As per a report, the University of Calgary was liable for $20,000 after a ransomware attack in 2016. While this is a massive institution, any entity can be a target of cyberattacks. So, getting cyber insurance in Calgary has become more critical than ever, especially as most business ventures move online. Getting coverage can help you with the following:
● Cover the expenses associated with cybercrime.
● Help your business recover properly.
● Prevent potential cyberattacks and data breaches.
● Mitigation of the damage caused by cybercrimes.
It’s best to get a cyber insurance broker in Calgary who can help you make the right decision. There are a lot of different aspects to every insurance policy so you would need an expert who can help you with it.
Here are some of the most commonly asked questions about buying cyber insurance in Calgary.
● What is cyber liability insurance exactly?
Cyber liability insurance helps provide protection to businesses from any potential cyber-attack or even data breach. A lot of companies fall prey to hackers and ransomware attacks.
● What does this type of policy cover?
In Calgary, this insurance policy covers many different factors like ransom, legal expenses, loss of income, mitigation, fines, recovery of data and network, costs of notification, amongst other factors. However, it is essential to remember that the coverage you get depends on the policy.
Type of cyberattacks and data breaches covered:
While policies differ and the coverage of your cyber insurance in Calgary may vary, but here are some of the common examples of cybercrime:
● Malware- This refers to malicious software through which hackers can get access to your data.
● Ransomware- Through this, the hacker can hold all your essential data to ransom till you pay a fee to cover the same.
● Denial of service- This is very troublesome as users cannot access their software, network, or computer.
● Man in the middle- This is very harmful as the hackers infiltrate the conversation between two employees and record sensitive information.
● Spoofing- In this, a cyber attacker steals information by impersonating someone else.
Make sure to check your insurance policy thoroughly. Depending on the risks your business can potentially incur; eventually, it’s best to check all terms and conditions of your policy. Every business is different and has different risks associated with it.
The Cost of Cyber Liability Insurance in Calgary
The cost of good cyber liability insurance in this area starts at roughly 1000 USD, with varying expenses annually. Various factors impact the price of the insurance policy. This includes the annual revenue, the size of your business.
It also depends on the industry you need the cyber insurance for! Additionally, the type and amount of data and records would also decide the cost of the insurance. Lastly, other options like policy limits, coverage, and deductibles also have a role to play in cost determination.
Some tricks to get cheaper cyber liability insurance include:
● Bundling your insurance.
● Shopping around to get multiple quotes.
● Have an efficient cyber insurance broker by your side.
● Choose a policy that has a higher deductible.
● Establish a proper plan to handle cybercrime.
● Mitigate data breaches.
But, ensure to get the right quotes and make the right deal, so you don’t have to suffer through any unforeseen circumstances.