Cybersecurity insurance for businesses

Q: What are some different types of cyber threats?

Common cyber threats include: Malware Malware is software that steals, destroys or blocks the data in your business databases. Hackers may demand a ransom to restore access to your data. Denial-of-service attacks This is a cyberattack that makes your services unavailable to customers. For example, it can block purchases on your website. Phishing Phishing is when an unknown sender sends emails or text messages to your employees to commit fraud or introduce malware into your systems. Viruses Viruses can infect your computer system and, for example, send a fraudulent email out to your customers.

Shield your business from cybersecurity issues with our all-in-one coverage. CyberSuite Plus is designed to meet your needs, no matter what sector you’re in or how small your business is. Call us to get a quote!

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What is cyber risk insurance?

Cyber risk insurance, also called cyber liability insurance or cybersecurity insurance, helps businesses limit their financial losses from cybercrimes like data breaches, phishing attacks, viruses, ransomware and other types of malware.

To get our comprehensive cyber risk coverage, your business must have property and liability insurance with us. You pick the coverage limit and deductible. We handle the rest.

Who’s covered?

Your organization
Your employees, including executives
Consultants for your company
Independent contractors working with you

Why protect against cyber threats?

Businesses of any size, even small and medium-sized enterprises (SMEs), can experience a cybersecurity incident. But many small businesses mistakenly believe they’re less at risk than larger organizations.1 Cyber risk insurance provides real support to small business owners in the event of a cybersecurity incident.

Small and medium-sized businesses at risk

Canadian business leaders consider cybersecurity as a serious threat to their growth.2

72%
of SMEs say they have been attacked by cybercriminals
66%
say they don’t have a plan to address potential ransomware attacks
70%
say they don’t have skilled personnel to implement cybersecurity or monitor for attacks

What our cybersecurity insurance covers

Discover our turnkey package designed specifically to help limit financial losses and reputational damage if there’s an incident.

Data and privacy protection
Cyberattacks and extortion
Media and network security
Fraud and misappropriation of funds

Data and privacy protection

Coverage for certain costs, including those related to lawsuits, support for victims of identity theft and various fines.

Data compromise response expenses

Protects your business by covering costs, such as certain regulatory fines and penalties, if the personal information you store is lost, stolen or unintentionally disclosed.

Privacy incident liability

Covers settlement and defence costs if personal data is compromised and you’re sued.

Identity recovery

Reimburses costs such as lost wages and child care expenses following an identity theft.

Cyberattacks and cyber extortion

Coverage designed to minimize downtime after an incident and limit the financial and operational impact.

Computer attack

Covers most of the cost of getting back to business quickly after an attack impacting your operating systems, data and software.

Cyber extortion

Covers the cost of negotiation or investigation and the ransom amount paid.

Media and network security

Coverage to protect your business against third-party claims related to your e-media or network security breaches.

Network security liability

Pays settlement and defence costs in the event of a claim that a failure in your system’s security caused damage to a third party.

Electronic media liability

Covers your settlement and defence costs in the event of a lawsuit for infringement of copyright or trademarks, defamation or violation of privacy rights.

Fraud and misappropriation of funds

Coverage designed to protect against losses resulting from misappropriation of funds or incidents impacting your computer or telecommunication systems.

Misdirected payment fraud

Covers your direct financial losses when an external fraudster has led you or your financial institution to send money, securities or tangible goods to a fraudulent destination.

Computer fraud

Covers your direct financial losses resulting from an external fraudster’s unauthorized use of your computer system, resulting in money being sent to a fraudulent destination.

Telecommunications fraud

Covers charges from your phone provider following a computer attack targeting your telecommunications system.

Theft of funds held in escrow

Covers a loss of funds held for a third party following a misdirected payment fraud or a computer fraud.

Your cybersecurity in good hands

CyberSuite Plus is backed by a cybersecurity expert who provides access to practical tools, strategic support and a strong network of partners.

Cybereco

A non-profit organization whose members include large corporations and several universities.

Addresses the needs of SMEs, startups, public institutions and other organizations.
Offers toolkits for SMEs, workshops and a knowledge centre.
Promotes a collaborative approach to foster collective resilience against cyber threats.

FAQ

How much does cyber risk insurance cost?

Since we offer many options to personalize your insurance coverage, it's hard to come up with a precise premium amount. How much you pay for cyber risk insurance is mostly based on the coverage amount you select.

What isn't covered by cyber risk insurance?

When an incident occurs, some expenses are not covered in cases like the following:

Any criminal investigation or proceeding
Non-monetary damage
Property damage or bodily injury
Criminal, fraudulent, dishonest or intentional act of an executive

Those are just a few examples of what’s excluded. Contact us to learn more about exclusions.

What are some different types of cyber threats?

Common cyber threats include:

Malware
Malware is software that steals, destroys or blocks the data in your business databases. Hackers may demand a ransom to restore access to your data.

Denial-of-service attacks
This is a cyberattack that makes your services unavailable to customers. For example, it can block purchases on your website.

Phishing
Phishing is when an unknown sender sends emails or text messages to your employees to commit fraud or introduce malware into your systems.

Viruses
Viruses can infect your computer system and, for example, send a fraudulent email out to your customers.

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