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Business Cyber Crime Insurance
Small-medium enterprise are the largest targets of cyber attacks. 47% of Canadian small business allocate no resources to cyber security. A well-crafted cyber crime policy is just a part of any over strategy we can help you implement.
Business Cyber Crime Insurance
85.7% of Canadian companies experienced at least 1 cyber attack in 2021.
61.2% of Canadian businesses reported a ransomware attack in 2021.
The average cost of a ransomware attack in Canada is $1,920,000—including the ransom demand, downtime, specialists services, loss of business and reputation and equipment repair/replacement.
Now, we have your attention, let us provide you with the solutions. We know that many root causes of cyber crime can be addressed without buying insurance. It can be addressed by updating hardware and software, properly training staff, and implementing a sound regular IT maintenance program. Once we have you sorted with this then we look at the insurance to fill any remaining gaps and to backstop the inevitable.
Our development team has a number of tools that you can implement.
It all begins with our Cyber Risk Exposure Scorecard assessment.
A well crafted cyber crime insurance policy includes:
- Breach investigation cover
- Consumer notification
- Credit monitoring
- Regulatory reporting
- Contractual liability
- Other Key Coverage considerations
Cyber Insurance however is only a piece of the puzzle.
Our team has developed a collection of propriety tools and training guides that our clients can use to:
- Ass your likelihood of a cyber attack
- Identify your weaknesses and pain points
- How to alleviate loss due to cyber crime
- Train your employees how to prevent cyber attacks and how to effectively respond should one happen
- How to best protect the personal and financial information of your employees and customers
- Tips for effective cyber hygiene
Standard Coverage
Data breach liability
Legal expense
Network and information liability
Hardware/software replacement/repair
Ransomware/extortion
Enhanced Coverage
Crisis Management
Reputational Repair
Business Interruption/Income replacement
Digital Asset restoration
Funds Transfer Fraud and social engineering
Service fraud—Crypto jacking
Phishing
Bodily Injury/Property Damage 1st and/or 3rd party
Network & information security liability
Regulatory defence and Penalties
Pollution
Funds Transfer liability
PCI fines & assessments
Multimedia Liability
Cyber insurance coverage is a specialty coverage. Not all insurers that offer it are the same as other insurers. You must read the fine print, or willing to rely on a Broker/Advisor that understands the differences, nuances and the true exposures of your business. Cyber insurance cannot wisely be purchased based on price. Coverage varies greatly and can be the difference between your business surviving a cyber attack or closing as a result of it.
We understand it. Partner with us we can provide flexible and affordable solutions.
Why Partner with Reith & Associates
Industry Experience
We have 100+ years of industry experience in protecting your business interests. You can trust us with your business insurance needs.
Registered Brokers
Qualified, Professional & Works with Registered Insurance Brokers of Ontario (RIBO). Get fair, independent & impartial advice every single time.
Award-Winning
We’re the most award winning insurance broker in St. Thomas & London region. & We refuse to stop working towards excellence and earning industry appreciation.
Time-effective
Quick, Easy & Convenient. We plan and execute every project with meticulous attention to details and the urgency of the situation.
24/7 Help
Reach out to us anytime, anywhere via our web based portal and mobile app. Available to answer your questions 24*7.
Save Money
Bundle up business insurance policies & save big. We’ll do a review & get your maximum savings without altering the coverage.
Safe & Secure
Your business information is protected from unauthorized access, data theft or any unethical activity. Trust us with your auto insurance needs.
Customer Reviews
We value our clients and so do they. Check our customer reviews that are a testament of dedicated & our professional services.
Every Question Is Answered—Ask 24*7 Support
If your question is not listed here, we are happy to answer over a phone call. Give us a call at (519) 631-3862, Monday–Friday, 8:30 am – 4:30 pm or by appointment after the office hours time.
