Exposed. Technology security risks…& top insurance solutions
No one is immune to cyber risks. Not IT firms. And not even insurance companies. A CBC News article reveals, “Cyberattacks can be costly. Court documents recently revealed that a Canadian insurance company’s data was held hostage until criminals who took over its computer systems were paid nearly $1 million US. That may seem like a large sum, but it pales in comparison to the cost of other ransomware attacks.”1
And if it’s not enough to be concerned that Canada’s insurance companies are facing technology security risks, so are our governments. For instance:
“Official documents recently obtained by The Canadian Press describe “mission-critical” Government of Canada computer systems and applications as “rusting out and at risk of failure.” Such statements are alarming for a host of reasons, particularly when considering the potential loss of critical systems that support the nation’s social services.”2
And, “if the revelations by the Canadian press about the woeful state of our nation’s aging IT systems are correct, then hackers are likely salivating at the thought of extracting similar payouts from the Canadian government.”3
Technology security risks are rising as are the costs of rehabilitation after a breach event. CBC goes on to report, “that Statistics Canada reported that in 2017 alone Canadian businesses spent approximately $8 billion on salaries for employees, consultants and contractors who worked on cyber security, along with another $4 billion on cyber security software and related hardware.”4
What all of this means is that regardless of the size, industry or location of your IT business, it is facing technology security risks. Each day your IT firm is exposed to risk – a threat that could cripple your operations with just a few keystrokes.
This is why we partner with top Canadian insurance companies. That is to say, we work with more than 65 of Canada’s top insurance companies. We partner with the best insurance providers so we can deliver the best choices and solutions to our clients across Canada.
Above all, Intact Technology Insurance coverage solutions are just one example of a top insurer we work with. Uniquely within the Canadian marketplace, Intact delivers a technology insurance product that can precisely fit the specific needs of many IT businesses.
In other words, if you are ready to get your tech risks covered, talk to an ALIGNED Insurance broker now and/or keep reading…
8 technology security risks that every IT business should be managing
Breaches happen. And they even happen to the most careful IT Firms. In other words, the old adage about shoemakers children never having new shoes comes into play here.
But simply by being aware of common sources of breaches you can take a proactive approach to technology risk management.
We take pride in delivering insurance products and solutions to thousands of Canadian businesses. But what we take even more pride in is our foundation approach to communicating about risks. This is just one of our more than 1,200 posts about business insurance.
Since day one here at ALIGNED Insurance we’ve made it a priority to inform and educate Canadian businesses about insurance coverage solutions. And we’ve complimented this with our ongoing blog insights about risk management.
To help you better manage your everyday technology risk exposures, we’re sharing some relevant insights. Such as identifying and managing common tech security risks.
- “Phishing is the use of fraudulent emails or phone calls to get sensitive information, such as bank account numbers, credit card information or passwords.
- Pretexting involves the creation of a fake identity or scenario to fool a person into disclosing information. A pretext attacker could also pose as a computer technician responding to a call for service to access your network.
- Malicious software (or “malware”) is any software that has a harmful intent. Malware typically infects a computer following a phishing attack or an employee accidentally downloading infected files.
- Pop-ups, for example, may claim your computer is infected with a virus. It will tell you that you need to download software to clean your system. That software will in fact be malware or a virus.
- While many cloud service providers have good Internet security, not all of them do. You can be at risk if the provider has poor security, leaving your data vulnerable to an attack.
- A poorly secured wifi system can leave your business vulnerable to a hacker within range of your network. A hacker could gain sensitive information, damage your systems or install ransomware.
- Badly chosen employee passwords can increase your company’s exposure to security risks. Many problems occur when employees choose passwords that are easily guessed by unauthorized people.
- Disposing of old devices improperly can hand someone else all your business information. You may want to go as far as physically destroying the computer or hiring an expert to do so.”5
Even with all of these best practices, your business is still at risk. This is why we deliver Intact Technology Insurance solutions to so many Canadian businesses. The comprehensive approach of Intact’s technology insurance products directly connect coverage to key risk exposures.
To learn more about Intact Technology insurance solutions for IT Firms, contact an ALIGNED Insurance broker now. Some specifics about Intact tech insurance solutions are also provided in the next section.
Get your IT company covered. Intact’s Technology Insurance coverage solutions
Because no business is immune to technology risks, getting the best coverage is nothing short of essential.
This is why Intact technology insurance solutions are specifically built to support a wide range of Canadian IT businesses.
- “Application service providers
- Computer facilities management services
- Computer programming services; support; rental; maintenance; repair
- Data processing
- Electronics manufacturersSoftware developers
- Information retrieval services
- Instruments and measuring devices
- Internet service providers (co-location services)
- Prepackaged software (value-added resellers)
- Robotics companies
- System integrators
- Systems consulting
- Website design firms
- Web hosting”6
Furthermore, “Intact Insurance offers an exceptional suite of broad professional liability coverages including Information Technology Solutions (ITS), which provides the convenience of all information risk coverages on one form, along with targeted breach recovery resources delivered by expert third-party vendors.”7
So what exactly are these first-party coverages you may ask? Here’s some examples:
- “Breach consultation services
- Incident management expense
- Information restoration expense
- Hardware replacement expense
- Extortion payments and rewards
- Forensic expense”8
In addition, Intact also provides coverages that are particularly relevant to organizations in the IT sector. For instance:
- “$10M capacity on technology Errors & Omissions (E&O) including information risk modular approach in coverage choices
- Worldwide territory with enterprise-wide policy language or technology-specific products and services
- Information risk liability coverage extends loss due to service providers
- No delay in delivery exclusion
- Corporate information or personally identifiable information in your care, custody or control
- Business income and extra expenses
- Information risk crime
- Payment Card Industry Data Security Standard (PCI DSS) fines and penalties
- Independent contractors included as insureds
- Cross border placement available for risks with U.S. or global needs”9
- and more…
To learn more about technology insurance solutions for your IT firm, contact an ALIGNED Insurance broker today. Together, we can start the process of aligning the best products and risk solutions to meet your specific needs.
In summary | Don’t leave your technology risks exposed
Align with us. We know that no one is immune to cyber risks. Not even IT firms. We can deliver an Intact Technology Insurance solution that will meet the specific risks that your IT firm faces, day in and day out.
ALIGNED brokers understand the nuances of commercial insurance coverages and can help you make informed decisions about your business insurance options. Bookmark our insurance info blog to keep current with Canadian insurance insights.
Source(s): 1,2,3,4 CBC.ca: Canada needs to address risks of aging IT to fend off threats that come with digital government ; 5 BDC.ca: Phishing, malware and online pop-ups: 8 major technology security risks for your business ; 6,7,8,9 IntactSpecialty.ca: Technology Insurance ;
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