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Covering cyber risks in Canada | AIG CyberEdge insurance

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Canadian businesses are under cyber attack. Is yours covered?

Uncovered. It’s a word that can keep small business owners and CEO’s alike awake at night. Likewise, it’s a word fraught with tension. And it’s what no business leader ever wants to hear from their insurance provider.

In short, it summarizes the wide-ranging cyber risk threats the Government of Canada exposes in its new National Cyber Threat Assessment 2020.

There is lots to digest in this second ever Canadian Centre for Cyber Security report. Above all, Canadian business owners and leaders should be aware of some key highlights.

For instance:

  • “the number of cyber threat actors is increasing, and they are becoming more sophisticated, that cybercrime will almost certainly continue to be the cyber threat most likely to affect Canadians and that Ransomware attacks will almost certainly continue to target large enterprises and critical infrastructure providers.
  • We have assessed that state-sponsored actors will almost certainly continue to attempt to steal Canadian intellectual property and proprietary information, especially related to COVID-19. 
  • In addition, the assessment details that actors are very likely working to develop cyber capabilities to disrupt Canadian infrastructure, such as the electricity supply, to further their goals.”1

Less two years after publishing its inaugural findings, this new Canadian Centre for Cyber Security report is also accompanied by an updated Introduction to the Cyber Threat Environment. This reference document provides a Canadian context for current information about cyber threats, what’s motivating hackers, techniques and tools.2

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However, as much as this new report and related tools are essential reading, they are also especially unsettling during these unprecedented times. The risk of being uncovered when it comes to cyber attack continues to rise. And with cyber exposures becoming more complex, its more important than ever to secure a cyber insurance solution that will respond.

Related Matters: Protect your business: cyber risks, attacks, liabilities and insurance coverage

This is where we can help. Across Canada, ALIGNED Insurance brokers have deep and strong relationships with top Canadian insurance companies. We have these relationships so that we can deliver the best options to our thousands of clients.

Certainly, CyberEdge® by AIG Canada is a solution that we are proud to bring to our clients. It is a unique Canadian product and built to specifically cover the cyber risks your business is facing.

Keep reading to learn more about the cyber risks and exposures AIG Canada CyberEdge® can cover…

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Targeting Canadian business risks | CyberEdge® insurance by AIG

Cyber threat actors. This is the term you’ll find used in the report to describe individuals who are actively working to extort businesses for money.

Related matters: Managing your business risks during COVID-19

The pandemic is moving Canadians to virtual lives and livelihoods. With our society now reliant on the internet for working, shopping, researching and connecting with others, we are all at risk.

For example:

Cyber threat actors pose a threat to the Canadian economy by exacting costs on individuals and organizations, notably through the theft of intellectual property and proprietary information. They threaten the privacy of Canadians through the theft of personal information, which facilitates additional criminal behaviour including identity theft and financial fraud. As physical infrastructure and processes continue to be connected to the Internet, cyber threat activity has followed, leading to increasing risk to the functioning of machinery and the safety of Canadians.”3 National Cyber Threat Assessment 2020

In addition, more specifically for Canadian businesses, the report shares seven “Key Judgements” about cyber threats in 2020. Excerpts from three of these judgements are listed below.

  • Cybercrime continues to be the cyber threat that is most likely to affect Canadians and Canadian organizations. …Over the next two years, Canadians and Canadian organizations will continue to face online fraud and attempts to steal personal, financial, and corporate information.
  • We judge that ransomware directed against Canada will almost certainly continue to target large enterprises. These entities cannot tolerate sustained disruptions and are willing to pay up to millions of dollars to quickly restore their operations. Many Canadian victims will likely continue to give in to ransom demands due to the severe costs of losing business and rebuilding their networks and the potentially destructive consequences of refusing payment.”4
  • State-sponsored actors will almost certainly continue to conduct commercial espionage against Canadian businesses…to steal Canadian intellectual property and proprietary information. …The threat of cyber espionage is almost certainly higher for Canadian organizations that operate abroad or work directly with foreign state-owned enterprises.”5

Cyber threat actors are thriving during the pandemic and that means that no company is not at risk. We understand this and recognize that a comprehensive cyber solution has never been more important.

CyberEdge® by AIG Canada is a solution that specifically responds to cyber risk exposures.

You can get a CyberEdge® solution that delivers peace of mind during unprecedented times. Contact an ALIGNED broker now.

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CyberEdge® is a Canadian business solution

Data breaches. Computer hacking. Employee errors. And more. These are the cyber risk exposures that your business faces every second of every day. These are also the risks that CyberEdge® by AIG Canada can cover. For instance, AIG Canada notes:

“CyberEdge® helps organizations develop effective end-to-end security risk management programs—underpinned by AIG’s cyber insurance protection.

In the face of a cyber attack, our elite network of experts includes information security consultants, law firms, forensic investigators, and public relations firms to deliver immediate 24/7 client support — anytime, anywhere.”4

The cyber risks Canadian businesses are facing are only increasing. This is why a solution that is built, from the ground up, to address cyber exposures is vitally important.

7 reasons why CyberEdge® is the best defence

1. Loss Prevention. CyberEdge helps to prevent an attack in the first place, with a host of services available to clients including: customizable training for employees, threat intelligence gathering and assessment, vulnerability scanning, shunning technology, and vendor security analysis.

2. First-Party Recovery and Restoration Costs / Business Interruption Loss. Once a breach occurs, we help clients notify and support the recovery of affected customers, handle crisis communications, and determine exactly what happened. We also assist with the costs of managing and mitigating a cyber incident and compensate for lost profits and operating costs due to the breach.

3. Third-Party Loss and Regulatory Costs. We’ll cover third-party claims by outside parties such as suppliers or customers resulting from a cyber breach. Assistance is also provided in responding to any regulatory actions brought in connection to the breach, or for failure to disclose the breach.

4. Coverage for Bodily Injury and Property Damage. Clients can receive affirmative coverage for bodily injury and property damage resulting from a cybersecurity failure in a way that best fits their needs.

5. Extortion. If an outsider attempts to extort an organization by threatening the availability of its computer network or the disclosure or destruction of its information, we can help. This includes paying for costs associated with ending the threat and investigating its cause.

6. Online Media Exposure. If content is erroneously distributed on an organization’s website, we protect the organization against any related copyright infringement, trademark infringement, defamation, and invasion of privacy claims.

7. Emergency 24/7 Assistance. If a cyber-attack or data breach is believed to be underway, we’ll get you technical support from an IBM specialist right away. Our experts are available 24-hours-a-day, every day of the year, to find the immediate threat…and start the restoration and recovery process for a business as soon as possible.”5

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CyberEdge® | We’re proud to connect businesses with the best insurance solutions

Who you do business with always matters. And this is why we’re constantly strengthening and building relationships with top Canadian insurance companies. In short, we know you need the best solutions for your business. And we are proud to deliver CyberEdge® by AIG Canada.

To sum up, don’t leave your cyber risks uncovered. Contact an ALIGNED Insurance broker now to discuss your business and get connected to the best cyber solutions.

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Source(s): 1,2 Canadian Centre for Cyber Security Releases the Canadian National Cyber Threat Assessment 2020 ; 3 National Cyber Threat Assessment 2020 ; Introduction to the Cyber Threat Environment ; 4, 5 CyberEdge® Cyber Insurance

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