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What is Cyber Insurance?

Cyber Liability Insurance is a type of coverage that offers options to financially mitigate the expenses to defend your company and any damages resulting from your liability to a 3rd party, or for regulatory fines & penalties, multimedia wrongful acts (such as infringement, defamation, piracy, etc.), and Payment Card Industry (PCI) fines & assessments resulting from a failure in your security, data breach, or privacy violation.
 

What else can Cyber Insurance Cover?

Coverage options are also available for the following 1st party losses:

  • Computer Replacement - The Cost to replace your computer systems that are permanently impacted by malware.
  • Fund Transfer Fraud - Funds transfer losses you incur from a failure in your security or social engineering.
  • Service Fraud - For the additional amounts you’re billed by a cloud or telephone provider when you incur fraudulent charges.
  • Digital Asset Restoration - For the costs to replace, restore, or recreate your digital assets that are damaged or lost following a failure of your security.
  • Business Interruption & Extra Expenses - Financial losses resulting from a failure in your security, data breach, and even systems failure (including contingent/dependent organization Business Interruption), as well as the extra expenses you incur to bring your company back online.
  • Cyber Extortion - The costs to respond to an extortion incident, including money, securities, and even virtual currencies paid.
  • Breach Response, Crisis Management,  & Public Relations - The costs to respond to a breach including 3rd party incident response and public relations experts, customer notification costs and credit monitoring, media purchases, and legal fees; and advise in connection with the incident, among others.


Finding the right Cyber Insurance coverage requires the assistance of a broker with knowledge and experience in this class of insurance.


Why do I need Cyber Insurance?

In 2019 the Insurance Bureau of Canada (IBC) published the findings of its latest report on cyberattacks against small businesses. IBC completed a survey of 300 small and medium-sized business owners (businesses with fewer than 500 employees). The survey found that 44% of these businesses do not have any sort of defence against possible cyberattacks. The poll also found that 60% of the respondents said that they have no insurance to protect them in the event of an attack.
Other key facts from the study include:
  • Almost one in five businesses (18%) said that they have been affected by a cyberattack or data breach in the last two years.
  • 37% of businesses affected by a data breach estimate that the attack cost them more than $100,000; 20% said they have no idea of the cost of the attack.
  • 50% believe that their business may be vulnerable to a cyberattack, while 56% said they are concerned about how a breach could affect their business.

Why should I choose AC&D for my Cyber Insurance needs?

AC&D employs professional brokers with expertise in the area of Cyber Insurance. Our experience in this class allows us to find the best coverage for your business at the best price. We represent over 20 standard market insurance companies and over 100 insurance intermediaries, including coverholder agreements with Lloyd’s (of London).

How much does Cyber Insurance cost?

Many insurance companies now offer a basic cyber extension that can be added on to an existing policy for as little as $100. A standalone cyber insurance policy can cost as little as $350 depending on the individual risk factors for your business.


Complete as much of this form as you like. If you would prefer to have an application sent by email or speak with a qualified broker directly, please complete the contact information only and click the submit button at the bottom of the form.

Preferred Method of Contact:

Do you currently have cyber insurance?:

Today
Has cyber insurance ever been denied or canceled:
All active domains are required to complete scans of public databases.
Within the last 3 years has company suffered a cyber incident resulting in a claim or loss in excess of $25,000:

Is company aware of any circumstances that could give rise to a claim under this type of insurance policy:

Does company accept credit cards or collect Personally Identifiable Information (PII) or Protected or Personal Health Information (PHI) from its customers?:

If you collect PII or PHI, how many payment card numbers (credit cards, debit cards, etc.) does company store, process, transmit, or have access to:




We are looking for the actual number of individual credit cards processed annually or store in your files, not the $ amount of transactions.
How many customer PII* or PHI** records does the company have:




Within the last 3 years has company been subject to any complaints concerning the content of its website, advertising materials, social media, or other publications:

Does company have procedures to remove content (including third party content) that is libelous, infringing, or otherwise controversial:

Does company have procedures to back up, archive, and restore sensitive data and critical business systems:

Does company require dual control when transferring funds in excess of $25,000:

Examples of Dual Control procedures: (1) Calling the recipient of the wire transfer to verify the transaction details. (2) Verifying the transaction with another executive at the company (preferably in writing). (3) Setting up internal controls within your financial institution. One administrator or user enters or creates a payment (ACH batch, wire transfer), and a second administrator or user is then required to review the payment and approve/release the transaction.

North Vancouver

1196 Marine Drive
Directions

PH: 604-985-0581
PH: 1-800-229-3590

Mon-Fri: 8:30am - 6pm
Sat: 10am - 4pm
Sun & Holidays: Closed

Squamish

510-1200 Hunter Place
Directions

PH: 604-892-1033

Mon-Fri: 9am - 6pm
Sat: 10am - 4pm
Sun & Holidays: Closed

Quesnel

234 Reid Street
Directions

PH: 250-992-5544

Mon-Fri: 8:30am - 5:30pm
Sat: 9am - 5pm
Sun & Holidays: Closed