Cyber Liability Insurance Winnipeg
Modern risks require modern solutions. In today’s world, where businesses of all sizes use networks to store data, connect with customers, and perform daily activities, cybersecurity is more important than ever – and so is cyber liability insurance.
The Insurance Bureau of Canada recently ran a survey that found that fewer than half of the representatives of small and medium-sized enterprises who responded believed they were vulnerable to cyberattacks or data breaches. This stands in stark contrast to findings by the Business Development Bank of Canada, 73% of small businesses have experienced a cybersecurity incident.
There is no company too big or too small for hackers to target. Keep your business protected with cyber liability insurance from the brokers at Nation West.
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Why Winnipeg Businesses Choose Our Cyber Insurance Solutions
Nation West has served Winnipeg since 1937, back when it was known as C.W. Pooles and Co. Over 85 years later, we continue to provide our customers with stellar service, thanks to our in-depth understanding of the industry and our detailed analysis of our clients’ needs.
Businesses in Winnipeg choose us to help them find cyber insurance solutions because they know we work hard to compare policies from several different insurance providers – then we help those businesses choose the policy that offers the protection they need, at a price that’s right for them.
The Cost Of Being Unprotected Vs. Protected
An IBC survey in 2021 found that 41% of respondents from small businesses that suffered a cyberattack incurred a cost of at least $100,000. Cybersecurity insurance costs a small fraction of that each year – and it protects your business from losing what could be a catastrophic amount of money.
Get a QuoteWhat Does Cyber Liability Insurance Cover?
Cyber liability insurance is designed to cover a broad spectrum of risks from internet-based threats, including cyber incidents that affect infrastructure and data. Coverage is split into first-party coverage and third-party (liability) coverage.
First-Party Coverage
First-party coverage helps you with the costs associated with notifying customers, recovering data, patching networks, replacing affected hardware and software, and more. Your coverage may compensate you for:
- The cost of notifying customers affected by a cyber incident
- The cost to recover customer information and data
- The cost to repair or replace hardware and software compromised or damaged during the cyberattack
- The cost to pay hackers who demand payment in a ransomware attack
- The cost to hire security experts to assist with any of the above, and to ensure that the attackers no longer have access to your network
- Public relations expenses
Third-Party Coverage
Cybersecurity incidents can compromise the data of your customers; they can also lead to violations of privacy policies or government regulations. Third-party coverage may help you cover:
- Legal expenses associated with a cybersecurity incident, including fees and lawyers
- The cost of damages, penalties, and fines levied against you as a result of a cybersecurity incident
Secure Your Business Today – Get Your Cyber Insurance Quote
No two businesses are the same – your cyber liability insurance needs will be different than those of other businesses. That’s why we offer quotes from several different insurance providers on policies that are tailored to meet your needs.
Get a QuoteFrequently Asked Questions About Cyber Liability Insurance
Do small Winnipeg businesses really need cyber insurance?
Absolutely. The Business Development Bank of Canada (BDC) found that 73% of small businesses have been victims of a cybersecurity incident, and the Insurance Bureau of Canada (IBC) found that 41% of small business survey respondents who had been the victim of a cyberattack had paid a cost of $100,000 or more.
The level of risk is high; so are the consequences if your business is attacked. Cyber liability insurance is an affordable way to stay protected.
What’s the difference between cyber insurance and general liability?
Traditional commercial general liability insurance (CGL) – sometimes known simply as business liability insurance – does not typically cover cyber risks. This means that even if you have comprehensive coverage from your CGL insurance, you’re probably not covered for cyber threats.
Does cyber insurance cover ransomware attacks?
Yes, a typical cyber liability insurance policy will cover you for ransomware attacks and other cyber extortion attacks, including the fees to pay off attackers.
How much does cyber liability insurance cost for my business?
Small businesses can typically expect to pay at least $100 a month for cyber liability insurance. Those costs increase for businesses with more exposure to cyber risks; other factors can also affect your premiums. Contact us for a quote!
What happens if I have a data breach without cyber insurance?
You may be responsible for paying fees associated with breach of privacy policy, as well as regulatory fees. You may have to pay to recover your customers’ data and your own data. These fees and fines add up quickly – and that’s without even mentioning exposure to class action lawsuits. A cyber incident can be enough to bankrupt a business; that’s why there’s cyber liability insurance.