Edmonton-based Cyber Insurance Experts
ARC Insurance Brokers’ in-house cyber insurance experts help Alberta business owners understand, evaluate, and secure cyber insurance that is tailored to their business. We provide comprehensive cyber insurance policies from best-in-class national and global insurance carriers.
Cyber liability exposures can be complex, and our brokers are here to keep things simple. Whether you’re a one-man consultant, a digital design firm, a manufacturing plant, or an MSP, tackling cyber risk requires a holistic approach. Our plan starts a full assessment of the unique challenges that are relevant to your business and ends with assembling the right coverage for when your defenses fail. Our solutions-oriented approach, paired with our access to top underwriters worldwide, will help you put together a risk management strategy that protects your business against increasingly sophisticated attacks.
Get in touch today to learn more about how ARC can put together a cyber insurance policy to meet your needs as well as your budget.
CONNECT WITH AN EXPERT
Why do you need cyber insurance?
Technology is constantly changing and that means companies are routinely faced with new risks and exposures for loss. We provide bespoke insurance packages for all businesses and budgets, allowing you to scale your coverage with your unique needs and risk factors.
Our technology insurance packages can protect your business from a wide variety of threats, including:
- Technology errors & omissions
- Data breaches
- Hardware failure
- Backup failure
- Cyber crimes including ransomware and extortion
- Rogue employees
- Social engineering
As cyber risks are evolving daily, it’s only right that you ask the same of your insurance provider. ARC Insurance Brokers also provides comprehensive insurance packages for general liability, professional liability, and property insurance to ensure your business is fully covered.
Contact us today for a no-obligation consultation and risk assessment.
Cyber Insurance FAQs
Why are businesses vulnerable to cyber risk?
Some businesses do not have enough resources to implement a robust security infrastructure to protect sensitive information and data. But even then, technology is constantly evolving and cyber criminals fine-tune their attack methods. If your business maintains a database of sensitive information, there is opportunity for cyber breaches resulting in privacy lawsuits, fines and penalties, and notification costs. Even if your business does not manage sensitive information, operations could still be disrupted from ransomware, malware and phishing attacks.
Who is vulnerable to a cyber attack?
Everyone – your clients, employees, volunteers, etc. If you have a website or social media presence, you are a potential target.
Will cyber insurance protect me if the cyber attack was caused by an employee?
Yes. Your cyber insurance policy protects you in the event of malware and phishing attacks, as well as other network breaches even when caused by an employee.
What kind of cyber attacks are there?
Cyber attacks hit businesses every day. While the number of security events has increased in both number and complexity, here are a few of the most common types of cyber attacks.
- Malware: Intrusive and harmful software that can infect networks and devices, and is designed to harm those devices, networks, and users. These programs can monitor user actions and keystrokes, and steal, encrypt or delete confidential data.
- Ransomware: A type of malware that encrypts a victim’s files and prevents them from accessing them until a ransom has been paid. One of the most common delivery systems is phishing spam or visiting a compromised website.
- Phishing: These attacks are often disguised as a legitimate organization (or person) via email, text message, advertisement or other means to steal sensitive information. They can also be deployed as malicious software onto the victim’s computer or network infrastructure.
- Denial of service (DOS) attack: The hacker overwhelms a system’s resources until it is unable to respond to legitimate service requests. The victim is unable to provide service to those who want access.
- Spoofing: A cyber criminal impersonates another user or device to attack the network host(s), steal information, spread malware or bypass access controls.
- Brute force: The attacker attempts to use basic information about the user to decode encrypted data by trying as many password combinations as possible.
Is cyber covered under my other policies (ie. CGL)?
Traditionally, cyber is not covered under common insurance policies (ie. CGL or property insurance policies). Cyber exposures are unique and complicated and best dealt with an insurance policy that addresses those exposures.
How does cyber insurance coverage work?
Should your business be victim to a cyber attack, coverage includes loss due to the breach of sensitive information, notification costs, litigation costs, fines, and penalties.