Cybersecurity insurance for businesses
Protect your company’s income and online reputation at a reasonable cost with cybersecurity insurance.
The Internet and other recent technologies have become central to your company’s operations. Remote working, online transactions and databases are all tools and practices that drive efficiency. But they come with security concerns. While cyber-risk is a real concern, there is no need to panic! An adequate protection protocol for your computer network and proper cybersecurity insurance are what you should look into instead. Then you can go about your business with peace of mind!
Cybersecurity insurance protection
As with all insurance products, you should provide as much detail as possible to get the right coverage. How many employees work for your company? Have you adopted remote working? Do you manage confidential data? Do you use a computer network? All this information, and much more, will allow your Malouin Assurance broker to determine the type of protection you need.
A cybersecurity insurance policy can cover a variety of issues:
Theft, hacking or loss of data;
Interruption of operations (temporary Website downtime);
Damages to your computer system;
Damages to your company's online reputation;
Damages to your customers
Should you purchase a rider to your standard policy? Or should you buy a single-line policy? The latter is specifically designed to cover cyber-risks. You can discuss all these issues with your Malouin Assurance broker.
Cybersecurity: work on it!
It is important to know what is protected by your cybersecurity insurance. Too many businesses neglect to protect themselves against cybercrime. They think that their insurance covers all financial losses that may be caused by an incident. This fosters a false sense of security. As a result, they do not invest enough in preventative measures.
And we can’t overemphasize this: prevention is everything! Above all, be aware of the limitations of your insurance. Depending on your situation, some issues may not be covered:
Internal threats (e.g. human error);
Les « Acts of war ».
Intangible losses (long-term consequences);
Make sure you get all the information you need. This way, you can choose the appropriate protection measures against cyber threats and make up for what is not covered. In addition, certain preventative measures can save you money on your premiums.
Strategies to combat cyber- risks
There are many ways to protect yourself against phishing, data breach, defamation or hacking. Here are some of the most common:
Have cybersecurity experts analyze your IT infrastructure for vulnerability.
Back up your data at least once a week.
Secure the authentication of your IT infrastructure. This implies the implementation of complex passwords. Each user must have his/her own password.
Ensure that all members of your team are familiar with the rules for protecting your computer system.
What is the purpose of a cybersecurity insurance policy?
This type of protection will be most useful when it comes to covering the costs associated with a security breach. Here are some examples of these costs, which can escalate quickly :
- Legal fees;
- Communication and public relations fees;
- Losses caused by the interruption of operations;
- Investigation fees;
- Re-establishing your credibility.
If I have a small business, am I safe from a cyber-attack?
Unfortunately, regardless of the size of your company, if it has a computer network, it can fall prey to cybercrime. It is therefore important to protect your digital assets.
What is phishing?
This often-heard term refers to an online fraud technique. This technique is used to obtain confidential information (banking data, passwords, etc.) for identity theft purposes.
Here are some basic protection tips:
- Avoid sharing your personal information online;
- Enter your username and password only when your connection is secure;
- Avoid clicking on any link that looks suspicious;
- Do not share your passwords.
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