Cyber attacks range in variety and impact from infecting your system with viruses that steal personal information to holding your data ransom. What is common among these attacks is that they are expensive and can potentially cripple your business. About 70% of Canadian Businesses have been victims of cyber attacks costing an average of $15,000 per incident. In a recent article by the Financial Post, even large organizations are unprepared to recover quickly from an attack. “The reality is everyone’s a target, if you’re connected to the internet – you’re a potential target.”
All business rely on trust. The trust between the business and their customers. Customers expect a certain level of privacy when it comes to their personal information. In an article by Canadian Underwriter magazine; “According to the 2016 Consumer Loss Barometer, 19% of respondents said that they would stop shopping at a retailer that had been a victim of a cybersecurity hack, even if the company took the necessary steps to remediate the issue.” The greatest impact of a cyber attack comes from the financial loss of losing customer trust after the attack.
Thankfully, there are ways to protect your business from cyber security attacks. Coverage for cyber attacks exist and will insure remediation expenses, business interruption from cyber attacks and legal expenses. This can even be added to your existing commercial policy for under $100/yr. Contact one of the many knowledgeable brokers at Pacific Insurance Broker Inc. to find out how Cyber Risk Management insurance can protect you. Call (416)494-1268 today.