We often insure things that are important and valuable to us; our homes, our cars and if you’re Taylor Swift, your legs. But what about our data? In today’s world data is king and it is likely that at some point the data we have may become more valuable than our homes and cars. With this kind of thinking, it should be a no-brainer that keeping data safe is important – any many agree. Companies often use encryption and software services to protect their data but with hackers on the rise, these protections may not be good enough.
When will you be hacked?
The reality for most businesses is that at some point, you will be hacked. If the tech skills of Facebook, Google and Canada Post isn’t enough to keep them safe from hackers, it is unlikely that your data is completely protected. In 2018, cybercrime was the number one threat to businesses, with 66% hacked in the past year. Additionally, Canada tends to be a prime target for hackers. With many great companies holding valuable data, Canada has the third highest amount of data breaches yearly.
What is it?
Cyber insurance protects companies and individuals if hackers get a hold of their private data. This private data can be anything from your online banking information to your customers addresses and telephone numbers. Basically, this insurance will cover you if any data that should not be seen by anyone outside the company is hacked.
Most policies offer many types of coverage, such as:
- Finding lost data
- Cost of telling customers
- Legal costs
- Privacy liability
- Delayed business
- Software and hardware damage
Who needs it?
Now you may be thinking that only large companies with large amounts of sensitive data are the ones being attacked. And you’re right, sort of. Usually companies with large amounts and very private data are the main targets for hackers but, businesses of any size can be and are targeted. And businesses aren’t the only victims – hackers often go after individuals as well. Hackers will try and access your credit card information, social insurance number and any private data you may have on a personal device.
Looking to the future, data protection will become more and more important. As companies begin to use more data and more jobs become automated, the sheer amount of data held by companies will grow. This growth in data will increase the responsibility for businesses and individuals to keep the data they control safe. To handle this responsibility, cyber insurance is a great place to start.
We’d love to hear from you! For any feedback, comments or questions reach out to info@sidepart.com !
Referenced Sites
2018 Cybersecurity survey : Report. (2019, February 05). Retrieved from https://cira.ca/2018-cybersecurity-survey-report
Cyber Insurance Products. (n.d.). Retrieved from https://www.insurancebusinessmag.com/ca/commercial-insurance-coverage-area/cyber-12/
Jones, S. N. (2019, January 04). 66% of global cyber breaches hit business sector in 2018. Retrieved from https://www.cpacanada.ca/en/news/canada/2019-04-01-cybersecurity-canada
What Is Cybersecurity Insurance? (n.d.). Retrieved from https://cyberinsureone.com/faq/what-is-cyber-security-insurance/
