There has been a revolution in communication over the past few decades, with media and technology now playing a major part in everyone’s daily lives. Important personal information is transferred via the Internet every second, and is stored on everything from private hard drives to the cloud. As a consequence, hackers have come up with a number of inventive ways to access that information and use it for financial gain.
Cyber, Privacy and Media Risk Insurance (CPM) policies are a way to keep up with this evolving landscape. Available for the last 15 years, cyber policies have been designed to offer comprehensive protection for the cyber, privacy and media risks faced by companies every day.
CPMs are policies that have been created with the modern needs of companies in mind.
Broad Coverage for All Instances
Because of its modular structure, CPM policies allow companies to customize their coverage to match the exact risks they face and may encounter. Loss of income due to cyber attacks can be extensive, and cyber policies can include:
- Coverage for the expenses involved with the repairs and recovery from first- and third-party privacy breaches
- Protection against liability for privacy violations
- Comprehensive multimedia liability protection against claims for intellectual property rights infringement relating to all forms of content, including user-generated content
- Coverage for the costs of phishing scams, telephone hacking, identity theft, wire fraud and extortion
- Defense against the loss of revenue associated with the reputational harm associated with a security breach or denial of service attack
- Technological errors and omissions coverage
- Coverage for regulatory actions and investigations
- Coverage for crisis communication costs
As well, many cyber insurance policies have no retroactive date, which means that there are no restrictions based on when the breach or attack occurred. Available limits reach up to $10 million, and same day service for urgent submissions can also be provided.
Cyber Insurance for Your Alberta Business
Cyber security is an issue of reputation for businesses as well as organizations, and attacks can negatively impact brand equity and reputation. The consequences of a data breach are real and costly. Combine a proactive cyber-security plan with the right cyber insurance, and you’ve already gone a long way toward defending your Alberta business. With an active security plan and cyber insurance tailored to your needs, you can protect yourself and your business in today’s increasingly digital world.
Brokers of business insurance think about risk every day, and as an owner you should, too. Consider what you need to protect yourself and your clients – whether they live in Calgary, Edmonton, or anywhere in Alberta – and let the experts at Godfrey-Morrow help. We will help you choose the perfect cyber insurance product for your needs.