Cyber risk insurance Tailor-made solutions for your digital risks
Don't let cybercriminals target your business.
Our cyber risk expertise and customized insurance solutions turn your weaknesses into security assets.
Don't leave your digital future to chance. In the ever-evolving cyberspace, the best defence is a proactive one. That's where our insurance solutions come in. Secure your digital future with us.
Cyber attacks represent a significant financial threat to Canadian SMEs.
According to the Cisco 2021 report, a cyber attack costs an SME in Canada, on average, around C$458,000. However, this figure can vary considerably according to company size, with the smallest structures incurring losses of around 100,000 to 150,000 Canadian dollars.
These costs are generally divided between direct and indirect expenses. Direct costs, which include data recovery, system repair and possible ransoms, often account for more than half the total cost. Indirect costs, such as lost productivity, business interruption and reputational damage, make up the rest.
Alarmingly, these costs are rising yearly, with an average increase of 10-15% annually. The hardest-hit sectors, such as finance, healthcare, and technology, can face over 500,000 Canadian dollars per incident.
Protect your business against digital threats
When you take out cyber risk insurance, you guarantee the continuity of your business in the event of an incident. Not only will you be protected against cyber threats, but you'll also benefit from professional support to anticipate, react and limit the impact of an attack.
The 5 key elements of a cyber risk insurance policy
These elements cover the essential aspects of a comprehensive cyber risk insurance policy, offering both reactive and proactive protection against digital threats.
- Protection against data breaches
- Coverage for ransomware attacks
- Compensation for business interruption losses
- Data/system recovery and restoration costs
- Protection against third-party claims
- Coverage of legal defense costs
- Compensation for regulatory fines and penalties (if insurable)
- Access to cybersecurity and forensic experts
- Coverage of notification costs for affected customers
- Public relations and reputation management services
- Coverage of losses due to cybercrime (e.g. electronic fraud)
- Compensation for loss of income due to cyber incidents
- Coverage of additional costs to maintain operations
- Risk assessments and security audits
- Cybersecurity training for employees
- Post-incident technical support and security improvements
10 Essential Strategies to Strengthen Your Corporate Cybersecurity
- Regular risk assessment : Identify critical assets and vulnerabilities and conduct periodic security audits.
- Introduce employee training : launch hard-hitting awareness campaigns and organize realistic attack simulations
- Continuous Technological Optimization : Automate security updates and take a proactive approach to patching
- Intelligent Network Architecture : Deploy next-generation firewalls and create adaptive network micro-segmentation
- Advanced access management : Implement biometric authentication and enforce a "Zero Trust" policy
- Data protection : Use end-to-end encryption and implement an enhanced 3-2-1 backup system
- Cyber-Resilience Protocol : Draw up a digital continuity plan and set up a cyber crisis unit
- 24/7 Digital Vigilance : Integrate AI into threat detection and set up a security operations center (SOC)
- Cyber Governance : Create a customized cyber security charter and set up a cross-functional cyber steering committee
- Cyber Defense Ecosystem : forge partnerships with threat intelligence experts and purchase customized cyber insurance
By adopting these cutting-edge strategies, your company will build a robust digital shield against ever-evolving cyber threats. Each measure strengthens your digital resilience, turning challenges into opportunities for innovative security.
In the cyber world, the best defence is a proactive, scalable strategy.
Protect your digital future today !
The long-term impact is particularly worrying. Around 60% of Canadian SMEs that suffer a major cyber attack cease trading within six months of the incident. The main reasons are the astronomical costs associated with the attack and the loss of customer confidence.
Cyber insurance typically covers costs related to data breaches, business interruptions caused by cyber attacks, ransomware extortion, customer notification costs, legal fees and reputational damage. It can also include coverage for financial losses due to cybercrime.
No, company size is not a determining factor. Small and medium-sized businesses are often prime targets for cybercriminals, as they generally need more resources dedicated to cybersecurity. A cyber attack can devastate a small business, so adequate protection is essential.
You can reduce your premiums by implementing robust security measures, such as up-to-date firewalls, intrusion detection systems, regular employee cybersecurity training, strong password policies, and regular backups. These measures demonstrate to the insurer that you take cybersecurity seriously.
Yes, most cyber insurance policies cover incidents caused by employee error, such as clicking on a phishing link or losing an electronic device containing sensitive data. However, employees' intentional malicious acts are generally excluded.
Professional liability insurance generally covers errors and omissions in providing professional services, whereas cyber insurance focuses specifically on data and computer systems risks. Cyber insurance offers specialized coverages such as crisis management in the event of a data breach, which are not included in standard professional liability policies.
It's an approach to IT security that trusts nothing and nobody by default, whether inside or outside the corporate network.
Zero Trust Policy is a security model based on the premise that nothing and no one should automatically be considered trustworthy, whether inside or outside the corporate network. Its main aspects are as follows:
- Constant verification : Every access, user, or device is checked every time, even if already authorized.
- Least privilege : Users have access only to those resources strictly necessary for their work.
- Micro-segmentation : The network is divided into small zones to limit movement in the event of a breach.
- Multi-factor authentication : Use of several methods to confirm user identity.
- Continuous monitoring : Real-time analysis of all network behaviour.
- Generalized encryption : All data is encrypted, whether in motion or at rest.
- Context-based access policy : Authorizations depend on location, device used, or time of day.
This comprehensive approach helps prevent security breaches by not relying on default elements, thus strengthening the company's overall protection against internal and external cyber threats. The Zero Trust policy's comprehensive nature should instill a sense of security in the audience.