Cyber insurance in Ontario has become an essential component of any risk management program. Businesses have to deal with business disruptions, lost revenue and litigation. It's important to remember that no organization is immune to the impact of cyber crime.

What does an Ontario cyber insurance policy cover?

Cyber insurance policies are tailored to meet your company's specific needs and can offer a number of important benefits, including:

Data breach insurance coverage
Business interruption insurance
Cyber extortion defence
Coverage beyond a general liability policy

Data breach insurance coverage

In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action. Cyber liability insurance policies include coverage for these exposures, thus safeguarding your data from cyber criminals.

Business interruption insurance

A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What's more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.

Cyber extortion defence

Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it's critical that organizations seek cyber liability insurance to help recoup losses related to cyber extortion.

Coverage beyond a general liability policy

General liability (CGL Insurance) policies don't always protect organizations from losses related to data breaches. Data is generally worth far more than physical assets, and it's important to have the right protection in place when you need it most.

Supplementing your business insurance with cyber insurance can provide you with peace of mind that, in the event of an attack, your organization's financial and reputational well-being is protected.