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Cyber risk insurance

Businesswoman reviewing charts to assess relevance of getting cyber insurance for business.

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Safeguard against cyber risk with our corporate cyber insurance

As a result of our increasing reliance on computer and data technology, businesses of all sizes are frequently exposed to cyber risk.

A local Desjardins Agent can help you choose the cyber security insurance that will best protect your business revenue and reputation against the specific cyber risks you may face – including data breaches and cyber attacks.

What is a cyber risk?

Cyber risks, also called cyber threats, are information security risks that can take many forms. Phishing emails, viruses and malware are just some of the ways that “cybercriminals” can access information about you or your clients. The information that can be compromised includes:

  • Credit/debit account numbers
  • Driver’s licence information
  • Social insurance numbers
  • Email addresses
  • Medical and healthcare information
  • Other sensitive personal information (e.g., passport numbers)
  • Information about employees

Why should my business be insured against cyber risks?

Reputation damage, financial losses and business disruption due to a security breach can have disastrous consequences for businesses of any size. You can adopt simple cybersecurity measures to protect your business, but if something happens, the right insurance can help limit your losses and mitigate the impacts on your clients.

Types of cyber risk

Note that these coverages must be taken out with a commercial property and liability insurance policy from Desjardins Insurance.

Personal data breach

Our Data Compromise insurance coverage helps protect your business if your data is lost, stolen or accidentally made public.

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.

Our Data Compromise option 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 on your business relationships
  • the cost associated with reporting the breach to privacy commissioners (if applicable)
  • legal fees you incur if you’re sued by affected individuals or found liable (settlement or judgment)

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

  • Information
  • Helpline
  • Fraud alerts
  • Identity theft case management

Certain conditions, limitations and exclusions may apply.

Cyber attack

Our Computer Attack insurance coverage can help you ensure business continuity in case of a cyber attack. A cyber attack occurs when someone with malicious intent attacks a computer system or network on purpose.

Attacks on a business’ computers can happen in a variety of ways, including hacking, malware attacks or denial of service attacks.

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

In the event of a cyber attack, this option may cover:

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

You also have 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.

Want to know more about the information security measures your business can adopt?

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, limitations and exclusions may apply.

The information provided on this page is for informational purposes only.

 

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