Cyber Security Insurance

Posted by David McLeish on Nov 22, 2018 10:15:20 AM



On the back of several high-profile data breaches in recent years, Cybersecurity is increasingly top of mind for executives as well as customers. Hackers are targeting organizations of all sizes with increasing sophistication and persistence. As the risk grows, what is being done?

Experts Say: Not Enough.

Criminal networks are devoting an increasing proportion of their time and attention to Cybercrime because it’s easier and more lucrative than more traditional types of crime, and harder to get caught. Worryingly, businesses seem to be inclined to take a reactive rather than proactive approach.

While 99.8% of Canadian companies fall into the category of small or medium-sized businesses (SMBs), and 43% of Cyberattacks specifically target them, 90% do not have cyber insurance. Costs per incident run from the tens of thousands of dollars in smaller companies, to millions for larger, better-known organizations. Recent research into the topic of Cybersecurity has highlighted the need for improved focus on personnel training and specialized IT staff.

Small businesses spend comparatively less on Cybersecurity, and the impact of Cybercrime on them tends to be more severe when it does happen: many small businesses which have been hacked go out of business shortly after (estimated at 60%) because they are simply unable to deal with the financial and reputational cost.

Typically, an organization’s Cybersecurity budget is a proportion of their IT budget (often around 10%). Most organizations spend more on Cybersecurity after an attack, but mostly on technology such as firewalls and anti-malware software rather than personnel training and governance. Larger organizations seem to take the problem more seriously, but they also tend to be more frequent targets of attacks due to the bigger payoff.

While important, technological safeguards do not address the entire spectrum of cyber risk. Phishing attacks are becoming increasingly sophisticated, and tend to target front-line employees who may be unprepared if they have not received appropriate Cybersecurity training. Employee access to data is itself a risk that organizations need to actively manage: for example, a USB flash drive left in the open with sensitive data on it can present a golden opportunity to the unscrupulous.

Failure to safeguard against Cyberattacks can injure more than just a company’s financial position; the very survival of an organization can be threatened. A successful Cybersecurity strategy will involve adequate spending on training, governance and internal processes to reduce risk as well as technology, and a comprehensive insurance plan to address risks which cannot be adequately reduced or managed.

What Can Be Done?

Front Row Insurance offers a solution called Hackinsure which is designed to provide additional protection for your business against emerging threats in the area of Cybersecurity.

Hackinsure includes:

  1. Third-party cyber liability, which put simply covers you against lawsuits from third parties due to a Cyberattack on your business,
  2. First-party cyber liability, which covers the cost of actions taken to “make right” a Cyberattack for your customers—things such as notifying clients, purchasing credit monitoring services for affected parties, and PR efforts related to the attack.
  3. Data Breach coverage, which protects against destruction or loss of digital data resulting from a criminal or fraudulent cyber event.
  4. Extortion & Ransomware, which covers costs associated with investigating threats of Cyberattack, and payments to those who threaten to obtain and disclose sensitive information.
  5. Business Interruption: Provides coverage for lost income which is due to a Cyberattack or data loss event.

In this technological age, no business is immune to Cybersecurity risks, and the costs of a breach can be crippling. Hackinsure policies from Front Row begin at $300. Contact us today.

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New Mandatory Data Breach Law: Get Protected with Cyber Insurance

Posted by Lynne Godfroy on Aug 15, 2018 4:39:11 PM

cyber law

cyber law insurance

What does the new federal mandatory data breach notification law mean for your small business?

The new law, The Digital Privacy Act, went into effect on Nov 1, 2018, and applies to all businesses that hold identifying information of employees, customers, members, or vendors. In the case of a breach, business owners are required to notify the affected individuals as well as the Office of the Privacy Commissioner of Canada. It’s easy to think that these risks and responsibilities only apply to large businesses, but in fact ‘personal information’ can include something as small as an email address as well as credit card details. As the skills of hackers have grown, it’s become an important part of business management to understand and mitigate the risks in the digital world, no matter the size of the company.

Research shows that roughly 30% of small businesses have been targeted by hackers because their online security is often not as robust as that of a large corporation.  Apart from reputational damage, which can ruin small businesses, there can be significant costs associated with fixing the breach after legal bills are paid, IT professionals hired, and staff time accounted for as they divert from their normal duties to attend to the crisis.

What can a small business owner do to protect his/her business from cyber hackers? Front Row Insurance Brokers provides cheap online cyber insurance coverage that protects against hacking, theft, fraud, business interruption, and legal, technical, or forensic services. Hackinsure starts from only $300 annually and takes about 5 minutes to get your policy.

Topics: BREACH INSURANCE, buy cyber insurance online, Cyber Insurance Canada, hack insurance

Hack Insurance: It's not just for big businesses

Posted by Meghan Stickney on Jul 27, 2018 3:47:05 PM

Worried about a cyber attack? Here’s what you need to know.

Blog Post July

cyber attack hack insurance

There’s been a lot of buzz in the news lately about cyber attacks on big banks and corporations. Cyber attacks are a topic of concern not only for big businesses, and their customers, but also for the many small and mid sized businesses that make up the fabric of our economy in Canada. In fact, 43% of all cyber attacks happen against small businesses, which means more Canadian consumers are at risk now than ever for having their security compromised by hackers. Also, because small businesses tend to allocate less budget and resources to privacy and security systems, they are the ideal target for hackers.

So, where does this leave your business? Well, for starters, you’ll want to ensure you’re protected against the costs and risks associated with a possible cyber attack. Front Row has recently launched an online Hack Insurance product, the first of its kind in Canada, to address this exact need. You can obtain coverage online starting at $300.00. And, like all of Front Row’s online products, you’ll be fully insured within a couple of minutes with no need for any meetings, paperwork, or hassle.

Now more than ever, it’s important you protect yourself in every possible way. Here are a few additional tips we share with all of our clients, to help guard against the risk of a cyber attack:

  • Developing a password strategy: Using the same password across multiple devices and accounts is the easiest way to compromise security. Once a hacker gets their hands on a password, they can easily use it to compromise employee information as well as customer data, turning a single password breach into millions of dollars in damage.
  • Avoiding collecting or storing payment information: Outsource payment processing and avoid collecting customer payment information such as credit card info on your own. Dedicated security staff have the resources and tools to protect data better than you can.
  • Educating your employees: It might seem like common sense, but it’s not always. Develop a written policy about security and privacy and make sure employees are on board and understand their responsibility to protect any confidential data. No business is “too small” for a hacker - the better prepared you are, the less at risk you are.
  • And, of course, purchasing hack insurance: 90% of small businesses do not currently have cyber insurance. You need to know that your business will be protected against any security breaches. Our new product provides this protection. You can get insured online in a couple of minutes by clicking here.

If you’re looking for tips or advice on Hack Insurance, or any other insurance needs, our team is always available to chat! You can connect with us on Facebook, Instagram or give us a call at the office nearest you!

Topics: buy cyber insurance online, Front row Cyber Insurance, Cyber Insurance Canada, Cyber Insurance, online cyber coverage

4 Ways to Prevent Cyber Attacks in the Creative Industry

Posted by Amanda C. Poole on Jul 19, 2018 3:48:42 PM


cyber attacks in creative industries

cyber attacks in creative industries

Content creation companies such those involved in advertising & media, film production, graphic design or animation that operate without cyber security insurance are exposed to cyber-attacks.

Any company that produces creative content usually accepts and holds sensitive information for their clients. It could be: a film production company holding scripts from writers; ad agencies holding strategic plans to formulate an ad campaign; photographers holding secret marketing campaign ideas.

Consider the following:

  1. Educating your employees. All companies can take action by raising awareness through employee training. By teaching your employees: how to spot phishing email; how to properly dispose of sensitive information and having protocols to change passwords on a regular basis, the chance of preventing a cyber-attack is increased.
  2. Purchasing Cyber Security Insurance. Whether you are Sony Pictures or operating a small two person design studio, you are never going to be truly protected without cyber insurance. Sophisticated cyber hackers are now targeting small companies as bigger companies invest in better protections. 43% of all cyber attacks are now against small businesses.
  3. Being proactive. Business owners who are tuned into the ongoing cyber risks will always come out on top because they realize this is a growing exposure. 60% of small business that are hacked never recover and go out of business in 6 months after the cyber attack.
  4. Dealing with data. People don’t think they need cyber insurance because their data is backed up, on another server or encrypted. Unfortunately, anyone dealing with data has an exposure to cyber-attacks; this doesn’t ensure cyber security. 90% of all small business have no protocols in place to protect client data. Create a plan and follow it.

Need cyber insurance? Peace of Mind starts here:

Get a Quote Online In 2 Mins.

Types of Cyber Crime:

Phishing – obtaining valuable information such as a credit card details or passwords by posing as a trustworthy company (e.g., a supplier) via email.

Ransomware – When a company’s computer system is infiltrated by a malicious program that encrypts its files and demands a ransom (typically in bitcoin) to return the data.

Social Engineering – Criminals impersonate an executive of a company in an email in order to obtain a money transfer or sensitive data from an unsuspecting employee. These emails are often targeted to junior employees, who may be more susceptible due to lack of training or fear of not responding to the senior executive who was impersonated.

Get a quote online in 30 seconds or buy a policy in five minutes by clicking here now:

Get a Quote Online In 2 Mins.

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber and office insurance for the lowest possible cost in addition to arranging custom policies for the entertainment industry. Should a claim occur, Front Row ensures that their clients receive the money they are owed per the insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

Topics: Front row Cyber Insurance, Online Hacker Insurance, Cyber Insurance Canada, Cyber Insurance

Insurance Business Canada interviews Front Row Insurance

Posted by Amanda C. Poole on Jul 18, 2018 4:26:51 PM

Business Insurance

Front Row was interviewed by Insurance Business Canada as expert providers of online cyber insurance.

Spend less and protect your business against cyber risk with online cyber security insurance.

Front Row Insurance Brokers now offers a small or medium-business cyber insurance policy so you pay only for what your business needs. No overselling, and no losses is a “no-brainer”.

Get a Quote Online In 2 Mins.

Front Row Insurance offers solution to small business cyber conundrum

Originally printed by: Bethan Moorcraft July 18, 2018

Approximately 99.8% of Canadian companies are considered small or medium-sized businesses (SMBs), employing 64% of private sector workers in Canada. The impact of SMBs on the Canadian economy is huge, and yet many smaller businesses struggle to protect themselves adequately against financial loss.

The complex realm of cyber insurance is an area where small business understanding falls short. Statistics suggest about 43% of all cyberattacks target small businesses and yet 90% of small businesses do not have cyber insurance. This common coverage gap is a top-of-mind issue for insurers around the world, with many suggesting educational and awareness campaigns as the key fix.

But what if the cyber insurance products in the market are the real problem here? What if small business owners can’t identify a product that they think meets their needs, budget and service expectations?

Vancouver-based Front Row Insurance recently launched a cyber product aimed specifically at the small business owner. It’s a fully-automated online policy, written by Chubb, which is very low touch and has even lower limits. The starter limit is $100,000, which can be purchased at a premium of $300, and the maximum limit is $1 million. The policy can be obtained online in just two or three minutes.   

“If you look at a graphic designer that’s billing $50,000 a year from their home office, the difference between a cyber policy that costs $800 and one that costs $300 is really significant – it’s 1% of their income,” said David Hamilton, CEO and president at Front Row Insurance. “We found that really small businesses, with one to three people, understand the need for cyber coverage but don’t want to pay a lot for it. Our $300 starter premium is very palatable and provides what we feel is an excellent starter policy for small business proprietors in Canada.”

So far, responses to the policy, which launched in April, have been positive. It has drawn particular interest from younger gig economy workers who are looking to bypass intermediaries and conduct business at any time of day when they can grasp a few spare moments. The online solution includes step-by-step tips and explanation points to help customers through the buying process.

“Take the example of the graphic designer. The Graphic Designers of Canada association has around 3,700 members, every one of whom should have a cyber policy. Why? If you’re a graphic designer and you’re taking business material from a client in order to design a logo for them, and that material somehow gets exposed due to a cyber incident, your client may sue you for not protecting that material,” Hamilton explained.

If you take into account the fact that more than 50% of small businesses go out of business within six months of a cyberattack, suddenly the $300 premium for the sole graphic designer doesn’t seem like a bad investment, according to Hamilton.  

The Front Row cyber insurance policy could also be “the perfect solution” for brokers, according to Hamilton. Any broker can access the policy online and can surcharge it with a small fee. They don’t have to submit anything to an insurance carrier and they can transact business in less than 10 minutes.

 Get a Quote Online In 2 Mins.

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides office renters insurance for the lowest possible cost. Should a claim occur, Front Row ensures that business rental insurance client receives the money they are owed per the office insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.

By: Bethan Moorcraft July 18, 2018



Topics: buy cyber insurance online, Front row Cyber Insurance, Online Hacker Insurance, Cyber Insurance Canada, Cyber Insurance

Is Your Business Prepared for the Consequences of a Cyber Attack?

Posted by David Hamilton on May 25, 2018 2:21:26 PM

Online Hack Insurance

You can insure your business against the worst effects of a hack attack on your computer system by answering a few questions online here:

For cyber events, here are a few possible consequences of not having the right coverage:

1. Cyber lawsuits often have negative effects on a company’s relationship with its customers. If their private information was stolen during the breach, they may not feel comfortable doing business with you again in the future.

2. Due to the recent rise in cyber hack attacks on small businesses, customers and third-party partners may request that you have this type of insurance coverage before doing business with you. In fact, studies have found that only 50% of consumers feel that businesses are taking the appropriate measures, to safeguard themselves from cyber attacks.

Protect your small business by purchasing Cyber Liability coverage online. Obtain a quote in 2 minutes and a policy in 5 minutes 24/7 with no need to talk to a broker.

  • Custom online Cyber Insurance starting at just $250.
  • Limit options up to $1,000,000

90% of small businesses in Canada do not have Cyberinsurance.

You have seen the news: Sony, Target, Home Depot……. An affordable, fast cyber policy is now available for you to purchase in minutes.


Hack-Insurance Features:

  • Comprehensive cyber liability: Combines third-party cyber liability (your customers/clients) and first-party cyber crime expense coverages (you and your business) in one form
  • Theft and fraud: Covers destruction or loss of digital data as the result of a criminal or fraudulent cyber event.
  • Business interruption: Covers lost income and related costs where a you are unable to conduct business due to a cyber event or data loss.
  • Extortion: Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against your systems; and payments to extortionists who threaten to obtain and disclose sensitive information!
  • Forensic investigation: Covers the legal, technical or forensic services necessary to assess whether a cyber-attack has occurred, to assess the impact of the attack and to stop an attack.
  • Payment Card Losses


Who should buy this policy?

If your company operates under the assumption that data security breaches and privacy losses only happen to billion-dollar companies, it’s time to change your thinking—before it’s too late.


Get a Quote Online In 2 Mins.

Topics: buy cyber insurance online, Front row Cyber Insurance, Online Hacker Insurance, Cyber Insurance Canada, hack insurance, Cyber Insurance, Canadian Cyber Insurance