Front Row clients should consider cyber liability insurance to protect their company against cyber threats; the premium starts at $400 CAD (minimum premium; subject to change).
The cyber insurance policy can cover costs associated with a cyber attack or data breach, including: any court fees and settlements from legal action, communications to your entire customer base, regulatory investigations, data asset losses (you may need to rebuild all your data files), and the cost of lost business.
This policy is ideal for clients with revenues of $2M and under.
Features of the cyber insurance policy:
- Coverage limit of $100,000.
- First party liability: covers the insured’s own financial loss arising from a cyber event, which is defined as any actual or suspected unauthorised system access, electronic attack or privacy breach, or system downtime.
- Third party liability: covers the insured for liability actions (i.e., lawsuits) against them arising out of a cyber event. This covers any claims arising out of defamation or infringement of intellectual property rights.
- Incident response: covers the costs involved in responding to a cyber incident in real time, including IT security and forensic specialist support, gaining legal advice in relation to breaches of data security, and the costs associated with having to notify individuals.
- Can cover you for business interruption, forensic support, legal support, and cyber extortion defense.
- Can cover you for the full range of cybercrime types, from funds transfer fraud and ransomware to targeted extortion and the unauthorized use of computer resources.
Cyber insurance claims example / ransomware insurance coverage:
A small firm may experience a hack into their system that is then held at ransom unless payment is provided. These ransomware payments are often large sums of money; in fact, we have seen upwards of $20,000. A cyber insurance policy can help mitigate these risks and get you back to normal as quickly as possible.