Cyber risk protection

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Definition of cyber risk

Cyber risk is the threat of financial loss, business disruption or reputational damage due to an IT security breach. If your business uses the internet, it may be vulnerable to hacking, fraud or a data breach.

Do you really need cyber risk protection?

Simple security measures like regularly updating your systems and raising employee awareness can improve your cybersecurity. But criminals are always coming up with new schemes, and no one is immune. A security breach can affect the assets and reputations of businesses of all sizes. If something happens, the right insurance can limit your losses and mitigate the impacts on your customers.

Cyber risks covered by The Personal

Identity theft

Identity theft is the unauthorized use of someone else’s personal information to commit a crime (getting a loan or credit, signing a contract, etc.).

With our Identity Restoration insurance coverage, you personally are protected in the event of identity theft.

It includes:

  • a helpline
  • assistance from an identity restoration specialist who will walk you through every step of the process
  • reimbursement of certain expenses, such as credit report fees

Data breach

Your business data is vulnerable to:

  • document theft
  • hacking
  • accidental disclosure of sensitive information like credit card numbers, health insurance numbers and social insurance numbers. This can happen if someone steals files, loses a laptop or visits a website with security vulnerabilities.

With our Data Compromise insurance coverage, your business is protected if data in your possession or control is lost, stolen or inadvertently disclosed.

It covers:

  • the cost of hiring an IT expert to determine the nature and extent of the data breach
  • the cost of hiring a public relations firm to determine what measures are needed, as well as other expenses incurred to manage your business relationships
  • the cost of reporting the breach to the Office of the Privacy Commissioner of Canada as required by law
  • any legal fees you incur if you’re sued or found liable (settlement or judgment)

In addition to protecting your business, the coverage includes free services for your customers, employees and providers if they’re also affected by the data breach:

  • Informational material
  • Phone assistance
  • Fraud alerts
  • Identity theft assistance

Cyber attack

An attack by a cybercriminal can disrupt your business operations by damaging your data, operating systems and software.

Our CyberOne insurance coverage can help you ensure business continuity if your business incurs financial losses as a result of a cyber attack.

It covers:

  • the cost of hiring a specialized IT and communications firm
  • the cost of restoring or reconstituting lost or corrupted data
  • the cost of restoring your systems, including replacing or reinstalling software and removing malware
  • reimbursement of operating losses and other expenses incurred while your data is recovered and your systems restored

We can help you choose the right coverage

Our business insurance agents are trained to help you choose the right cyber risk coverage based on your industry and the size of your business. Contact an agent today to discuss your needs.

Want to know more about protecting your business against cyber threats?

Check out the Get Cyber Safe – Protect Your Business section of the Government of Canada’s website.

The information provided on this page is for informational purposes only. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails. Certain conditions, exclusions and limitations may apply.

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