Cyber Liability Insurance
Stay one step ahead of cyber risks.
Cybercrime is one of the greatest threats facing Canadian organizations. It affects businesses of all sizes and in all sectors. With dedicated advisors who specialize in cyber insurance, Acera Insurance will provide the necessary coverage to protect your business in the event that your data or network infrastructure are compromised.
Your guide to cyber insurance.
Most traditional commercial insurance policies are designed to protect physical assets, not virtual property such as data or installed software. When considering cyber insurance, it’s essential to evaluate your business’ unique vulnerabilities, including the nature of stored data, the extent of online transactions and the potential impact of a data breach.
Our insurance works to help you respond to:
- Cyberattacks, or any attempt to steal or damage data
- Data breaches, where personal information of clients, employees, the business or third parties is stolen or made available, on purpose or by accident
Supporting businesses across Canada.
Get your cyber insurance by phone or in person at your nearest branch.
Identifying and covering your online vulnerabilities.
Cyber insurance can cover all kinds of online attacks. There are multiple options to choose from to keep your peace of mind.
Financial Loss
A cyber incident can cause severe damage financially to your business. Expenses related to recovering data, notification, extortion and lawsuits can be high. Plus, you’ll likely experience damage to your reputation and loss of income. Cyber insurance policies help mitigate these financial losses.
Business Interruption
This coverage can help cover lost income after a cyber event so your business survives the period of interruption. It can also cover extra expenses you incur while you work to get your doors open again.
Loss or Corruption of Data
Cyber events often include loss or corruption of data. This aspect of cyber insurance helps cover the cost of recovering this information.
Cyber Extortion
One type of cyber event is cyber extortion: this is where a cybercriminal will hold your company’s information or access to information for ransom. Cyber insurance can provide funds to cover extortion demands and assist with your response. Talk to an Acera Insurance cyber insurance advisor for more details on how to handle this type of cyberattack.
Reputation Recovery
Some cyber insurance policies cover public relations and marketing costs to repair your business’ reputation after a cyber event such as a data breach or cyberattack.
Legal Expenses
This is the third-party liability aspect of cyber insurance. This covers legal expenses including defence costs, settlements and awards. Keep in mind that this would be limited to certain cyber-related lawsuits.
Why choose Acera Insurance for cyber liability?
Understanding the intricacies of cyber insurance is important because in the digital age, proactive protection is the key to resilience. Our advisors are here to help you figure out what kind of coverage you need to protect your sensitive information.
The Best Cyber Coverage
Our specialized advisors can provide expert guidance to protect your business from evolving and emerging cyber threats. As an independent broker, we also have access to top insurance carriers to get you custom coverage to meet your needs.
Risk Management
Acera Insurance does more than just offer tailored insurance solutions to our clients – we also provide expert risk management solutions that help mitigate the resulting loss from a cyber event in the first place.
Dedicated Claims Support
In the unfortunate event of a cyber breach, our dedicated, in-house claims department will be there for you the entire way. They will work to ensure the claim is settled fairly, quickly and efficiently.
Helpful tips from our advisors.
Understanding the nuances of cyber insurance is paramount when it comes to guarding against the ever-evolving landscape of cyber threats. Our advisors have a thorough understanding of coverage options, from data recovery to legal support, and can tailor a policy that aligns with your business needs.
Answering your most common questions.
What is cyber insurance?
Cyber risks are a relatively new phenomenon thanks to the rise of technology and dependence on computers, technology and digital communication. Your business can be held liable in the event there is a cyberattack or data breach or related incident that breaches privacy or causes damage to your clients or third parties. This could cost you thousands without cyber insurance, including costs incurred by victims of the attack or breach, system recovery, notification expenses, fines and lawsuits.
Cyber insurance covers financial losses that result from cyber events such as data breaches and cyberattacks.
Why does my business need cyber insurance?
No organization is immune to the impact of cybercrime. As a result, cyber insurance has become an essential component to any risk-management program.
Cyber risks aren’t going away and, in fact, they continue to escalate as cybercriminals adopt emerging technologies to carry out their malicious activities. Businesses need to be prepared in the event that a cyberattack strikes.
My business doesn’t collect sensitive data – why would we need cyber insurance?
People are often the weakest link in a business’ IT security, with approximately 95% of successful cyberattacks resulting from human error. Two of the most common sources of cyber claims are funds transfer fraud and system damage or business interruption as a result of ransomware. Any business that relies on a computer system to operate, whether for business-critical activities or simply electronic banking, has a real cyber exposure.
Isn’t cyber insurance covered in other business insurance policies?
Traditional business insurance policies lack the depth and breadth of standalone cyber coverage – the cyber coverage included in property, crime and professional liability policies only offer limited coverage, at best.
Standalone cyber insurance is purpose-built for true cyber risk. Most importantly, these policies provide access to an incident report service and bring a level of expertise to handle cyber events effectively and efficiently.
What affects the cost of cyber insurance?
The cost of cyber insurance will depend on your individual business, including:
- Digital security protocols you’ve implemented to mitigate your exposure to cyberattacks and data breaches
- How many personal records your business retains or has access to and the nature of the information
- How much commercial information your business retains or has access to and the nature of the data
- Whether you have any unencrypted information in the custody of third-party providers
- Your information backup systems
- Your company password policies
- Your industry and the type and value of the business you do
- Your business’ insurance and claims history
These may not be the only factors as each insurer is different.
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