Cyber Liability Insurance Canada
Ransomware. Identity Theft. Hacker attacks. Around the world and right here in Canada, cyber risks are a major cause of stress for businesses. However, it’s not just large corporations that find themselves at risk. This is why finding the best cyber liability insurance solution is no longer an option for business leaders. It’s a must have.
So if you are looking for cyber coverage that will respond to the specific risks you face in your industry, you just landed on the right page.
Cyber risks don’t discriminate. Any sized Canadian business can be at risk of cyber attack. And that’s why cyber liability insurance Canada is on the minds of business owners and leaders across the country.
The Insurance Bureau of Canada (IBC) conducted timely polling in late 2019 to determine just how significant the risks of cyber exposures pose to small businesses. A total of 300 small and medium-sized businesses (with less than 500 employees) took part in the survey. Above all, the results are quite striking. Some highlights are noted below.
- 44% of small businesses do not have any defences against possible cyber attacks.
- 60% have no insurance to help them recover if an attack occurs.
- Nearly one in five businesses (18%) polled have been affected by a cyber attack or data breach in the last two years.
- 37% of businesses hit by a data breach estimate that the attack cost them over $100,000, while one in five (20%) had no idea of the cost of the breach.
- Half of small business owners surveyed (50%) believe that their business may be vulnerable to a cyber security attack, and 56% stated that they’re concerned about how a breach could affect their business
Cyber risk isn’t something that just big business has to worry about. Here at ALIGNED we not only understand the cyber insurance marketplace but we know how to deliver coverage options that protect every size of business.
DYK? We can help you get cyber insurance that aligns with your specific needs.
It’s no longer a case of if a cyber attack will happen to your business, but rather when it when it will happen. This is why it is important to get cyber liability insurance Canada before things go wrong.
And it’s why, here at ALIGNED Insurance, we’ve made getting cyber insurance simple, easy and extremely straight-forward.
Why is cyber liability insurance so important
It’s all about consumer confidence. When news stories break about Canadian companies that experience a hacker attack or data theft, people take notice.
In fact, a 2019 Cybersecurity Survey conducted by the Canadian Internet Registration Authority (CIRA) finds that:
“Canadian banks, schools, governments and businesses are still being taken down by cyber attacks, exposing customer data, paying ransoms to hackers, and losing valuable time recovering from breaches.”2
Here are some more key results from the CIRA survey:
- 71 per cent of organizations reported experiencing at least one cyber-attack that impacted the organization in some way, including time and resources, out of pocket expenses, and paying ransom.
- Only 41 per cent of respondents have mandatory cybersecurity awareness training for all employees.
- Among those businesses that were victimized by a cyber-attack, 13 per cent indicated the attack damaged their reputation.
- 43 per cent of respondents were unaware of the mandatory breach requirements of PIPEDA.
- Of those businesses that were subject to a data breach, only 58 per cent reported it to a regulatory body; 48 per cent to their customers; 40 per cent to their management and 21 per cent to their board of directors.
- 43 per cent of respondents who said they didn’t employ dedicated cybersecurity resources cited lack of resources as the reason. This is up from 11 per cent last year.”3
Get the cyber insurance your business needs.
For these reasons and many more, cyber liability insurance is now a must have for Canadian organizations across every industry and of any size. We understand that it’s important to get the best possible coverage solutions lined up for your organization.
This is why we partner with more than 65 of the top insurance companies Canada to get our clients access to the best cyber solutions. We also know it’s important to have easy access to insurance coverage when you need it the most. Our cyber liability insurance Canada solution available online, 24/7/365.
Above all, trust us to connect you with the best cyber liability insurance
To sum up, we are proud to specialize in supporting Canadian business. We partner with the best insurance companies in Canada so that we can deliver choice, value and options to all of our clients.
Here are just a few differentiators that make us among the best business insurance brokers in Canada.
The ALIGNED 0% Commission / Fee Option
It is common for business insurance brokers in Canada to write policies on commission. This practice means that if, and when, insurance costs increase – due to losses, increased sales/assets, increased insurer rates, etc. – so does an average insurance broker’s revenue. Unlike other brokers, we offer a fee-for-service model. When you pick our fee-for-service model you decide how much we make based on the specific level of service that you want for your organization.
Understanding the Tiered Service Levels that we offer
Every business is unique. It has specific needs as well as unique service requirements. This is why, since day one, we’ve delivered distinct service levels to our clients. We believe that in order to be among the best business insurance brokers in Canada matching your specific needs is important. This is why we offer four distinct service levels. These levels ensure that you have choice when it comes to the service we provide.
It is common for business insurance brokers in Canada to write policies on commission. This practice means that if, and when, insurance costs increase – due to losses, increased sales/assets, increased insurer rates, etc. – so does an average insurance broker’s revenue. Unlike other brokers, we offer a fee-for-service model. When you pick our fee-for-service model you decide how much we make based on the specific level of service that you want for your organization.
ALIGNED’s Priority Claims Response
When a worst case scenario happens, it’s important that you will know that your coverage will respond. That’s why we partner with Canadian claims leaders. Since 1977, WINMAR®’s network of 90 locations across Canada provides quality restoration services 24 hours a day, 365 days of the year. Thanks to our partnership with WINMAR® ALIGNED clients receive priority positioning when they experience a loss at any of their locations. This helps to minimize claim costs and ensure your organization is back up and running ASAP.
Worried about your cyber risks? We understand. If you are looking for the best cyber liability insurance solution for your business in Canada, let’s talk.
Sources: 1 IBC.ca: Small businesses in Canada Vulnerable to Cyber Attacks; 2,3 CIRA.ca: “2019 CIRA Cybersecurity Survey
