As many experts would agree, the age of cyber data is here. It is being used more than ever to better meet customer needs. But how do you protect this data from threats, such as computer fraud? With cybersecurity, which includes cyber insurance.
However, this type of product still generates many questions. That’s why we are providing you with answers to the most frequently asked questions on the subject in this article.
What is cyber risk?
Cyber risks, also known as cyber attacks, are unauthorized intrusive attacks on your computer systems: servers, computers, phones and any other connected equipment.
The goal: to obtain secure information for the purpose of deliberately harming a company, getting money and more.
The most common types of cyber risks include:
Ransomware
This cyber attack is intended to jam or block access to data or systems until the victim sends money.
Cyber extortion
Several cybercrimes can be categorized as cyber extortion. In most cases, the perpetrator uses blackmail in exchange for money or valuables.
For example, someone might have a compromising photo of you and threaten to release it if they don’t immediately receive a large sum of money.
Malware
Malware is software that takes over your computer equipment. This intrusion allows cybercriminals to damage your devices, steal your identity to use it elsewhere on the Internet (online purchases), etc.
What is cyber insurance?
Cyber insurance (or cyber risk insurance) is a protection package designed to optimize your level of cyber security.
Although we wouldn’t wish it on anyone, it can happen to all types of businesses (and even individuals). System corruption, data theft and extortion are just a few of the repercussions of cybercrime, which is becoming increasingly common in Quebec.
For companies, having cyber insurance allows them to recover lost access, repair their network and take legal action against cybercriminals.
And let’s not forget the measures (and costs) that the company must take to rebuild its customer relationships and reputation.
Cyber risk has far-reaching consequences and can cause serious problems for any organization.
Getting the right protection is essential. It’s never too late to find a professional—such as an insurance broker—to help you.
How does this insurance product work?
Your cyber insurance broker will be able to offer you personalized coverage based on their findings. Since various criteria are involved, it is important to find a partner who will ask you the right questions.
These criteria include: the number of employees, the number of computer stations, the nature of your business and your current level of computer protection.
It goes without saying that to obtain comprehensive insurance, transparency is key! So, before you contact your broker, make sure you have all the necessary information and that it is accurate.
How can we combat cybercrime?
While cyber insurance exists, there are other solutions that can help to counteract the risk. We strongly suggest IT solutions, such as security software, customized monitoring services and data backups.
Not so long ago, only a small percentage of businesses were targeted. But today, hackers are becoming increasingly skilled and can attack both small and large organizations.
Like they say, you can never be too careful! Take the time to discuss the cyber risk insurance products available on the market with your broker.