Commonly overlooked, cyber security is an important risk that most, if not all, businesses have. It usually involves a data breach or leak of private information. Cyber security insurance generally offers coverages such as: liability, data restoration expenses, business interruption, E-commerce extortion, and security breach remediation & notification expenses. These coverages often protect your business from the expensive aftermath of facing a data breach. A common misconception is that small businesses do not require cyber protection. In fact, small businesses are frequently targeted. This is because small businesses often do not have sufficient protocols to defend themselves against intruders. Small businesses tend to be easier to infiltrate and have their client’s private information stored on a company computer. Canadian Underwriter Magazine has a very informative article about improving cyber security awareness. The link is here for your convenience.
If you would like one of Pacific Insurance Broker Inc.’s qualified insurance brokers to provide some insight and advice on how your business will benefit from Cyber Security Insurance, you can request one here