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Does your business use e-commerce? Do you store customer data electronically? If you use computers for any purpose in your business, you could be at risk for a cyberattack or data breach. It’s imperative that you carry cyber liability insurance to protect your business, your staff, and your clients.
A cyberattack is any attempt to steal or damage data. They can range from data scraping to holding access to your systems for ransom. A data breach is when the personal information of clients, employees, the business, or third parties is stolen or made available, on purpose or by accident. These incidents have become increasingly common, with many Canadian companies dealing with viruses, data loss, network damages and information theft. Unfortunately, most traditional commercial insurance policies are designed to protect physical assets, not virtual property such as data or installed software.
That’s why Rogers Insurance is a cyber liability insurance broker offering coverage that can protect you in the event that your data or network infrastructure is compromised. Our team of expert cyber liability insurance brokers help you get cyber liability insurance quotes and can help ensure you’re protected. Get a cyber liability insurance quote today or read on below to learn more about this essential coverage.
Cyber liability risks are a relatively new phenomenon thanks to the rise of technology and dependence on computers, technology, and digital communication. Your business can be held liable in the event there is a cyberattack or data breach or related incident that breaches privacy or causes damage to your clients or third parties. This includes costs incurred by victims of the attack or breach, system recovery, notification expenses, fines, and lawsuits.
These incidents can be expensive, with IBM suggesting the cost of a data breach to be an average of US$3.86 million in 2018. That’s enough to close the doors of many businesses. It isn’t just the biggest businesses that fall victim to cyber incidents. Small businesses are often more vulnerable and are targeted or experience accidental breaches as well. The Insurance Information Institute estimated that small businesses make up 84% of all data breaches.
Luckily, cyber liability insurance is available in Canada. Cyber liability insurance covers financial losses that result from cyber events such as data breaches and cyberattacks. This can include:
Keep in mind that coverage can vary depending on your individual policy, industry, and insurer. Cyber liability insurance in Canada is also always evolving, just as technology is changing.
A cyber incident can cause severe damage financially to your business. Expenses related to recovering data, notification, extortion, and lawsuits can be high. Plus, you’ll likely experience damage to your reputation and loss of income. Cyber liability insurance policies help mitigate the financial loss experienced by your business.
Some cyber liability insurance policies in Canada cover business interruption. This is also known as income interruption insurance. It covers lost income in the event you’re forced to cease operations, in this case, due to a covered cyber liability insurance claim.
It can take time to recover after a cyber event and this coverage can help your business survive the period of interruption. It can help cover wages and pay essential bills while you work to get your doors open again.
Cyber events often include loss or corruption of data. This aspect of cyber liability insurance helps cover the cost of recovering this information.
Some cyber liability insurance policies in Canada extend coverage if identity theft is involved in the cyber event. This includes help recovering personal information and covering financial losses relating to a stolen identity.
One type of cyber event is cyber extortion: this is where a cyber attacker will hold your company’s information or access to information ransom. Cyber liability insurance can provide funds to cover extortion demands or your response.
Different insurers have different rules on accepted responses to cyber extortion. Talk to Rogers Insurance cyber liability insurance brokers for more details on how to handle this type of cyberattack.
Some cyber liability insurance policies cover public relations and marketing costs to repair your business’ reputation after a cyber event such as a data breach or cyberattack.
This is the third party liability aspect of cyber liability insurance. This covers legal expenses including defence costs, settlements and awards. Keep in mind that this would be limited to certain cyber-related lawsuits.
Cyber liability insurance is still new and continued to evolve. Get your free cyber liability insurance quote from Rogers Insurance or talk to our brokers to learn more about your options.
Your Rogers Insurance liability insurance broker can help you find the coverage your business needs. Our experts assess your business and work with different insurance companies to find the best policy for your budget and needs.
The cost of cyber liability insurance will depend on your individual business, including:
These may not be the only factors, however, as each insurer is different. Our cyber liability insurance brokers can help you identify how you can reduce premiums while maintaining the level of coverage you need. They can also get you competitive cyber liability insurance quotes.
Insurance is just one way to protect your business from cyber liability threats. However, insurance should always be the safety net – you want to avoid a cyber event in the first place in order to save your company’s reputation and money as well as protect your employees, partners and clients.
Here are ways to help mitigate your cyber liability risks:
For the newest risk management practices or procedures that are tailored to your business, ask your cyber liability insurance broker. Here at Rogers Insurance, we will be able to help you determine what threats your company is exposed to and help you protect your business.
