Cyber Liability
Insurance

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The University of Calgary paid $20,000 after a ransomware attack in 2016. Public institutions aren’t the only target for cyberattacks – businesses large and small are increasingly being victimized by cybercriminals. Thankfully, you can protect your Calgary business with cyber liability insurance. This coverage can help you:

  • Prevent future cyberattacks and data breaches
  • Mitigate the damage from cyberattacks and data breaches
  • Cover expenses related to cybercrime
  • Help your business recover

Work with our experienced Calgary cyber liability insurance brokers to get a competitive quote today.

A Breakdown of Cyber Liability Insurance for Calgary Businesses

Here’s everything you need to know about cyber liability insurance for your Calgary company.

What is cyber liability insurance?

Cyber liability insurance helps protect businesses if they are the victims of a cyberattack or data breach.

What does a cyber liability insurance policy cover in Calgary?

In Calgary, cyber liability insurance can include coverage for:

  • Ransom
  • Fines
  • Investigation fees
  • Legal expenses
  • Notification costs
  • Reputation management
  • Loss of income
  • Data or software or network recovery
  • Mitigation

Keep in mind that coverage depends on your policy. There are different levels and types of coverage. Talk to one of our experienced cyber liability insurance brokers in Calgary if you’re not sure what protection you need.

What type of cyberattacks and data breaches are covered by cyber liability insurance in Calgary?

Here are a few examples of cybercrime that is generally covered by a good cyber liability insurance policy in Calgary:

  • Denial of Service – When users can’t access their computer, network, or software.
  • Malware – When a malicious software is installed on a device that is then used to get or access data (logins, personal information, et cetera).
  • Ransomware – When users can’t access their computer, network, or software unless they pay a fee to a cybercriminal.
  • Phishing – When a user is tricked into giving away information, clicking a link, or opening an attachment (normally through email).
  • Man-in-the-Middle – When communication between two parties (like two employees, or an employee and a client) is infiltrated by a cybercriminal.
  • Spoofing – When impersonation is used by a cyber-attacker to steal or access information.

Exactly what’s covered will depend on your policy. Remember that not all policies are equal. A cyber liability insurance broker can ensure your Calgary business is protected from the right risks.

The Cost of Cyber Liability Insurance in Calgary

The cost of good cyber liability insurance in Calgary starts at around $1000.

What affects the cost of Calgary cyber liability insurance?

There are many factors that affect the cost of cyber liability insurance in Calgary, including:

  • Size of business
  • Annual revenue
  • Industry
  • Type and amount of records and data
  • Your insurance options like deductible, policy limits, and coverages

How to Get Cheaper Cyber Liability Insurance in Calgary

There are a few ways to lower your rates for cyber liability insurance in Calgary, such as:

  • Bundle your insurance
  • Reduce your risk of a cyberattack or data breach with mitigation measures
  • Shop around to get quotes from different insurance companies
  • Don’t over-insure
  • Choose a higher deductible
  • Establish a cybercrime plan
  • Review your insurance coverage at least once a year

How to Get a Cyber Liability Insurance Quote in Calgary

You can get a cyber liability insurance quote in Calgary with Rogers the following ways:

  • Online
  • By email
  • By phone
  • By visiting our Calgary office

We’ll discuss your business, insurance needs, and budget in order to get you accurate quotes.

Why should I go through Rogers Insurance for my Calgary cyber liability insurance?

Here are a few reasons you should choose Rogers Insurance for your cyber liability insurance in Calgary:

  • We’re independent – We work for you, not an insurance company.
  • We’re competitive – We’ll find you the best quotes.
  • We offer exceptional service – We believe in a human-approach to insurance and pride ourselves on our client care.
  • We’re insurance experts – Our cyber liability insurance brokers are the best in Calgary. They’re experienced and continue their professional development so you’re getting the most up-to-date advice.

Plus, we’re local! We began in 1977 in Calgary and have grown to become a leading independent insurance brokerage in Canada.

Frequently Asked Questions

Is a small- or medium-sized businesses really a target for cyberattacks?

Yes, small- and medium-sized businesses are a target for cyberattacks. These companies often have fewer resources, less cybersecurity, and can be used as launch points to attack others.

What’s the difference between a cyberattack and data breach?

A cyberattack is any act that attempts or succeeds in getting unauthorized access to networks, software or data. This access can then be used to disrupt operations or obtain information.

A data breach is an unauthorized access to or loss of personal information.

Do I need to report a data breach or cyberattack?

Yes, you’re legally required to report a data breach or cyberattack if there is a risk of:

  • Bodily harm
  • Humiliation
  • Damage to reputation
  • The negative impact to credit rating
  • Financial loss
  • Identity theft
  • Damage to property
  • Loss of employment or professional opportunity

If the cyber incident impacts Alberta residents, you should report it to the Office of the Information and Privacy Commissioner of Alberta. If the cybercrime affects residents outside of Alberta, you also need to inform the Office of the Privacy Commissioner of Canada.

Why do I need cyber liability insurance in Calgary?

Without cyber liability insurance, your Calgary business could be on the hook for damages, legal expenses, recovery and more after a cyberattack. Cyber liability insurance helps cover a wide range of costs associated with a cyber incident and can help your business survive and recover.

Who offers cyber liability insurance in Calgary?

There several insurance companies offering cyber liability insurance in Calgary, and the number continues to grow. Rogers Insurance works with nearly 100 insurance companies to ensure you’re getting the best choice of coverage at competitive rates.

How can I protect my business from a cyberattack or data breach?

There are many different things you can do to protect your business from a cyberattack or data breach, including:

  • Use two-step authentication
  • Strong password practices (longer passwords, using numbers and symbols, regularly updating)
  • Install anti-virus and anti-malware software and keep it up to date
  • Restrict employee devices (or ensure they’re protected to the same level as company devices)
  • Back up data
  • Consult with cybersecurity or an IT firm to help improve network security
  • Provide cybersecurity training to employees
  • Establish an action plan for a cyber incident
  • Stage or drill a cyber incident
  • Protect your business with cyber liability insurance

Start a Conversation With One of Our Expert Brokers Today to Determine the Right Coverage for You.

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