The internet has changed the way Canadians do business. It has also opened the door to new unforeseen security risks. Cybersecurity insurance is there to protect you from financial loss when your online security software fails.
Cybersecurity issues may arise due to:
- Hackers and Data Breach
- Improper Storage
- Employee Negligence
- Defective Software
- Outdated Security Protocols
Cybersecurity is a major issue for companies across Ontario, because it not only protects vital information about the inner workings of your business, but private employee and customer information.
Cybersecurity issues may lead to:
- Identity Theft
- Financial Theft
- Intellectual Property Theft
At Ron Johnston Insurance, our experienced brokers constantly survey the digital landscape for new security upgrades and threats. We work hard to ensure our clients have the coverage you need to protect against any potential digital problem.
Why Choose Cybersecurity Insurance with Ron Johnston?
For more than four decades, Ron Johnston Insurance has served Ontario businesses in a broad range of commercial insurance services.
We strive to provide the greatest level of protection on all cyber risk insurance policies while meeting your budget needs with every quote.
- Above and Beyond – Our brokers work around the clock to find the best deals for our clients. We aren’t satisfied until we know all your needs have been met, and you have peace of mind about your business.
- Express Claims – We offer express claims on our cybersecurity insurance for accessibility and convenience.
- Customer Satisfaction – Your satisfaction is important to us. Our business is protecting you and your business. If you aren’t satisfied, we aren’t doing our job right.
What Does Cyber Risk Insurance Cover?
Cybersecurity insurance helps in a variety of liability aspects, including:
If there is a lawsuit due to data breach, cyber risk insurance protects you from out-of-pocket expenses. It covers court fees, defense costs, and fines associated with the suit.
Dealing with individuals who have been impacted by a data breach is never easy. Remediation costs allow you to notify each party and maintain privacy.
Depending on the type of cybersecurity risk you have encountered, you may wish to investigate the source of the problem. Digital investigation coverage helps you get to the bottom of a data breach without being held financially accountable for the search.
In times of information leaks, your company’s reputation is on the line. Reputation management and PR gets expensive. Cyber risk insurance covers you, giving you the best chance at maintaining your business’ reputation and financial standing.
If data is lost, the restoration process is time consuming and expensive. Sometimes only partial data can be retrieved. If you are unable to restore data it could mean paying extra salaries, putting in additional hours, and hiring specialists to find or complete information you once had access to. Data restoration protection helps cover these costs.
Loss of Income
Loss of income coverage helps with expenses such as rent, electricity, water, and salaries, up to a maximum amount or time frame, or until the issue is resolved.
Cyber Liability Protection
There are three main types of liability issues associated with cybersecurity insurance claims. These are:
- Conduit – If you use a third-party’s security services and they fail, your conduit liability coverage helps pay for resulting claims.
- Lack of Access – When your customers and clients are unable to access your website, app, or business software because of a data breach or cybersecurity issue, lack of access liability protection covers you in related claims.
Frequently Asked Cybersecurity Insurance Questions
We’ve compiled some of our most frequently asked cybersecurity insurance questions to give you a better understanding of the fine print in your coverage.
For more information on cyber insurance coverage, we invite you to contact a Ron Johnston Insurance broker today. Call 1-705-325-6200 today.
I really enjoy dealing with my broker at Ron Johnston insurance. Neil McKendrey has helped so much, with all of my commercial insurance needs for running my business! I would highly recommend dealing with RJI for their great quality of service!
Their whole staff is great, and Chris is a lifesaver. Strongly recommend them!
Ron insurance we're really professional people and help me out greatly with my policy