Cyber Insurance in British Columbia

Why We're the Right Choice for Your Business

As a Canadian company with a presence in your local community, we understand the challenges and risks you may be facing. We work with Canada’s leading insurance partners to get you the right coverage and value. 

With our local expertise and flexible coverage options, you can focus on growing your business while we work to secure the best solutions for your needs and help you protect what matters most.

Get a customized quote today and ensure your BC business is ready for the unexpected.

Cyber Insurance 

Cyber insurance is a type of insurance policy designed to protect businesses and individuals from financial losses resulting from cyber threats. These threats can include data breaches, ransomware attacks, business email compromise, denial-of-service attacks, and other malicious cyber activities.

Cybercriminals don’t just attack big companies. Your BC small business is vulnerable to a cyberattack, too. You need cyber liability insurance to protect your business from the financial consequences of a cyberattack.

Think of it as a specialized form of insurance that addresses the unique risks associated with the digital world. Traditional insurance policies often don't cover all the financial impacts of cyber incidents. Cyber insurance fills this gap by providing specific coverage for these events.

Here's a breakdown of what cyber insurance typically covers:

1. First-Party Coverage: This covers the insured's own losses resulting from a cyber incident. This can include:

• Data Breach Response Costs: Expenses related to investigating the breach, notifying affected individuals, providing credit monitoring, and legal and forensic services.
• Business Interruption: Lost income and extra expenses incurred due to a system outage or inability to operate following a cyberattack.
• Data Recovery Costs: Expenses to restore damaged or lost data.
• Ransomware Payments: In some cases, coverage may include the cost of paying a ransom to regain access to data (though this is a controversial aspect and policies may have limitations or require prior approval).
• Cyber Extortion: Costs associated with responding to threats of data release or other harmful actions.
• Digital Asset Damage: Costs to repair or replace damaged digital assets.

2. Third-Party Liability Coverage: This covers the insured's legal liability to third parties resulting from a cyber incident. This can include:

• Liability for Data Breaches: Legal costs and settlements arising from the loss or theft of customer or third-party data.
• Liability for Failure to Secure Data: Claims alleging negligence in protecting data.
• Regulatory Fines and Penalties: Costs associated with fines imposed by regulatory bodies for data privacy violations.

Key Benefits of Cyber Insurance in British Columbia:

• Financial Protection: Helps cover the significant costs associated with cyber incidents.
• Incident Response Expertise: Often provides access to a network of experienced professionals who can help manage and respond to a cyberattack.
• Business Continuity: Helps businesses recover and minimize downtime after a cyber incident.
• Regulatory Compliance: Can help businesses meet certain regulatory requirements related to data protection.
• Risk Mitigation: Can incentivize businesses to implement better cybersecurity practices.