BC Cyber Liability Insurance

Protect your BC business from data breaches and cyberattacks

When cyber or technology attacks like data breaches or website and systems hacks occur, they can result in devastating damage no matter what size company you have. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber-crime. As a result, cyber liability insurance has become an essential component to any risk-management program.

Cyber liability insurance provides payment for financial damages due to intellectual property infringement and privacy/network security breaches. Coverage is also available to pay for the expenses incurred to recover from a privacy or network security breach.

Cyber exposures aren’t going away and, in fact, continue to escalate. Businesses need to be prepared in the event that a cyber attack strikes. You can trust our BC cyber insurance brokers. We work with you to create a custom cyber insurance policy that is tailored to your business. To learn more and to get a free BC cyber insurance quote, contact us today.

Essential cyber insurance benefits for BC businesses

At Acera insurance, cyber liability insurance policies are tailored to meet your company’s specific needs and can offer a number of important benefits, including data breach coverage, business interruption reimbursement, extortion defense, forensic support, legal support, and coverage beyond a general liability policy.

There is usually no coverage for these risk exposures under a commercial general liability policy. A cyber liability insurance policy is designed to protect your business and help you recover from the risks faced with having an online presence and using electronic data.

Top cyber risks faced by companies in BC

Common risk exposures faced by businesses that have an online presence or use electronic data are:

• The unauthorized access to systems containing private information.
• A virus being transmitted to a third party’s system.
• Theft of customer’s private information (credit card data).
• Theft of employee identification information (Social Security Numbers).
• Cyber threats, extortion or attacks by ex-employees to shut down your system causing you and your customers to suffer damages.
• A logo displayed on your website infringing on someone else’s trademark.
• Content published on your website, blogs or in emails and social media networks by employees being susceptible to copyright infringement and defamation.

Recovering from a privacy or security breach

Coverage is specifically available to pay for the expenses incurred to recover from a privacy or security breach such as:

• Notifying your customers, credit monitoring and changing their account numbers and security codes.
• Hiring investigators, public relations and advertising consultants for crisis management.
• Rewards for informants that lead to conviction of persons who caused the loss.
• Replacing or reproducing your data that is altered, damaged, deleted or destroyed by a cyber attack.
• Business interruption and extra expenses incurred during recovery.

Claims and lawsuits can have significant financial damages on your business. Your company’s reputation and market share can also be damaged. In addition, your revenues can decline if you can’t recover quickly. There is usually no coverage for these exposures under a commercial general liability policy. A cyber liability insurance policy is designed to protect your business and help you recover from the risks faced with the increased dependency on technology.

Cyber insurance coverage is often applicable to the following industries: