Heartbleed Bug Protection
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In a recent article the Canada Revenue Agency advised that 900 SINs were stolen in the cyber breach they experienced due to the “Heartbleed Bug” which shut down their website for days.
This breach is a good reminder that breaches can happen to sophisticated well resourced organizations. It can also serve as a reminder to smaller organizations with less infrastructure and resources about the importance of managing “cyber” risk effectively.
Cyber Attacks: 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.
An ALIGNED Insurance Broker would be happy to discuss Cyber Liability Insurance products that can help protect your organization or visit us at www.alignedinsuranceinc.com to learn more.
|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.|
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