Calgary Cyber Liability Insurance
It’s rare to find a business that doesn’t rely on technology in some way. Each day, we use the internet, cloud-based services, and various applications to run our businesses efficiently. Given how essential technology is for your company, what can you do to protect your information?
Regardless of your industry, your company faces many cyber risks. With each passing year, it becomes increasingly important to enhance the cybersecurity of your business.
Your business needs a cyber liability insurance policy that’s tailored to meet your needs. Protect your business with coverage that helps you more easily recover from a cyber incident.
What Is Cyber Insurance & How Does It Work?
We store all kinds of sensitive data on our computers, from payment information to personal identification. As a business, you’re responsible for protecting the private information of your clients and employees. If this information is leaked in a data breach, you could be held liable.
Any vulnerabilities in the software, networks, or devices used by your business can be exploited by a hacker. This can lead to all kinds of financial losses. A hacker may withhold your information and demand a ransom, clients may sue your company, and your business may lose revenue due to downtime.
With a cyber liability insurance policy, you can minimize your losses following a cyber-attack.
Risks Covered by Cyber Insurance Calgary
Your cyber liability insurance offers coverage for the following:
After a cyber-attack has been resolved, you might still wonder who was responsible for it. With this insurance policy, you can access resources to investigate the incident. You can find out who caused it and how you can prevent it from happening again.
Once a data breach occurs, the recovery process will require a lot of work on your part. You may need to arrange an investigation, negotiate with cybercriminals, and manage your reputation if the event reaches the news. Get assistance with managing the incident by choosing a cyber liability insurance policy.
Did you know that after a data breach occurs, you’re legally required to report it to the privacy commissioner? This process can be time-consuming and costly. With a cyber liability insurance policy, you can cover the costs of hiring a lawyer.
A hacker may withhold your data and demand payment before it’s returned. What might happen if you don’t have the funds to buy back your information? Cyber liability insurance will help your business financially when you need it most.
With each day that your business operations are interrupted, you lose revenue. Even so, you’ll still have to cover the same expenses. Pay for your expenses during downtime with this insurance policy. You can receive reimbursement for lost hardware, operating expenses, and income.
Types of Cyber Attacks & Data Breaches Covered by Cyber Insurance in Calgary
Common cyber-attacks that will be covered by your insurance company include:
- Data breaches
- Loss of digital assets
- Network, data, or software recovery
Factors Affecting the Cost of Cyber Insurance Calgary
As with any type of insurance, the cost of your cyber liability insurance will vary depending on a few factors. They include:
- The computer security protections currently used
- Technology & data use
- Size of your business
- Claims history
How To Get Cheaper Cyber Liability Insurance
Wondering how you can save money on your cyber insurance? We’re put together a few tips for you:
- Increase the protection of your network
- Select a higher deductible
- Update your cyber liability coverage each year
Finally, we recommend comparing rates offered by different insurance companies. At our insurance brokerage, we can help with that. We’ll give you a clear idea of your options so you can choose a policy that fits your needs and your budget.
How Much Cyber Insurance Does My Company Need?
Your business is unique; as such, it faces a unique set of risks. You need an insurance policy that’s designed to meet your specific needs.
If you’re trying to estimate how much coverage your business needs, you might not know where to begin. Our insurance advisors can help you determine the amount of coverage that’s suitable for your needs.
Is It Worth Getting Cyber Insurance?
If you already have a business insurance policy, you might be wondering if you need this additional insurance coverage. Cyber incidents fall outside the coverage of a standard business insurance policy.
Many businesses underestimate the cost of cybercrime. It’s always better to be protected by cyber insurance than not to be.
Get Insurance with Westland Today!
You can’t predict when cyber-attacks will impact your business. However, you can protect your business with Calgary cyber insurance. At our insurance brokerage, we can help you find an affordable policy for your business.
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Our cyber insurance brokers are here to help. To request a quote for your business, contact Westland Insurance today!