Ontario Cyber Liability Insurance
Technology has become integrated into every aspect of our lives. Most of the things we do involve the internet in one way or another and a large amount of the information we consume every day is in digital form. The move to the digital landscape has changed a lot of things regarding the security of information and the systems that have been put in place to store and process information. The world is becoming more and more connected and this means that more people are accessing information remotely from the convenience of wherever they are located. However, this convenience has also brought about a number of huge risks in terms of information security as it is transmitted over the internet and located in places that are easily accessible over the internet.
For any business there is a huge possibility that information is captured and stored in digital form. Going “paperless” is a convenient way for businesses to reduce paper costs and help the environment. Also, digital storage and processing of information is very efficient as it makes retrieval of this information very fast and accurate.
However, the efficiency and convenience that digital storage and retrieval of information provides also comes with its own set of risks. As with any system, digital systems may be broken into and the data may be stolen or tampered with. In other cases, data may be lost as a result of a virus or malware attack. This information is worth a lot to the people that work with it and losing it presents a huge loss for the business involved. Cyber-attacks can target any business that stores information digitally and it is important that you as a business owner secure a comprehensive cyber insurance policy that will cover you in case of such events. Many business’s take preventative actions such as installing firewalls, passwords, hardware and more but those individuals wanting to retrieve or damage your information also use the most up to date and sophisticated technologies as well
A lot is covered by this policy considering the huge scope of digital information storage and retrieval. The gap between your current insurance coverage and your cyber activity needs to be well covered and this is where the cyber-insurance policy comes in handy.
Various coverages you will benefit from once you have a cyber liability insurance policy:
For one, you will be covered for any financial loss that someone else incurs as a result of your technological activities. For instance, a client whose data you are working with may sustain financial losses as a result of their data being leaked because of a cyber-attack or breech. In this case, you may get sued and be required to compensate the client. These lawsuits can can be very expensive and stretch on for a long time before the case is ever concluded. It’s beneficial, financially, to have the proper insurance in place to cover your legal costs. Theft of data as a result of viruses, malware, Trojan horses, rootkits and hacking attacks is also covered by this policy.
In case you are dealing with sensitive customer data, technology insurance is even more important for you. Data getting into the wrong hands could be extremely dangerous, for your business and your client. Losses arising to the loss or theft of sensitive customer information are covered by the tech insurance policy which will see to it that all damages are paid for and your business can keep running as usual. There is a lot to lose when data gets lost, stolen or damaged. Your company could even come to a standstill as you try to work on damage control, which is very expensive. The cost of investigating a cyber-attack can be very prohibitive for most companies and in most cases, they just give up and resort to spending a lot of money covering for the damage on their own.
Having Technology Insurance will leave your business covered in case of a cyber-attack or virus attack. Information is a very valuable asset in any business and it is important that you have this insured as well. It makes little sense to have every other aspect of your business insured and leave the information that runs it uninsured. This presents a huge vulnerability that can ruin your business quickly. Because these types of attacks are extremely unpredictable, it’s best to be prepared now. Let the professional brokers of St. Andrews Insurance Brokers help you find the best policy that provides you with the coverage you need.
A hacker may decide to target your system and when they succeed, you will have to cover a lot of damages. It is much safer to have tech insurance cover this so you can focus on your business. In the modern world, important information has become very accessible and people are always looking for ways in which they can access your information. Keeping the information safe and risk management (in case they manage to steal your data) are two important types of coverage for businesses.
You risk exposing your business to a potentially huge financial loss without cyber protection. There is no need to put your financial stability in jeopardy when you can simply have it insured at a much lower cost than it would take to recover from a loss.
St. Andrews Insurance Brokers- Your Trusted Cyber Liability Insurance Adviser
At St. Andrews Insurance Brokers, our experienced brokers work with you in choosing the best cyber liability insurance policy for your business. We offer a free quote that comes with no obligation so you can make that all important decision as easily as possible. Contact us today at 1-905-709-1779 or simply fill out the form above to start your free quote today and get the peace of mind you deserve!