Cyber Insurance Online
Most clients think a cyber attack or privacy breach could never happen to their business. However, did you know over one-fifth of Canadian businesses reported cybersecurity breaches in 2017 1 Cyber Attacks have exploded during the pandemic. Protect your business and reputation with a comprehensive cyber insurance policy today.
* NOTE: These policies are designed to be more economical due to less personnel handling being required. Once a policy is purchased online, any changes needed will result in extra administration charges for processing. Type carefully.
Cyber Liability is a complex, multi-faceted insurance product.
Click Here to review key coverage information under this Cyber Insurance Online policy.
Eligible Industries to Buy Cyber Insurance Online
Cyber Liability Eligible Industries
- Agriculture, Forestry, Fishing and Hunting
- Mining, Quarrying, and Oil and Gas Extraction
- Construction (i.e. Constructing buildings, heavy and civil engineering activities, specialty trade contractors
- Manufacturing – From manufacturing food and clothing to petroleum and plastic industries
- Wholesale Trade
- Retail Trade (Retail Stores, Restaurants and Hotels)
- Transportation and Warehousing
- Real Estate
- Rental and Leasing Services
- Professional, Scientific and Technical Services
- Administrative Services and Support Services
- Waste Management and Remediation Services
- Educational Services
- Healthcare and Social Assistance
- Arts, Entertainment and Recreation
- Museums, Historical Site and Similar Institutions
- Accommodation
- Food Services and Drinking Places
- Repair and Maintenance (Auto and General)
- Hospitality Services
- Personal Care Services
- Religious, Grant making, Civic, Professional and Similar Organizations
Available Coverage / Limit Amounts for Cyber Insurance Online
The following are the specific limit options available to you, depending on the coverage(s) you choose to purchase.
Limit/Coverage Amount– the highest amount the insurer will pay in the case of a claim.
Premium – the starting amount you would pay to cover your risk.
Online Cyber Insurance Coverages
Responding to a cyber attack can be costly not only in expenses but in time and reputation lost to a business. Basic business activities such as launching a website, collecting payments, storing employee or client info, sending emails, or even losing your phone can expose companies to potential data or privacy breaches. Without cyber insurance and/or substantial financial assets backing you, companies risk going out of business from these expenses.
Cyber and Privacy Breach Liability coverages include coverage for these areas:
- Enterprise Security Event
- Privacy Regulation
- Crisis Management
- Fraud Response
- Forensic / Legal Services
- Public Relations
- Cyber Extortion
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*Subject to eligibility
- Website Media Liability
- Business Interruption
- Data Restoration
- Ransomware Attack Coverage*
- Social Engineering*
- Telecom Fraud Coverage
Key Coverages & Features
Privacy Regulation Liability Coverage
With the Province of Alberta having (what we hear is) the toughest Privacy Legislation in the country, whether it is the possibility of cyber liability lawsuits or answering to Alberta’s Privacy Commissioner, is a reality that every business owner should consider.
If a business were to violate any Privacy Regulation, the intent of this coverage is pay for all regulatory expenses incurred during a privacy regulation claim including a civil proceeding, investigation, or request for information against the insured for the actual or alleged violation of privacy regulations. This could be brought forth by any government, be it local, provincial, federal, or foreign.
Ransomware Attack Coverage*
Ransomware is the fastest-growing cyber trend that cost victims over $24 million in 2015, according to the Federal Bureau of Investigation2. A ransomware attack occurs when a cybercriminal infiltrates a computer system, inserting malware that blocks access to data, systems, or files until the user pays a ransom to end or remove the attack. This coverage acts to pay expenses for crisis management, fraud response, public relations, and forensic and legal costs.
Social Engineering*
A social engineering fraud is a scheme that intentionally misleads an employee into sending money or diverting a payment. Typically the fraudulent information is provided to the employee through email, letter, phone call – or even in person by pretending to be someone else.
Beyond the actual loss limit, this coverage includes expenses related to crisis management, fraud response, public relations, and forensic and legal.
Source(s): 1 Government of Canada: Cyber Security and Cybercrime Challenges of Canadian Businesses, 2017. [2] Incidents of Ransomware on the rise.
* All insurance coverage described is intended to be general in nature and subject to the applicable insurer’s specific policy wording, terms, conditions, and exclusions.