Technology is ever evolving. Because of this, cyber and economic crime has also evolved and increased. According to Stats Canada, in 2017, one in five Canadian businesses reported a cybersecurity incident that affected their business. A 2018 PwC study found that 55% of Canadian companies experienced economic crime in recent years. It is because of the steady increase in crimes that many insurance companies now recommend Crime protection in addition to traditional business insurance. The enhanced commercial lines Crime offer provides higher limits, broader coverages, and coverages that were either not previously available to all customers or required endorsements.
Every day business owners rely on our computers, smart phones and tablets to keep them connected with their business and to their clients. If your business spends any time online, make sure it is protected against cybercrime.
Topics: Cyber Insurance
If your company stores data and information digitally, you should have a cyber risk management program that addresses prevention, disclosure, crisis management and insurance coverage in the event of a data breach. Good cyber risk management requires the planning and execution of all four of these components.
Your company has developed a website and conducts business online. Your information technology department has taken the usual security precautions, and ensures you have the fastest website available, but is your site secure? Many business owners have a website, but many do not update their websites or regularly check for security risks or vulnerabilities.
As many companies transition to have their employees work from home, policies must be set in place so cybersecurity issues are addressed, and businesses are not the victim of cyber fraud.
Most businesses today send, receive, and store electronic data. While automated data processing has numerous benefits to your business, it also exposes you to an array of cybercrimes. For instance, a security breach could result in data loss, damage, or theft. If the compromised data belongs to your employees, customers, or vendors, you face the risk of getting sued for the damages.