Additional Cyber Security Protection.

Since information technology significantly impacts the profitability and even the survival of companies, insuring potential losses due to security breaches is quite normal. Why would you not procure yourself cyber-risk insurance?

 

Is cyber security protection insurance for you?

Cyber security protection insurance is packaged for businesses whose operations significantly rely on information technology or who must protect the personal information of clients, such as social insurance numbers or financial and medical records. Here are a few examples:

  • Website and online retail-sales platform operators;
  • Businesses with a website or cloud-based services;
  • Pharmaceutical companies;
  • Retailers, manufacturers and wholesalers;
  • Professional service businesses;
  • Businesses holding intellectual property rights;
  • Publicly traded companies;
  • Businesses storing personal information.

Warning: Holding a cyber security insurance policy does not exempt you from implementing security measures!

In fact, maintaining best cyber security practices helps lower not only insurance premiums, but also the probability of incidents occurring one day. In other words, safeguard your reputation.

Assess your cyber risk and compare with competitors.

évaluation cyberrisque

Implement a cyber security protection program.

prevention

Accelerate return to business-as-usual and lower the cost of a cyber security breach.

Intervention après sinistre

Top 5 Post-Breach Adopted Measures

Training and security awareness 57%
Implementing protocols and better controls 52%
Expanding the use of encryption 43%
Certification and IT security audits 43%
Identity and access management 33%

A report published collaboratively by IBM and the Ponemon Institute establishes the average cost of a security breach in Canada at $5.3 million. The study also claims that numerous security measures had to be implemented pursuant to a security breach. Why not avoid the worst and implement measures now?

Annual premiums (Billions of $)

The world-wide cyber insurance market is rapidly expanding. The needs of businesses have become increasingly dire and the market could attain $20 billion by 2025, according to a 2015 report published by Allianz Global Corporate & Specialty (AGCS).