Are you a business owner?

Take IBC’s Cyber Insurance Assessment today.

Brought to you by Insurance Bureau of Canada, Canada’s trusted source for property and casualty (P&C) insurance knowledge, resources and advocacy.

Cyber Insurance Assessment

Step 1 of 10

1. Does your business collect, process or store customers’ personal, confidential or financial information?(Required)

Disclaimer: Insurance Bureau of Canada’s Cyber Savvy Assessment for Business Owners provides general information about cyber risk for your convenience only. This information should not be construed as providing specific cyber security advice.

Did you know?

Thinking about getting cyber insurance?
Explore IBC’s free resources to get started

Cyber Insurance Checklist
List of questions you could be asked when applying for cyber insurance
Creating A Cyber Security Plan
Measures you should consider when developing your cyber plan (Canadian Centre for Cyber Security)
Cyber Savvy Checklist
Get a better understanding of whether you are taking the right steps to help safeguard your business from cyber risk

Learn More About Cyber Insurance

Cyber insurance is a specialty insurance product intended to help protect businesses from loss resulting from digital risks such as data confidentiality breaches, technology disruptions and cyber extortion.

Cyber insurance can cover loss resulting from a range of cyber events, including:

  • Data confidentiality breaches: The loss of and/or unauthorized access to or disclosure of confidential or personal information.
  • Technology disruptions: A technology failure or denial-of-service attack.
  • Cyber extortion: A demand payment under threat of causing harm to your data; for example, disabling your operations or compromising your confidential data.

Note: This list is not exhaustive as cyber coverage can vary from insurer to insurer and can be customized to address the needs of a particular organization.

Cyber insurance can help businesses cover a number of costs resulting from these events, including:

  • Network systems and electronic data restoration expenses: Restoring or recovering damaged or corrupted data caused by a breach, denial-of-service attack, or ransomware.
  • Security breach remediation and notification expenses: Notifying affected parties and mitigating potential harm from a privacy breach, such as providing credit monitoring to affected individuals.
  • Forensic investigations expenses: Hiring a firm to investigate the root cause and scope of the data breach.
  • Legal costs and civil damages: Paying for legal representation and possible damages related to a privacy or network security breach.

No, most property or liability policies do not cover cyber risks, data or have offer very limited coverage.

Cyber insurance products are provided in one of three ways:

  • Stand-alone cyber insurance policies (policies specifically for cyber risks) are the most common cyber policies in Canada, the United States and Europe.
  • A traditional property and liability insurance policy that may include limited coverage for some cyber events. These policies typically have low limits that would not cover the full cost of a breach or cyber attack.
  • Endorsements (also known as riders) can add, remove or exclude certain cyber coverages, altering a cyber or traditional insurance policy to meet specific needs.

IBC encourages business owners to determine if cyber insurance is right for them. Their insurance representatives can help find coverage that will provide them with optimal protection.

Research & News

Insurance Bureau of Canada recently conducted two polls on actions, knowledge and sentiment about cyber risk and cyber security among employees and business owners or decision makers at small and medium-sized businesses in Canada.

Media Release

Report Card

Research

What does a cyber attack look like?

How to stay cyber safe during tax season

getcybersafe.gc.ca
 - April 15, 2024

Crooks are hijacking Facebook pages to spread phoney AI applications

itworldcanada.com
 - April 8, 2024

Should you consider personal cyber insurance?

ibc.ca
 - March 19, 2024

Get Cyber Safe’s quick guide to cyber security for small business

getcybersafe.gc.ca
 - February 2, 2024

More Information

Cyber Safety
Be cyber savvy and stay current with cyber safety best practices
Protect Your Business
Steps you can take to protect your organization’s networks and information from cyber threats
CyberSecure Certification
Consider Canada’s cybersecurity certification program for your small or medium-sized organization
Security Planner
Create a personalized plan to secure your data
Get Cyber Safe
Simple steps you can take to reduce cyber risk
Phishing: don’t get reeled in
Learn more about the most common cyber threat
Have you been a victim of cybercrime?
Information from the RCMP on how to report cybercrime
Canadian Anti-Fraud Centre
Get information on past and current scams affecting Canadians

About

The Cyber Savvy Canada website was created by the Insurance Bureau of Canada (IBC) to help increase cyber awareness among Canadian employees and businesses and educate on the simple steps we can all take to reduce our cyber risk at work.

Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up the vast majority of Canada’s highly competitive property and casualty (P&C) insurance market.

Are you a business owner? IBC is here to help.