Cyber Security Insurance

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

 

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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

Planning a Garden Show? You need garden event insurance.

Posted by David McLeish on Aug 20, 2018 2:43:22 PM

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Planning a Gardening Show? Protect yourself with Event Insurance

Planning an annual flower show, competition, plant sale, or garden tour? You should consider getting Garden Show Special Event Insurance. Gardeners know better than anyone that events can be unpredictable. Disasters strike even the most careful and diligent gardeners. That’s where insurance comes in. Having the right Garden Show insurance policy protects you from those unforeseeable dangers and gives you peace of mind—not quite the blissful serenity of a well-tended garden, but close enough!

Opening your garden to the public or hosting an event brings its own set of challenges, which is why most rental venues will require you to carry Event Insurance. Often, this will be stated explicitly in the rental contract, including the liability amounts required. Garden venues want to be protected in case your guests damage property or someone is injured at your event and tries to sue. If you are renting equipment, like a sound system, tent, or a marquee, you will also want coverage in case that property is damaged.

If your organization is hosting a garden event at a private residence, the homeowner’s policy likely will not provide adequate insurance. Parties of a certain size may be excluded. Your organization will need to have Event Insurance in place in the unlikely event that a guest is injured. That stone walkway or water feature might look lovely, but it could also be a tripping hazard!

One day garden event insurance is inexpensive and available online with no need to talk to a broker. Policies start at $130 and at no additional cost certificates can be provided to your gardening show venue that prove you are protected.

A quote is also free, fast, and available any time of the day or night. Click here to get started.

 

 

Tags: short term liability insurance, event liability, cyber risk, holiday liability insurance, one day event liability, short term venue liability insurance, short term venue insurance

Transfer Cyber Risk to Cyber Attack Insurance

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

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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

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