Why Every Business Needs Cyber Liability Insurance
A few years ago, most people had never heard of it. Today, data theft is
one of the nation's fastest growing crimes, and cyber liability insurance
or data breach insurance has become an essential part of business
Canada ranks No 3 in the world for data breaches (after the US and the UK);
headlines about breaches hit our news media every day.
That's bad enough, but what most people don’t know is that data breaches,
hacking and other cyber incidents are not just a big business crime. If
we're typical of other provinces and countries, scores of Alberta small and
medium-size firms are being targeted by crooks every day.
These threats are a very real and expensive danger. And, as experience
shows, even the biggest and the best firms aren't immune to attack.
Insurance is the only way to fully protect yourself.
Del Fisher's Alberta Cyber Liability Insurance Program
Even if you understand your need for cyber liability insurance, it's
important to arrange your protection through a broker who knows not just
about the risks you face but also the most effective way to get protected.
You also need a broker with wide experience in this field and with the
knowledge to answer your questions about risks and regulations. For
example, what are your obligations under Alberta's Personal Information
Protection Act? We'll tell you.
That's why businesses in Calgary and beyond turn to Del Fisher for our
custom insurance programs and competitively priced premiums. They trust us
-- and we deliver.
Cyber Liability Insurance Explained
So, what exactly is cyber liability insurance?
In very simple terms, it protects you against costs arising from a cyber
incident like a data breach or the other crimes mentioned above. If you
have errors and omissions (E&O) insurance, it's quite similar.
Because it's a fairly new crime, cyber liability and data breach insurance
policies differ widely between companies. That's one more reason you need
an expert broker to guide you.
Keeping your data safe is an important part of cyber security.
6 Considerations When Buying Cyber Liability Insurance.
The main components of a standard policy might include:
- The cost of defending and settling lawsuits arising from a cyber
- Expenses to cover the cost of investigating an incident and taking action
to repair the damage caused.
- The cost of notifying customers, suppliers and others who might be
affected by a data breach.
- Financial losses to your business as a result of the incident.
- The costs of resolving a cyber extortion demand, such as that caused by
There are some other related risks we can discuss that might be relevant to
your business, but we won't sell you insurance you don't need.
And because we're an independent broker, not tied to one insurer, we work
with all the major cyber liability insurance companies covering Alberta to
secure a price competitive policy tailored to your specific needs.
Why Do I Need Cyber Liability Insurance?
If you trade online you're at risk. If you maintain any type of
computerised customer records, you're at risk. And if someone uses your
network to commit a crime, you're at risk.
Suppose for example a cyber criminal hijacks your website and posts
libellous remarks there, you may be held responsible, which could mean a
You may think you're already protected under a commercial liability or
E&O insurance policy but any protection they might provide (and some
don’t protect you at all) is likely to be extremely limited.
Free Advice and Free Quote
Sadly, cyber crime in not going to go away. It's growing. But we can help
you with issues such as:
Answering your cyber liability questions
Discussing legal compliance
Providing risk management advice
Supporting your claim
A free quotation
we can deliver quickly, without cost or any obligation, a quote for
Alberta cyber liability insurance
Don’t wait for this looming danger to threaten your business. Connect with
us now for a fast solution.
Contact Del Fisher Insurance today 403-230-3811