Does Your Business Have the Right Cyber Liability Insurance?

In order for your small or medium-sized business to compete in today’s fast-paced market, there is a good chance that you are already operating online so you can provide greater convenience for your customers and reduce workload. While it’s important to stay on top of the latest technology trends that help support your business, it’s also important to make sure your insurance coverage doesn’t have gaps as cyber liabilities become a more viable problem.

According to a recent presentation by Padlock, sponsored by Gore Mutual, there has been a 44% increase in cyber attacks against small and medium-sized Canadian businesses since 2014. The average cost per lost or stolen customer record? $278.

So, what factors increase liability for small and medium-sized Canadian businesses that are simply trying to stay ahead of the competition?

  1. Cyber attacks and the use of malware are on the rise, with Canada being ranked #2 in attacks.
  2. Hackers are constantly developing new methods to breach confidential data, even if your business employs a strong IT team.
  3. Employee negligence can also play a role in company data being lost or stolen.

Ultimately, even though you may not always be able to defend against every cyber attack, you can take steps to protect your business with comprehensive cyber liability insurance. In other words, having insurance doesn’t stop data from being stolen (so you should still make every possible effort to protect it and back it up), but it does protect you from liability in the even that data is stolen. While many insurance companies offer limited services in this area, at Noble Insurance, we are committed to helping you achieve comprehensive coverage that truly protects your business.

There are many different types of cyber liability policies currently being offered in the insurance industry. It is important  that you understand the different coverages that are available, which  include breach response services, coverage for payment card industry penalties and fines, assistance with communications and media liability, and risk management advice, to name a few.

There is no better way to protect your business against all types of threats than with the proper cyber liability insurance, and at Noble Insurance, we are equipped to provide the protection you need. Contact your broker today to discuss your insurance needs.