According to the May 2022 edition of The Globe and Mail, Report On Business, cyber attacks have surged in recent years. In fact, it’s estimated the number of cyber attack incidents rose globally in 2021 by 151%…and will likely continue to get worst. It could happen as simple as coming into work one morning and turning on your computer to find your company files are locked, work comes to a halt, and your anonymous hacker is requesting an unimaginable amount of money to restore access. Is your business prepared to respond and recover after a cyber attack?
How can your business get the best cyber insurance? The best thing to do is speak with an ALIGNED Advocate at your earliest opportunity before it’s too late. We will explain more about getting cyber insurance in this post.
Things To Consider When Purchasing Cyber Insurance
When shopping for cyber insurance, you want to get the best coverage for the best price. There are a few steps and considerations you can take for ensuring you get the best outcome.
1. Understanding Cyber Insurance
Is cyber insurance new to you? Understanding it and the coverage it provides will help you be more informed and feel confident when agreeing to your policy. At ALIGNED, our Advocates can answer any questions you have about cyber insurance and the different coverages we offer. You can also refer to our ‘Knowledge Hub‘ and search for all cyber insurance-related posts.
2. Why You Need Cyber Insurance
Business owners generally buy cyber insurance to protect their business from a data breach, ransomware/cryptolock and, or to meet a contractual requirement. If you need to meet a contractual requirement, it’s important to share this information with your Advocate so we ensure we get you the policy you need.
3. Evaluating Your Business’ Cyber Risk Profile
Prior to speaking with an Advocate, it’s a good step to evaluate your business’ cyber risk profile. Doing this will help you understand where your gaps are. Ask yourself important questions such as…
- Does your company handle sensitive information?
- Is your customer/client information secure? Does your business rely on confidentiality?
- Do you have a website or app that interacts with customers and stores their sensitive information?
- Do employees use their own devices while working?
- Are your employees trained on best practices when it comes to sensitive information?
4. Understanding The Areas Where You Might Need Cyber Insurance
ALIGNED Insurance offers different cyber insurance products so your business is protected where and how it needs to be. You can explore these products here, however, and Advocate will be able to help you understand which modules of coverage within the product are necessary and/or relevant for your business, while also helping you understand how these products can protect your business.