Over 50% Of Canadians Have Experienced Cybercrime. How?
Over 50% Of Canadians Have Experienced Cybercrime. How?
A recent report by the Cybersecure Policy Exchange (CPX) revealed that more than 50% of Canadians have been cybercrime victims. When this happens, the law requires businesses to pay for breach of sensitive information.
Instead of increasing the financial stake for such an instance, insurance companies have now made it possible to buy cyber-insurance coverage. A cyber risk insurance cover compensates businesses for all costs involved with recovery. Have you ever paid a ransom to recover data? Insurance will pay the extortion recovery fees because it is cheaper than a business interruption in most cases.
Despite the law enforcement bodies' commitments to reduce these risks, businesses are still under a significant threat of data breach. According to the Royal Canadian Mounting Police reports, below are the most common threats facing most businesses:
Criminals use darknets because they provide them with anonymity with the help of encryption. Darknets are used to broker illegal goods and services, concealing online transactions without being detected by anyone. They are popular for the sale of counterfeit goods, drugs, and illicit products.
The threat impacting industrial control systems has increased rapidly since 2017, which could result in physical damage, destruction, and extensive downtime on ICS. Some of the malicious activities targeting these systems include Wannacry and NotPetya wormable ransomware.
People have now shifted crucial daily activities such as banking and shopping to smartphone applications that rely on a digital network to function properly. Criminals use malware to access personal information illegally to steal online assets and conduct other illegal activities.
Most people fall for an email scam, a technique call phishing.
It has now evolved into text messaging and social media. Without training, regular computer or cellphone users will have difficulty identifying them, resulting in losing their private information or inviting ransomware into their computer system. Companies need to provide ongoing training for cybersecurity threats.
Companies are advised to apply for a cyber-insurance for companies that store sensitive insurance. This is because data stored on the internet is always vulnerable to theft by other people to make profits. With cyber insurance, companies are assured of protection for the security and privacy of digital data. If you own a company that is at risk of a ransomware attack, having the right coverage is essential for your company's success. The need for cyber insurance became necessary in the 1990s with the growth of businesses that store personal information such as social insurance, bank details, and addresses.
People have various questions about the need for cyber insurance. Do small companies need to be insured? Do large businesses require insurance? Do individuals need cyber insurance? Below are all the answers you need regarding such questions:
Large companies and organizations are the top targets when it comes to data breaches because they store large amounts of sensitive and confidential data. A successful hack into such an organization's database will equip a criminal with a massive wealth of data. However, there is a challenge involved with large companies. The bigger the organization, the more complicated it is to quantify the potential cost of a cyber-attack. Failure to properly quantify the potential damage of a cyber-threat only leads to massive financial losses.
Healthcare organizations and small businesses are also at risk of cyber-attacks even though large businesses are the primary target. Such organizations are usually at risk because they are less likely to invest heavily in security controls and encryptions like large businesses. Therefore, every business must be insured regardless of its size to cater for the costs of recovery, which could also damage their reputations in the long run.
While most people will dismiss the importance of insuring personal data, it is wise to consider the information you are sharing online while using mobile applications, working from home, and other activities that could put you at risk of a ransomware attack. You can start by checking whether contents and general home packages have cyber extensions and add-on. You are at a similar risk as a small company with weak security controls. High net individuals are also advised to find a package that suits their needs to cater for cyber extortions and cyberbullying.
Cyber-attacks occur when stored data is hacked into. This could happen if the password is you have no password protection, passwords are guessable, or security firewalls are not adequate. There are different insurance products that protect you from the cost of restoring data, financial loss, and the cost of repairing damaged systems and reputation. Knowing the right one to use is essential to make sure you have covered all risk areas. They include:
A first-party insurance coverage compensates the expenses you incur when your data is stolen or your business is hacked. Such expenses include:
• Loss of income after the failure of computer systems during the time of data breach
• Damage to electronic data that occurs when programs are destroyed, whether it is your information or data under your care
• Payments you pay during cyber extortions when threatened during a data hack by criminals.
• Damage to your reputation after a data breach. It is also referred to as crisis management.
Third-party coverage compensates you for the costs you incur when a client sues your organization for a data breach. It caters for the:
• Legal defense costs
• Settlements if you decide to do it outside court
• Judgment if the court orders you to pay for a data breach
• Any other costs involved in court processes
Insurance companies will give you the right cyber insurance quote depending on specific risks that affect your company. You may purchase a stand-alone cyber insurance policy or an extension. Others are flexible, giving you the right to choose. Getting the right insurance coverage will protect you and your business from expensive losses that occur after a data breach. Ask a broker or your agent for assistance if you run a business that stores sensitive information online.
Consider cybersecurity & insurance package to keep data safe. We offer comprehensive insurance policy, and complimentary cybersecurity tools to safeguard your business. With professional incident response available 24/7 to help quickly react to any cyber incident.
Cyber insurance coverage often lacking in many areas. Our team work with the best provider in the industry that created their solution. Our insurance provider covers financial, tangible, and intangible exposures of any business than most other insurance companies does. Our state of the art cybersecurity platform provide tracking, automated security alerts, staff training, and access to security experts to prevent cyber incidents 24/7 before occur. Our cyber insurance policy, protect the value of your entire business, including financial, intangible and tangible damage, up to 20 Million cyber insurance coverage.
Ask us how we can provide a package with automated risk and intelligence alerts, security benchmarking, safety tracking, DDoS mitigation, Ransomware security defence, staff member training, software patch update reminders 24/7 to any organization, included with the insurance policy package at no additional cost. A real value for money package.
Remember, an insurance policy is to prepare for the worst scenario when needed most. Our partners commitment to emergency response and a specialist claims group helping our client respond to any cyber incident swiftly. Emergency first response team is prepare anytime and has been helping thousands of organizations that relying on them everyday.
A business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
- This coverage protects if bodily injury, property damages, injury or advertising injury incur with your business.
- Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.
- Secure against a business when found responsible for an issue with one of the items they offer.
- If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.
- Secure against Internet Crime, hackers or breach of data.
- Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.
- Secure against your property or stocks
- Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo.
Employment Practices Liability
Job site Short-Term Pollution from Pollutants
Electronic Data and Equipment
Blanket Insurance on valuable property
Limited Property of Others Liability
Valuable Papers and Records
Always Review Your Insurance Coverage
Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes.
As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.
Note on Text or SMS-based MFA:
Some services offer MFA over a text message to the cellphone.
As technology advances, these techniques may not be as secure as known vulnerabilities where a hacker can now intercept a text message. On top of these, there can be human manipulation where, in many cases, an attacker can convince a cell phone provider to change a service to change or update to their phone. Due to these reasons, it is strongly recommended not to use text or SMS-based MFA methods.
Cyber Risk Coverage
Any business that take online orders, store sensitive information on the computer, you need proper cybercrime protection. See this section about cyber insurance