{"id":1039,"date":"2022-10-06T16:37:00","date_gmt":"2022-10-06T16:37:00","guid":{"rendered":"https:\/\/brokerteam.ca\/?p=1039"},"modified":"2023-03-02T16:54:00","modified_gmt":"2023-03-02T16:54:00","slug":"protecting-your-business-with-cyber-insurance","status":"publish","type":"post","link":"https:\/\/brokerteam.ca\/en\/blog\/protecting-your-business-with-cyber-insurance\/","title":{"rendered":"Protecting Your Business with Cyber Insurance"},"content":{"rendered":"\n

Having an online presence is key for any business. Whether you are an online store, a business with a brick-and-mortar location or a contractor, you simply cannot run a business without access to the internet. Did you know that just being connected poses a level of risk to you and to your customers?<\/p>\n\n\n\n

Cyber insurance for businesses provides protection for your business in case you become a victim of a cybercrime. Ensuring you have proper cyber insurance coverage provides peace of mind in case of a cyberattack.<\/p>\n\n\n\n

Does My Business Need Cyber Liability Insurance?<\/h2>\n\n\n\n

Businesses big and small are potential victims of cyber criminals. Each organization\u2019s degree of vulnerability comes down to their access to resource. Larger corporations usually have a dedicated IT department committed to protect the company’s digital assets and customer data.<\/p>\n\n\n\n

Smaller businesses may lack the resources to protect themselves so readily. For instance, let\u2019s say an internet outage prevents your software from receiving a critical security update. Once back online, your system is now vulnerable without you even realizing it.<\/p>\n\n\n\n

All it takes is one security vulnerability like this to open the door to a cyberattack. It can occur at any moment and wreak havoc on your business operations. For these reasons and more, protecting your business with cyber insurance is absolutely critical.<\/p>\n\n\n\n

Cyberattack Threats<\/h2>\n\n\n\n

Cyberattacks could cause disruption in your business by causing complete halt of your operation and can also lead to data breach. However, it\u2019s not just your company that\u2019s on the line here. Your clients trust you with their private information. If their data is compromised, they will lose confidence in your company and potentially they may sue for damages.<\/p>\n\n\n\n

Customer Financial Data and Payment Information<\/h3>\n\n\n\n

Vulnerability in your system could lead to unauthorized access to accounts or even fraudulent charges. If your business holds any sensitive financial data \u2013 debit or credit card numbers, account numbers \u2013 then it is imperative to protect your clients and your business with cyber insurance.<\/p>\n\n\n\n

Personal Information<\/h3>\n\n\n\n

Other sensitive personal information is also potentially at risk. This could be customer addresses, phone numbers, social security numbers, and more. If a cyber-criminal got hold of such information, they could use it to open new lines of credit, obtain fraudulent credit cards, or even get obtain loans for big-ticket items such as boats or vehicles.<\/p>\n\n\n\n

Protected Healthcare Information<\/h3>\n\n\n\n

Healthcare records are protected even further by HIPAA laws. This includes patient data from medical facilities, treatment records, prescription data, and more. Violations of HIPAA could lead to even more liability if they are exposed during a cyberattack.<\/p>\n\n\n\n

Your Own Business Operations<\/h3>\n\n\n\n

You could still be at risk for a breach even if you don\u2019t collect or store customer information. For example, your own operations could be impacted by ransomware, phishing, or other attacks. Ransomware locks your computer or digital assets until you pay a ransom for their release to the cybercriminal. When attacked, your business is at the mercy of the cyber attacker.<\/p>\n\n\n\n

Cyber Insurance Coverage<\/h2>\n\n\n\n

Whether your company is a single-person operation, a small business or a large enterprise, you have a need for cyber insurance. A comprehensive policy would cover you for:<\/p>\n\n\n\n