b'Why is Cyber Insurance Coverage Important?By Mauro DiTullio, Senior Account Representative, AssociationsY heard or read a story about the impact of cyberwhile most breaches were the result of a malicious attack, 25 per cent Youve no doubt breachesonlargemulti-nationalcorporations,governmentsorwere still due to negligent employees or contractors.charities that affect tens of millions of clients, citizens or donors.Whats more, a 2016 report from Symantec found that small and But despite these types of high-profile cases, many businesses are stillmedium sized businesses are increasingly targeted. Data collected from unclear as to whether their business insurance policy covers cyber2011 to 2015 shows a steady increase in cyberattacks on businesses risks, or they feel that cyber insurance coverage is not somethingwith fewer than 250 employees. Small and medium-sized businesses they need. can be ideal targets for cyber criminals, as these businesses dont have Cyber insurance is an important coverage to have in your businessthe same resources and budgets dedicated to training and prevention insurance policy. Wed like to help clear up some of the misconcep- as large corporations do.tions that are out there about cyber insurance coverage by looking atCant I manage on my own without needing cyber some frequent questions from business owners.insurance coverage?Arent I protected from cyber risk exposures with myAsk yourself: Do you have an incident response plan, disaster recovery general liability insurance policy? plan and a business continuity plan? Unfortunately, many businesses This is a common misconception among business owners. Manydont. Dealing with a cyber breach can be expensive and cyber insur-assume their current insurance policy covers cyber through propertyance coverage is designed to help cover the costs associated with or liability coverages, but that often isnt the case. Data isnt con- the breach.sidered a tangible piece of property, so its typically excluded under aBeyondthedirectcostsofdealingwithandrecoveringfroma property policy. cyberattack or data breach, there are also other costs that are harder Damages from loss or corruption of electronic data, loss of incometo calculate. Of the businesses that reported a cyber security incident, resulting from a computer virus or malware or DDoS attack and cer- in 2017, 58 per cent experienced downtime as a result of the incident tain expenses like extortion expenses are not covered under traditionaland 54 per cent found the event prevented employees from carrying liability or property policies. Only cyber insurance coverage protectsout day-to-day work, according to Statistics Canada. Meanwhile, 53 you from those unique risks. per cent reported that the incidents prevented the use of resources or Were not a mega-corporation, so do we really needservices (for example, desktop computers or email).cyber insurance coverage? We can helpCyber insurance is more than coverage against malicious hackers andTo learn more about our insurance offerings, and how they can help cyber criminalsit also covers human error and losses caused byyour business, visit our business insurance page today. We can help employees. A 2016 report sponsored by IBM and conducted by theyou determine exactly what you need to help ensure your business is Ponemon Institute on the cost of data breaches in Canada found thatprotected, so you can continue to work worry-free.Ready, Set . Partner with us for your fast track to success!Our winning products and services include:Magazines Website Ad Sales EventsDirectories Video SupplementsShow Guides Sponsorship Sales ProfilesSocial Media Buyers GuidesBlogs E-NewslettersE-Books & White PagesCustom Content MarketingContact us today at www.mediaedge.ca orRobert Thompson 647-494-4229www.ecao.org20'