber-attack, your business operation costs may be inflated, which may be covered as well. To learn more about business interruption, click here.
Your business liability policy will not adequately protect your organization from a loss related to data breaches. With data and information often being valued higher than physical assets, it’s important for both your business and clients to not only have the proper measures in place to keep information safe, but also good insurance coverage if a data breach attack is targeted at you. A cyber insurance policy will supplement your business insurance program. While some package insurance policies may contain a limit of insurance to provide financial protection from a cyber-attack, this is in most cases quite limited.
You may think that only large organizations fall victim to cyber-attacks. Despite the high-profile news stories you may see regarding large business cyber attacks, the reality is that 40% of small businesses will suffer an attack and 60% of those will not be able to recover. As a small business, you may think that hackers aren’t interested in attacking your data. Because of that, small companies may be less likely to ensure regular updates to software are done on a timely basis. They don’t often have the internal IT teams to keep on top of their technology ecosystems to the same degree as larger organizations. With more and more data flowing in and out of businesses and the platforms they use, it’s important to have the right cyber policy in place to safeguard your business from hackers who may be knocking at your virtual door.
If your business falls victim to a breach or cyber-attack, your policy should be responsible for all costs associated with mitigating the effects. Without the right policy in place, the financial impacts of these situations will most likely be devastating to your operations. These costs include any court fees and settlements from legal action, communications to your entire customer base, regulatory investigations, data asset losses (you may need to rebuild all your data files), and the cost of lost business. Cyber insurance will offset the financial burden of an attack or breach.
We can help with your auto insurance needs too! Connect with us today to ensure you’re covered out on the road.
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
Ransomware is one of the most common claims we see when it comes to cyber. For example, a small firm may experience a hack into their system that is then held at ransom unless payment is provided. These ransomware payments are often large sums of money, in fact we’ve seen upwards of $20,000. The right cyber insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.
Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.