Businesses are vulnerable to risks. Risks are dependent upon the exposure that a business has, the underlying business environment, and the conditions under which it operates.
For example, businesses today run on computers that are interconnected through a network and have specialized software for managing diverse functions as well as day-to-day activities. A cyber attack on your systems caused by a data breach is a risk that can devastate your business in a matter of minutes without as much as causing any physical damage to your premises, or assets.
Is your business in Alberta covered from cyber attacks?
If you are a business owner in Alberta, cyber liability insurance is recommended to protect your business from cyber attacks, especially if your business runs on the internet and you store personal and commercial data of your customers.
A cyber attack can disable your computer systems, get access to your data and then acquire administrator privileges. You can become a victim of malware, phishing, denial of service attacks and if you are not protected, then your business will come to a grinding halt.
Protect your business with Alberta cyber liability insurance
To prevent your business coming to a standstill, it is recommended that you purchase Alberta cyber liability insurance. If you are covered, then in the event that a data breach occurs, you would be able to bear the expenses related to investigations as per your policy coverage.
Also, if your source of income is through the internet, for example you run an e-Commerce website, and if there is a cyber attack of a ‘denial of service’ type, and your website is down for several days leading to loss of revenue; then in that case an Alberta cyber liability insurance policy will reimburse you for your business interruption losses.
Buy an insurance cover before a cyber attack
As a cyber attack can occur at any time, it is advisable to purchase an Alberta cyber liability insurance policy in advance. Such a policy has a range of coverage that includes protection of your business, your customers and your reputation from various types of cyber risks namely:
Data breach coverage
This coverage protects your business from expenses incurred on security fixes, identity theft protection, and legal matters that you might get involved in.
Business interruption loss reimbursement coverage
This coverage protects your business in case of a cyber attack that leads to an IT failure which disrupts your operations and forces you to close your establishment temporarily. Such an attack could cause massive loss of income to your business, but if you have a cover, then loss can be recovered along with costs incurred in recovery of the business.
Coverage against losses incurred in cyber extortion
If your business is a victim of cyber extortion, then you would have to shell out the money to the hacker to allow you resume your business operations. These expenses are covered under an Alberta cyber liability insurance policy and allow you to recoup from losses related to cyber extortion.
Coverage for costs related to forensic, public relations and legal support
In case your business is a victim of a cyber attack, then you might have to engage a professional agency to determine the severity of the attack, how to deal with it and to carry out remedial measures. These costs will cover your expenses related to such activities.
Hire an experienced Alberta cyber liability insurance broker
Your business is precious to you and you are committed to protecting the data of your customers who have reposed their faith and trust in your capabilities.
Even a small breach in your systems can cause immense harm to you and to their businesses. Therefore it is a prudent practice to get the right cyber risk insurance coverage and for this you must engage with an experienced Alberta cyber liability insurance broker.
The heart of the matter is to get adequate cyber risk coverage before a cyber attack happens.