5 Tips for Applying for Cyber Insurance in Ontario

Updated:
September 27, 2021

For Ontario cyber insurance coverage to be effective, it requires a high level of due diligence on the part of business owners and managers.

What is cyber insurance?

Cyber insurance in Ontario is a line of insurance for businesses to help protect them from internet attacks and from risks associated with technology and privacy. Some types of cyber attacks that are typically protected with cyber insurance are extortion, theft, hacking and DDoS attacks.

To get the most out of your policy, you'll want to consider the following best practices when applying for cyber insurance

  • Gather accurate data
  • Be honest
  • Don't wait
  • Involve the right people
  • Work with experienced brokers
5 Types of Cyber Attacks That Threaten Small Businesses

Gather accurate data

Before the cyber insurance application process, it’s critical to speak with your information technology (IT) management team and any vendors you utilize in order to collect accurate data. It’s important to quantify the data on your network.

Above all, get a solid estimate on how much personally identifiable information you have, including employee data.

Be honest

To complete the application process properly and get the best possible policy, honesty is important. When working with your Scrivens cyber insurance broker, be clear about your organizational setup, security protocols and breach history.

Not only will this help in securing adequate coverage, but it will also reduce the risk of your policy being voided if carriers find out you were dishonest during the underwriting process.

Don’t wait

Even if your organization hasn’t taken the appropriate steps to reduce its cyber risk, going through the cyber insurance application process can help identify exposures.

Your Scrivens cyber insurance broker can work with you to get the best coverage possible today, leaving room to negotiate down the line when your data security methods are stronger.

Involve the right people

The application process for cyber insurance can be complicated, and it’s important to have key personnel help you.

In order to complete a cyber insurance application in Ontario, your organization may need to work with risk managers, IT professionals, HR department, financial officers, the board of directors, executives, privacy officers, marketing team, and legal professionals.

Work with experienced cyber insurance brokers

To get the most out of your policy, work with a carrier who can accurately assess your exposures and offer your organization the best protection. Because cyber insurance is relatively new, some insurance brokers are more experienced in the underwriting process than others.

At Scrivens, we have dedicated cyber insurance professionals who have immersed themselves in the topic. Our brokers can even provide details on how similar companies in your industry handle cyber security.

Taking all the above into account will not only prepare you for the cyber insurance underwriting process, but it can also improve data security up front.

Why is Cyber Security Important for Businesses of All Sizes

Be Prepared With Ontario Cyber Insurance

The application process for cyber insurance is both detailed and exhaustive. However, taking the proper steps before the application process should reduce your data breach risk, making your organization more attractive to insurers and reducing your overall insurance costs.

When applying for cyber insurance, be sure to scrutinize policy terms, premiums and underwriting programs. Doing so can put you in a better position to secure the right coverage.

For assistance applying for Ontario cyber insurance, contact your Scrivens insurance broker today.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.

It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.