Cyber Insurance is still misunderstood.
APRIL Canada’s broker panel discovered that 44% of brokers sell Cyber Insurance to most of their clients, however 18% haven’t even started trying to sell it.
‘Next to Earthquake coverage I think the most talked about but least purchased coverage of today is Cyber Insurance” states Karen Roller, Underwriting Director at APRIL Canada.
‘Cyber coverage is in the news all the time, however people continue to misunderstand the coverage they need. I believe a large part of this is in the name itself.’ She adds. “So many people relate Cyber coverage to computers when it’s really about DATA. It was Privacy legislation that first prompted the need for Cyber insurance as organizations were suddenly responsible for the data that they kept, whether it be stored electronically or in physical paper files.”
Cyber isn’t just about cyber criminals, it’s about privacy and could be an accidental breach – lost laptop, a break in at a remote workers home, off site storage, credit card payment systems, even a discussion at a party. For any company, regardless of how they store their data- whether online, on the cloud or old school paper files – all data has the potential to be breached, and it is essential that companies are prepared for this.
Privacy breaches can affect all parties in a business transaction: the client, vendor or employee and they are are on the rise. Click here for more information.
In fact, businesses cannot afford to NOT have cyber insurance these days.
At APRIL we offer a cutting edge Cyber policy both as a stand alone and add on. For more information click below: