Online Cyber Insurance for Canadian Small Businesses

Posted by Mike Groner on Nov 28, 2018 11:06:56 AM

WHAT IS CYBER LIABILITY?

Cyber liability insurance goes by many names these days: CyberInsurance; Cyber Security, Cyber Risk, Hack Insurance and others. However, the intent of all of these polices remains the same. A Cyber-insurance policy is an insurance product used to protect your business for data breaches on your computers that exposes your client’s information.

Get a no obligation online quote here now  ➭

WHAT DOES A CYBER LIABILITY INSURANCE POLICY COVER? 

  • Comprehensive Cyber Liability: Combines third-party (your customers/clients) cyber liability and first-party (you and your business) cyber crime expense coverage in one form.
  • Theft and Fraud: Covers destruction or loss of digital data resulting from a criminal  cyber event.
  • Business Interruption: Covers lost income and related costs when unable to operate due to a cyber event or data loss
  • Extortion & Ransomware: Provides coverage for costs associated with investigating threats to commit cyber attacks and payments to those who threaten to obtain and disclose sensitive information
  • Forensic Investigation: Covers the legal, technical and forensic services necessary to assess whether a cyber-attack has occurred, to assess the impact of the attack and to stop the attack
  • Extortion: Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against the policyholder’s systems and for payments to extortionists who threaten to obtain and disclose sensitive information.

CAN MY BUSINESS AFFORD CYBER INSURANCE?

While the most prominent cases report have been attacks against large companies such as Target, Sony and Home Depot; in fact, 43% of attacks are occurring against small businesses. Of the small businesses attacked, 60% never recover after a hack and go out of business within 6 months because of a lack of cyber security.  Starting from just $300. Annually,  with limit options up to $1,000,000.Cyber Liability for Small Business

Front Row Insurance’s Hackinsure provides protection against a range of online hazards – peace of mind is available online in five minutes with no need to talk to a broker.

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.

cyber liability small business

WHAT ARE SOME WAYS TO SAFEGUARD AGAINST A CYBER ATTACK?

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 Cyber Liability 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.

Get a quote in 2 minutes  ⇨

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,  Halifax, Los Angeles, New York, Nashville, and Colorado

Tags: online cyber coverage, cyber liability, hack insurance

Cyber Security Insurance

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

 

shutterstock_1069246475

 

IS YOUR SMALL BUSINESS DATA SECURE? DON’T WAIT TO FIND OUT.

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.

Tags: Cyber Incident, cyber event, Fraudlent cyber event, Comprehensive Cyber Liability, cyber insident, cyber crime, cyber security, cyber attacks, cyber attack insurance, cyber risk, online cyber coverage, Cyber Insurance Canada, Canadian Cyber Insurance, Cyber Insurance, Front row Cyber Insurance, buy cyber insurance online, cyber liability

Transfer Cyber Risk to Cyber Attack Insurance

Posted by David Hamilton on Jul 31, 2018 3:32:07 PM

blog-2

As noted in the media in recent years, cyber attacks have become an increased threat to the cyber security of a business. While the most prominent cases report have been attacks against large companies such as Target, Sony and Home Depot; in fact, 43% of attacks are occurring against small businesses. Of the small businesses attacked, 60% never recover after a hack and go out of business within 6 months because of a lack of cyber security.

Fortunately, there is a way that you can protect yourself against cyber crime by purchasing Cyber Insurance otherwise known as Data Breach Insurance. Front Row Insurance has recently launched a new product called Hackinsure.

Hackinsure offers the following cyber security protection:

  • Comprehensive Cyber Liability: Combines third-party cyber-liability (your customers/clients) and first-party (you and your business) and cyber crime expense.
  • Theft and Fraud: Data breach coverage. Protects against destruction or loss of digital data resulting from a criminal or fraudulent cyber event.
  • Business Interruption: Covers lost income and related costs when unable to operate due to a cyber security event or data loss.
  • Extortion & Ransomware: Provides coverage for costs associated with investigating threats to commit cyber attacks and payments to those 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.

Coverage starts at $300 for the year, but you can save $50 by using the following coupon code: DICEHACK$50.

Get a Free Online Quote Now

A basic policy would include the following options, with higher limits available:

COVERAGES LIMIT DEDUCTIBLE
Cyber Incident Response Limit $100,000 $1,000
Cyber, Privacy & Network Security Liability $100,000 $1,000
Regulatory Proceeding $100,000 $1,000
Non Panel Response Provider $10,000 $1,000
Business Interruption Loss & Extra Expense $10,000 $1,000
Contingent Business Interruption Loss & Extra Expense $5,000 $1,000
Network Extortion $10,000 $1,000
Digital Data Recovery $10,000 $1,000
Payment Card Loss $100,000 $1,000

Coverage can be purchased online through our website at http://hackinsure.frontrowinsurance.com/. If you have any questions regarding the coverage, please don’t hesitate to give us a call at 604.684.3439.

Get a Free Online Quote Now

About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides cyber 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.

Tags: cyber risk, cyber attack insurance, cyber attacks, cyber security, cyber crime, Cyber Insurance, data breach insurance, cyber liability, privacy & network security liability, Comprehensive Cyber Liability, Fraudlent cyber event, cyber event, Cyber Incident

If you are a graphic designer, yes, you need Hack Insurance

Posted by David Hamilton on May 25, 2018 2:21:10 PM

Hooded Hacker with Hack PhrasesWhat is Hack insurance?

Hack insurance for graphic designers is designed to protect from certain losses associated with data breaches and hacks. After a hack there are costs you will incur such as: notifying your customers that their information provide to you may have been stolen; paying to restore or recover the stolen data; having to redo design ideas such as logos since they are no longer confidential.

Hack insurance is extra important for graphic designers who rely so much on computers and tech for their business.

Hackers are becoming smarter, making it tougher for graphic designers to defend themselves from a data breach. If a cyber attacker is able to gain access to your computer, network or other electronic system, they may be able to steal client information, employee information, accounting information and other valuable data from you. Hack insurance can help with expenses associated with managing the hack such as incident response expenses and data recovery expenses.

Hack insurance can help in the following situations:

  • A hacker gains access to your information including customer information, and threatens to sell or disclose it.
  • A hacker encrypts your company’s computer system, preventing authorized access to your staff
  • A hacker threatens to place a virus into your company’s computer system.

As a graphic designer you are at risk. The cost to transfer the risk to insurance is low compared to the expense of an actual hack.

Protect your graphic design business by purchasing Hack online: https://hackinsure.frontrowinsurance.com/

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: take five minutes to protect your studio that has taken you so long to establish.

Get an Quote Online In 2 Mins.

Tags: cyber liability, hack insurance, buy cyber insurance online, Front row Cyber Insurance, Cyber Insurance, Online Hacker Insurance

Office Contents Insurance and the Need for Cyber Insurance

Posted by David Hamilton on Aug 13, 2014 11:26:00 AM

Cyber insurance protects your business from revenue loss and lawsuits sparked by a breach of cyber security and computer crimes. Every business office insurance policy should include cyber insurance.

shutterstock_130609865With an ever growing movement towards technology and new media, businesses need protection against online hackers. Data breach can include document spillage, client information exposure and unwelcomed access to sensitive information. Cyber hacks are unpredictable and untraceable, but they are growing in occurrence and stealth. Businesses with an online presence are recommended to calculate the risk of losing revenue due to cyber attacks and whether the business can afford to lose money, clients, shareholders and even reputation. 


Big corporations and small businesses alike are all vulnerable to these attacks. Citigroup, for example, faced a $2.7 million loss in revenue when sensitive information of over 200,000 of their customers was accessed in 2011. Despite this being on the larger scale of hacks in history, any business with documents online face the risk of exposing important information that may lead to lawsuits down the road.

At Front Row Insurance our commercial office insurance package has the option to include Cyber Insurance, a coverage which lessens and protects your business from the aftermath of a cyber attack. Most of these breaches can take months to undo and thousands of dollars to compensate, but cyber insurance can reduce these setbacks. Visit our website for more information about our office contents insurance package.

 

For further assistance please do not hesitate to contact us directly or see more office contents information here

SOLO: Short Term Theatre Rental (Canada Only)  Learn More

 

Tags: Office Contents Insurance, cyber liability

New Media Revolution: The Insurance Impact on Video Game Developers

Posted by Mike Groner on Jan 9, 2012 4:35:00 PM

It’s fair to say that video game industry is becoming a hugely successful spin-off of the film and entertainment industry, and what better place for this burgeoning industry to thrive then in North America.


The triggers for this field of entertainment are being propelled by the digital era that we are in, and with new media providing on-demand access to contact almost anywhere, anytime, the generation of unregulated information and data has triggered a requirement for insurance products that cater to the specific issues that can arise.

What type of special coverage is obtainable?

Given that the cost of developing video games can rise over $20M per game the coverage necessary is similar to that required by film and television producers.

Many video games now combine computer graphics with live filming and motion capturing technology. A recognizable lead actor will often be hired for a specific video game and if the actor is injured and is unable to shoot as scheduled, costs and expenses relating to the shoot will be incurred. A typical office based policy that your average video game or software developer would have does not cover these exposures.

Additional extensions that are specific to video programmers will include Media Liability and Professional Liability coverage. Media Liability is comparable to Errors and Omissions coverage in the written or spoken word resulting in claims due to miscommunication of information, or copyright or trademark infringement claims. Professional Liability, is important in the event that a video gamer does not complete or adhere to the guidelines in which they were hired.

Obtain a free no Obligation Quote:

Click me

Tags: Video game developer insurance, Video game Publisher Insurance, cyber liability, video game insurance, video game development insurance, Video Game Developers insurance, video game programmer insurance, Video game design insurance, Video Game Developers

Recent Posts

Posts by Topic

see all