Cyber Insurance


Cyber Risk

Are you properly protected against Cyber Risks?

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In this age of the internet of everything, there is a whole range of new risks related to
information security and privacy. They may come in the form of a lost thumb-drive, a hacking event,
a denial of service attack, an employee who divulges a password, impersonation (phishing), or
transmission of malicious code.

For a comprehensive solution, you need to purchase a dedicated CyberRisk type policy. These
policies provide a suite of coverages and some include tools to help prevent an incident in the
first place. CyberRisks and the coverages to handle them can be broken down into several
categories:

Cyber Liability Risks

  • Network and Information Security Liability/Privacy Liability provides for defence costs and
    settlement of claims arising from the release of sensitive personal or corporate information.
  • Communications and Media Liability provides for defence and settlement of claims arising that
    allege defamation, copyright or trademark infringement, or plagiarism.
  • Costs of defending a Regulatory Action (e.g. PIPEDA or PHIPA).
Cyber Expenses and Business Interruption
  • Crisis Management expenses to restore customer confidence and mitigate negative publicity and
    damage to reputation.
  • Costs to Notify those affected by the breach.
  • Costs of Credit Monitoring for affected customers.
  • Costs to Repair and Restore programs and electronic data.
  • Loss of Profits arising from interruption of services due to an attack.
Cyber Crime
  • Social Engineering Fraud, such as impersonation or phishing that tricks you into divulging
    information, transferring funds, or by infection of malware that allows the perpetrator into your
    network.
  • Extortion, Threat and demands for Ransom to avoid an attack, a release of information or to
    unencrypt your data.
We strongly recommend that you implement a regular review of your information security protocols
and firewalls. Coverage for CyberRisks is available through certain specialist insurers such as
AXIS, Chubb Canada,  ENCON, Travelers Canada and certain Lloyd’s sources, among others.

To apply for this coverage, please contact Geoffrey H. Binks , CAIB, CCIB (Ont.), Vice-President Commercial Division (613) 226-1350