Worldwide Cyber Breach Highlights Importance of Insurance Coverage
On the heels of what is being deemed the world’s largest ransomware attack of encrypted data, many businesses – large and small – face uncertainty moving forward. What isn’t uncertain is the need for businesses to have cyber insurance coverage.
According to an Insurance Business report, the most high-profile compromises included the United Kingdom’s National Health Service, FedEx in the United States and Renault (carmaker) in France.
In Canada, telecoms company Bell Canada reported 1.9 million customer email addresses as stolen from a recent, separate attack. With cyber attacks increasing in severity and frequency, now is the time to protect your business.
5 Types of Privacy Breach
Privacy breaches can happen in many different ways. Intact Insurance, one of Surex’s partner insurers, cities these five scenarios as the most common:
- Stolen or lost devices (laptop, PC, mobile phone, flash drives, etc.)
- Improper document or office equipment disposal
- Theft of non-computer data (paper files or records)
- Computer system or network virus
- Unauthorized use/access to a system or network by an individual
‘’Ransomware is the easiest way to monetize cybercrime because there seems to be so few consequences, because a lot of the times it’s coming from another part of the world,’’ Greg Markell, CEO of cyber at MGA Ridge Canada, said. ‘’It’s a faceless crime. However, we’re hearing about some of these organized crime syndicates setting up helplines to help walk people through what to do to get their data back. So, you even have criminals setting up customer service lines to extort you.’’
With cybercrime affecting more Canadian businesses, it’s only natural that more businesses are seeking some type of cyber coverage in their commercial policies.
‘’Our brokers are asked about cyber coverage significantly more than even a year or two ago,’’ Lance Miller, CEO of Surex, said. ‘’It’s not just about getting cyber coverage; it’s making sure the cyber coverage you have encompasses and protects your entire business. Just as every business is different, so too are the available cyber coverage offerings and degrees of coverage.’’
Cyber Coverage Through Surex
Surex has partnered with over 10 insurers in Canada. As an insurance marketplace, Surex is able to shop your commercial policy and find the company best suited to insure your business.
Upon starting a small business insurance quote, be it calling in (1-855-242-6612) or requesting a quote online, your assigned personal Surex broker will contact you and get as much information as they can about your business. From there, your broker will put in the leg work – not you – of reaching out to our partner companies and finding a policy that matches your needs and budget.
If you ever need to adjust coverage or have any questions pertaining to your policy, you will deal with the same personal broker who placed your policy. The familiarity and relationship developed between broker and customer means you don’t have to waste valuable time being bounced around a call centre explaining your business to someone new each time.
Experience for yourself how Surex’s business model and prices contributed to 5th place recognition on the 2017 Top 10 Brokerages in Canada list by Insurance Business.