Cyber risk insurance

Protect your business against cyber risk consequences with insurance coverage from The Personal.

Call us to get a quote tailored to your business!

Definition of cyber risk

Cyber risks, also called cyber threats, are computer security risks. These can have several consequences such as financial loss, business disruption or reputational damage due to an IT security breach. If your business uses the internet, it's exposed to these risks as a result of hacking, fraud or a data breach.

Do you really need cyber risk insurance?

Cybersecurity 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 risk coverages offered by The Personal

Note that these coverages must be taken out with a business property and liability insurance policy from The Personal.

Personal data breach

Your personal data is vulnerable to things like:

  • 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 has coverage if personal data in your possession or control is lost, stolen or inadvertently disclosed.

It may cover:

  • 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 certain other expenses incurred to manage potential consequences to your business relationships
  • the cost associated with reporting the breach to privacy commissioners (if applicable)
  • any legal fees you incur if you're sued by affected individuals or found liable (settlement or judgment)

In addition to helping minimize the negative consequences that your business could face, the coverage includes free services, particularly for your customers and employees if they’re also affected by the data breach:

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

Certain conditions, limitations and exclusions may apply.

Cyber attack

A cyber attack by a “cybercriminal” can disrupt your business operations by damaging or blocking data, operating systems and software.

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

In the event of a cyber attack, it may cover:

  • the cost of hiring a specialized IT firm to negotiate ransoms with cybercriminals threatening to destroy data in your computer systems, and if needed, to pay ransoms
  • the cost of hiring a specialized 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
  • the loss of business income and extra expenses that could help keep your business running while your data is recovered and your systems are restored

You also have the E-media Liability coverage available to you without additional charge.

This provides coverage for the costs to defend civil suits or certain other proceedings instituted against you with regard to information posted online, particularly in the following situations:

  • A third party alleges that the posted content infringes their intellectual property rights or their right to privacy
  • A third party alleges that the posted content was unintentionally defamatory

Certain conditions, limitations and exclusions may apply.

We can help you choose the right coverage

Our damage insurance agents at The Personal 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 Cybersecurity awareness kit. It has tips, as well as training and reference materials to help you better manage your security risks and deal with cyber threats.

Certain conditions, exclusions and limitations may apply.

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.

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