Toll Free: 1.877.225.0446

Many Canadian firms do not have cyber security insurance

More than a third of surveyed Canadian firms do not have cyber security insurance. This is a concerning situation that has been made worse by a lack of understanding on how premiums are priced and failure to do everything possible to guard against breaches. As a result, businesses are leaving themselves vulnerable to cyber threats that could affect both the company and consumers.

The percentage of Canadian businesses with cyber security insurance is lower than the 50% of surveyed respondents in the U.S. and the 40% for respondents globally.

It is important for businesses to assess the strength of their cyber security defences and to make sure they are covered if they are faced with a data breach. The ripple effect of a breach can be felt throughout the organization for a very long time, especially now that Canada’s Digital Privacy Act will require organizations to report any breaches to regulators and customers.

Contact your broker or company agent today to protect your business from cyber threats.

Source: http://www.canadianunderwriter.ca/insurance/36-polled-canadian-firms-no-cyber-security-insurance-fico-1004114548/