Rogers Insurance has the best cyber liability insurance brokers because our experienced, knowledgeable insurance professionals know cyber liability insurance. Their number one priority is finding you the best solution for your business’ needs and budget. We work with a number of insurance companies in order to get you competitive cyber liability insurance quotes. We’re also here to help you mitigate your risks, answer your insurance questions, and help you through claims.
We value our clients and recognize that each company has different needs. Our cyber liability insurance brokers personally review your coverage, your business, and your risks. We pride ourselves in providing exceptional customer service to all of our clients. We’re your advocate and your insurance resource.
See the difference with Rogers Insurance by requesting a cyber liability insurance quote or getting in touch with us today. Our team of experts is here to help you protect your business.
If you aren’t quite sure where to start when it comes to purchasing cyber liability insurance coverage for your business, request a quote through one of Rogers online forms. Our cyber liability insurance brokers will get in touch with you as soon as we can to answer your questions and provide you with a competitive cyber liability insurance quote.
I have been in insurance since 2010 Education: Charter Insurance Professional (CIP) designation Canadian Accredited Insurance Broker (CAIB) designation. Bachelor of Arts Degree in Economics.
Being blessed with the mentorship of seasoned insurance professionals over the past 40 years, Wendy has gleaned an in-depth knowledge of the insurance industry that is more of a passion than just a job. She looks forward to paying it forward in mentoring up-and-coming insurance professionals within the Rogers family. Wendy was nominated for the 2015 Elite Broker Award and came in at #2 in Canada!
Steve joined Rogers in 2007 and brings over 11 years of insurance experience to the commercial team, including a strong focus on construction, oil and gas, manufacturing, agriculture, and automotive and equipment dealerships.
With 16 years of experience as an insurance broker, Rob has worked hard to build a successful portfolio with a focus on transportation clients of all sizes. Rob combines a wealth of product knowledge and attention to detail when working on behalf of his clients and underwriters. He values his relationships and excels in creative, customizable insurance solutions for everyone’s needs.
Karen joined Rogers in 2002, bringing with her more than 20 years of insurance experience. Karen has built a strong client-base and continues to provide excellent service to her clients in the manufacturing and construction industries.
With 18 years’ experience in the industry, Corey has developed and implemented insurance programs for some of Canada's largest oil and gas service companies. He has also developed and serviced franchise insurance programs in the hospitality industry across Canada. Through strong relationships with his clients as their trusted insurance advisor, Corey has been able to expand his experience to the construction and manufacturing industry.
Bob has over 35 years of insurance & risk management experience, including 15 years in management of claims and in-house law departments. Prior to selling his business to a financial institution, he served as President of the regional brokerage he co-founded in 1992. Bob’s Industrial and Energy Service client list includes many large-scale and international corporations.
Greg started his career in insurance in 2000 and joined Rogers in 2010. While studying at the University of Regina, he majored in Accounting and Finance. He offers valuable experience in Surety Bonding and Commercial Insurance as a Senior Account Executive. Greg will manage your Surety Bond Facility and be your first point of contact for all bond-related activity.
Originally from Ontario, Keegan has made Calgary his home since 2012. He holds an MBA from the University of Windsor and has 6 years’ experience in risk management in addition to his experience in banking, manufacturing and food processing. Keegan specializes in risk management solutions for his clients in the equipment rental, fabrication, trucking, bending and oilfield services industries in addition to other sectors.
Nathan brings over 12 years of experience to his role with Rogers. Mentored under the firm’s founder, Peter Rogers, he has a sharp focus on finding the creative solutions our clients need. With an education in criminology, his attention to detail is something his clients heavily rely on. Nathan has become a valued resource for not only Rogers staff but colleagues in the industry.
Sam has thirty one years in the insurance industry - 26 years as an insurance broker and 5 years as a commercial underwriter. Analytical in nature, Sam creates and maintains strong client relationships by identifying risks and recommending solutions, and performing contractual reviews as they relate to insurance requirements and indemnities (risk acceptance vs. risk transfer).
David, a Commerce graduate with a major in Insurance & Risk Management from the Haskayne School of Business, joined Rogers in 1998 and has built a successful portfolio with a focus in the Oil & Gas and Construction industries. He values his relationships and excels in creative, customizable insurance solutions for everyone’s needs.
Marv has 13 years’ experience as an insurance broker and specializes in managing risk and protecting businesses for a variety of industries, including realty, construction, manufacturing, and hospitality. Marv has developed an impressive client base by providing results and continually keeping on top of insurance needs to ensure nothing falls through the cracks.
"Rogers Insurance has provided flawless service and expertise to Noralta Lodge for many years. Their partnership has helped us reduce our risk through our growth and expansion as a company, allowing us to focus on what matters most, our clients and our business."
Neil Matheson VP, Finance - Noralta Lodge
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