By: Insurance Bureau of Canada
For this blog post, Get Cyber Safe has partnered with the Insurance Bureau of Canada (IBC), who, like us, understands how important cyber security is to businesses as well as individuals. This blog represents their perspective, and we thank them for being a dedicated partner in the cyber security of Canadians.
Lifting weights can help enhance your fitness levels. However, when you add heavier weights to your routine, you’re more likely to struggle with balance and correct form. Here’s where a spotter comes in. They could be a professional fitness trainer or your gym buddy who offers support to help lower your risk of injury! Cyber insurance is similar to a spotter for business owners who are working on their cyber fitness. Maybe you’ve already built up some cyber muscle by creating a staff training program or writing a cyber incident response plan. Perhaps you’ve strengthened your security with firewalls and anti-virus software. But, even if you are as prepared as you can be, it only takes one small vulnerability to become the victim of a cyber attack. This is where cyber insurance comes into play.
Cyber insurance can cover the costs that are triggered by a variety of online events, such as personal data security breaches, cyber extortion and technology disruptions. These can include legal and civil damages, expenses for forensic investigation, data restoration and security breach remediation. All businesses and organizations should contact their insurance representative to ask if they have the right coverage, or whether they should consider additional coverage for cyber attacks. This is especially important for businesses or organizations that rely heavily on an online presence and use e-commerce.
Just as there are different types of fitness trainers to support your workouts, different types of cyber insurance policies suit different needs. Your insurance representative can help you discover if cyber insurance is right for you and to find the best coverage for your business.
IBC has been supporting businesses’ efforts to increase cyber resilience and to understand how they can lower their risk through its annual Cyber Savvy public education campaign. This year, the campaign features a self-assessment tool for owners of small and medium-sized businesses who are considering a cyber insurance policy. This 10-question assessment can help business owners learn about the cyber security protocols and best practices that most cyber insurers may look for when assessing risk. The assessment also asks some of the same questions that cyber insurers may ask during the application process and which will direct you to appropriate resources for more information. Some business owners may find that they’re in tip-top shape and ready to apply for cyber insurance. Others may need to spend a little more time working on the basics to improve their risk level. While the tool cannot provide an actual risk assessment for your business, it can help evaluate your level of readiness for cyber insurance and determine if you need to strengthen your cyber muscles before you apply for a policy.
When training in the gym, the best way to stay safe is to use proper equipment, form and technique – even if you have a spotter to back you up. Similarly, cyber insurance is one way to help reduce your risk of losses from a cyber attack - but it is not a replacement for cyber resilience. This Cyber Security Awareness Month, IBC encourages all owners of small and medium-sized businesses to strengthen their cyber fitness. First, warm up with Get Cyber Safe to get tips and advice on improving cyber resilience. Then, flex your cyber muscles with the 10-question Cyber Savvy Assessment to see if cyber insurance can help keep your business safe.