What is a cyber attack?

With a click of your mouse, you can experience a cyber attack. Companies, large and small, can be attacked. Or perhaps you as an individual have experienced an attack on your own device. Canadian Anti-Fraud Centre reports that Canadians lost over $43 million to cybercrime last year! Electronic security breaches involving the personal or commercial information of clients, employees, volunteers, members, suppliers or stakeholders can cripple or ruin a business.

What is cyber insurance?

Cyber insurance protects a business against a wide range of cybercrimes and helps a company mitigate cybercrime risks. Suppose you are a small or medium-sized business (under 500 employees). In that case, you are in a large group with a growing risk of being a victim of a cyber attack because you have information that cybercriminals want. Typically, small to medium-sized businesses lack the security infrastructure of larger companies. The reality is that 60% of small businesses go out of business within six months of a cyber attack.

How do cybercriminals attack?

Ransomware: This type of malware prevents users from accessing their system or personal files. When you think of the word “ransom”, you may think of someone being held hostage until a ransom fee is paid to the criminal. Well, when we speak of ransomware, it does have a similar meaning. A hacker will block access to a company’s database or your personal files and demand a ransom payment to regain access. It is a significant problem and a scary prospect to have all of your files and data held hostage until you pay up.

Click here to learn more or contact us for coverage details.