It doesn’t matter if you’re a Fortune 500 company or a sole proprietorship, in today’s hyper connected business climate, cyber attacks are no longer a question of if, but when.
This is especially true in Canada, which remains one of the most wired countries in the world. And while small to mid-sized businesses may not make the news in the event of an attack, they are more likely to be targeted because their security is often easier to penetrate.
According to the most recent data from Statistics Canada, 89% of Canadian businesses use the internet to operate, and nearly 100% use some form of info tech (IT) in their daily operations. With that in mind, it’s no surprise that cyber security is the third most important issue facing the property and casualty insurance industry right now.
As technology develops and more information is used and stored online, the nature of cyber threats will continue to evolve and become more advanced. When cyber attacks (such as data breaches and hacks) occur, they can result in devastating damage, and having a lax attitude about your susceptibility to loss is fertile ground for problems to occur.
The costs associated with business interruption, loss of revenue, legal fees, and customer or employee notifications caused by a cyber attack are not something most companies are in the position to absorb, and can cripple even financially sound organizations.
As a result, cyber liability insurance has become an essential part of any risk management program.
In addition to arming yourself with adequate insurance coverage, it’s essential to employ loss control techniques to keep your business as safe as possible, and be aware of emerging risks in the cyber threat landscape.
Check out this report (click link below) which outlines the current state of cyber security in Canada.
If you would like to discuss cyber insurance for your organization, contact Schill Insurance Brokers Ltd. today.