How Cyber Insurance Provides Peace-of-Mind

How Cyber Insurance Provides Peace-of-Mind

On June 17, in an online video the international group Anonymous allegedly claimed responsibility for a major cyber breach of Government of Canada computer servers.

Canadian Government Websites Hacked

Related Matters: The Globe and Mail: Cyberattack deals crippling blow to Canadian government websites

The Globe and Mail reports that “over a couple of hours, the e-mail accounts of government employees stopped working and the Canadian government’s presence on the Internet temporarily disappeared. Dozens of websites for major federal departments were rendered inaccessible, from Industry, to Natural Resources, to Justice, to Foreign Affairs, Trade and Development. It was the most high-profile cyber attack in this country since Chinese state-backed hackers broke into Canada’s premier scientific research agency last year.”1

Cyber Attack: A Growing Business Concern

While this recent attack appears to be politically motivated, hackers do not discriminate when it comes to stealing valuable business information. Social insurance numbers, credit card information and bank account details are just some of the prime targets for thieves who are looking to create false identities and commit other acts of fraud.

Related Matters: Cyber Risk Can Lead to Business Disruption

Hackers exploit weaknesses in corporate computer systems. Examples of cyber attacks on businesses include:

  • A malicious code that renders your website unusable
  • Distributed denial of service (DDoS) attacks that make your website inaccessible to employees and customers
  • Viruses, worms or other code that deletes critical information on business hard drives and other hardware

It is easy to see how a cyber attack has the potential to paralyze normal business operations. Unfortunately, many smaller organizations don’t have the human or financial resources to quickly detect and rectify the damage of a cyber attack, which can add up to a costly and lengthy business interruption.

Cyber Insurance For Canadian Businesses

Insurers are responding to the growing threats posed by cyber hackers with coverage that’s designed to provide peace-of-mind. According to an Insurance Business article, “while cyber insurance premiums appear to be expensive, they are typically much less costly than many clients believe”. 2 In fact, the current Canadian insurance market offers good value to first-time buyers of cyber liability coverage.

ALIGNED provides a variety of cyber insurance options for Canadian businesses of all sizes. Speak with an ALIGNED broker today about how we can help you secure the best products, services and solutions for your business.

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

Sources: 1 The Globe and Mail 2 Insurance Business

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