Be ready to face a cyberattack. Make sure you have a cyber risks insurance policy.
For many years now, in fact since the Web exists, businesses have used technology, notably the Internet, to increase their visibility and efficiency. Technology, however, has its downside since it makes you vulnerable to cyber criminals who will go to great lengths to break into your computer system. To avoid having your system hacked and data stolen or destroyed, Assurance Multi-Risques would like to increase your awareness of cyber piracy so that are better prepared should this happen to you.
What is cybersecurity insurance?
Whatever the nature or size of your business, a cyberattack is always a possibility when you are connected to the Internet. If big businesses like Target and Madison have fallen victim to cyberattacks, there could be a very real possibility that your business is already on some cyber pirate’s radar.
Here are a few examples of items covered by cybersecurity insurance:
- Computer piracy
- Incident response costs
- Extortion costs relating to electronic commerce
- Damages to the computer system
- Costs relating to digital assets
- Operation loss (business interruption)
- Third party liability relating to network security
- Multimedia liability such as violation of intellectual property rights
- Violation of privacy rights
- Libel and defamation
Who needs cyber risks insurance?
Assurances Multi-Risques is convinced that all business should subscribe to cybersecurity insurance. Whether you are a professional or own a service, retail or manufacturing business, and whatever the size of this business, there is always a risk of being targeted by a cyberattack. According to a study conducted by Intact Assurance, 31% of the businesses who have made such a claim had 100 employees or less, and all had suffered important losses since 51% had had a service interruption and 42% had experienced a loss in productivity.
Investing in cyber risks insurance is investing in your business. A cyberattack, a computer virus or client data hacking could be extremely damaging not only to your reputation, but also to your long term bottom line. Be proactive when it comes to cybersecurity and protect your business. For optimum cyber risks management, contact one of our specialized insurance brokers!