Why cyber risk is keeping Canadian business leaders awake at night
The best defence is a good offence. This old-school adage rings as true today as it did when it was first penned three centuries ago. Wikipedia cites none other than George Washington as the source for a phrase that’s oft cited by military and business leaders alike. Specifically, “Washington wrote in 1799: “…make them believe, that offensive operations, often times, is the surest, if not the only (in some cases) means of defence.”1
In the case of cyber risk, having solid defence tactics in place – as well as cyber liability insurance – is an important part of any modern business plan. Hackers keep targeting Canadian business and a recent article in The Globe and Mail highlights why this trend is worrying:
“More than one in five Canadian companies say they were hit by a cyberattack last year, with businesses spending $14-billion on cybersecurity as they confront greater risks in the digital world, according to a new Statistics Canada survey.
The most common suspected motive was an attempt to steal money or demand a ransom payment, according to the survey. Theft of personal or financial information was less typical – less than one-quarter of the cyberattacks – though it was the most cited reason for investing in cybersecurity, StatCan said.”2
Because information is currency to hackers
Small, medium and large sized businesses all face significant downtime and PR issues in the aftermath of a cyber liability event. This is why business leaders search for the best cyber options for their organization. Here at ALIGNED, we know that better cyber liability coverage also needs to be simple and fast for any business to secure.
We know a good offence can help prevent, manage and respond to cyber risk in your business. This is why we’re proud to deliver cyber liability insurance options for business operations in many industries.
That’s why you can get your cyber liability coverage with us
CIRA (the Canadian Internet Registration Authority) reports that cyber security risk management across Canada isn’t as robust as one might expect. A few eye-opening stats from CIRA.ca: Fall 2018 Cybersecurity Survey Report include:
- “Although 78 per cent were confident in their level of cyber-threat preparedness, 37 per cent didn’t have anti-malware protection installed and a shocking 71 per cent did not have a formal patching policy – exposing these organizations to massive security holes.
- Only 54 per cent of small businesses provide cybersecurity training for their employees even though the most common form of malware seen by our respondents, phishing attacks (42 per cent), directly exploit employees as a point of weakness.
- While 59 per cent of respondents said they stored personal information from customers, only 38 per cent said they were familiar with PIPEDA.”3
This may be because business owners assume their operations are already covered for cyber liability. In fact, it is extremely unlikely that a traditional business liability policy provides comprehensive protection when it comes to most cyber risks. More often than not, CGL policies – aka commercial general liability coverage – explicitly exclude such coverage.
[Good to know.] The current Canadian insurance market offers good value to first-time buyers of cyber liability coverage.
Cyber-related risks are here and growing in scope and scale. Canadian business insurance specifically designed to provide cyber liability coverage is fast, quick and easy to get a quote started for now!
Quickly secure cyber liability coverage for your business
Get started. To get an insurance quote for cyber liability started, you just need to confirm what type of business you want to insure. Once you confirm your industry, we need a few simple details. This includes your name, your contact info, the name of your business and some information such as:
- What is the rough projected annual sales/revenue of the person or organization requesting a quote (estimate is fine)?
- When do you need insurance in place by (for example ASAP, next week or so, just looking for an indication, etc.)?
That’s it to getting a cyber liability business insurance quote started with us!
It’s time to get your business aligned with the best cyber coverage options. Click to get your cyber liability insurance quote started with us now.
Stay informed. Stay vigilant. Read ALIGNED insights.
We’re proud to help our clients understand business insurance. Every day, we share insights about coverages, trends, risks, the insurance marketplace in Canada and more. Business leaders read our growing online library of insurance info and consult directly with ALIGNED brokers to better understand current and emerging coverage options.
We know how important it is to know what’s included and excluded with your commercial insurance coverage. With every industry struggling to keep up with the rapidly changing marketplace, simply bookmarking a website that features current and useful information can give you informed insights when you make business decisions. That’s why, with more than 850 featured insights, the Insurance Info section of our site is the go to spot for many people who want information about Canadian insurance coverages.
Click + Connect | Get ALIGNED cyber liability insurance
Learn more about online cyber liability coverage for your business. Connect with one of our Canadian Business Insurance Brokers today at 1-866-287-0448
Source(s): 1 Wikipedia: The best defense is a good offense; 2 The Globe and Mail “More than 1 in 5 businesses hit by cyberattacks last year: Statcan survey”; 3 CIRA.ca: Fall 2018 Cybersecurity Survey Report; Cyber Security and Cybercrime in Canada, 2017 – Statistics Canada
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian-owned, we are super proud to be one of the fastest-growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram and YouTube.