Cyber Liability
As the pace of change in technology accelerates, so does the level of sophistication among cyber criminals. Data breach from hacking or social engineering can have devastating consequences. Remaining a step ahead is a constant battle, and your organization's reputation – even survival - can be at stake.
Travelers Canada Cyber Liability insurance protects you from economic damages that can result from failure to secure your network and protect data privacy. Our insurance agreements cover direct losses that may result from settlements and damages related to a breach as well as coverage for costly expenses such as legal fees, forensic services, notification and call center costs, credit monitoring costs and the cost to restore your reputation.
Cyber Liability coverage ensures you remain prepared in a world of uncertainty and that your business remains fit for the future.
Who is this right for?
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Text, Travelers Canada CyberRisk Coverage.
In an animation, high rise buildings move to a laptop. A skull and crossbones graphic flashes.
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In business, everyone's online, and that can be a dangerous place to be.
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A hooded figure uses a laptop in the middle of a maze.
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Cybercriminals are becoming more sophisticated, and the number of businesses reporting a breach continues to rise. It's become a top concern for businesses of all sizes. That's understandable. Costs of an average data breach have increased into the millions.
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Graphics of a hacker, skull and crossbones, and an X. When a seesaw tilts sharply, it knocks off a building and a dollar sign.
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It takes just one resourceful hacker, one virus, one system glitch to shut down your entire network within minutes, undermining your operations and financials, maybe even putting you out of business. Even the simplest actions can spiral into trouble.
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The screen of a laptop cracks repeatedly.
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A stolen laptop or a lost paper record can cause a data breach impacting the privacy of customers, employees, and others.
More than half of all businesses believe it's inevitable that their company will be a victim of a data breach or cyber attack. For one company, it came in the form of a ransomware attack. Cybercriminals invaded the company's network when an unwary employee opened an email attachment containing a virus.
Once in, the criminals took three weeks to roam through the company's data, and then struck.
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Chains with a padlock.
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They deployed ransomware that encrypted all the company data, including backups. The company was forced to pay a $250,000 ransom in Bitcoin to obtain a decryption key to recover the data, and then, $100,000 for digital forensics and data restoration. They also suffered over $90,000 in lost income due to system downtime.
In another scenario, the head of marketing mistakenly responded to a phishing email, allowing cybercriminals to obtain his password. The criminals reviewed his email traffic and discovered that he regularly approves and forwards invoices from an advertising agency to accounts payable. The criminals took control of the email account using email forwarding rules to evade detection, and sent fraudulent emails and invoices to accounts payable. The two invoices were paid to the fraudster's fictitious company before the scheme was uncovered, resulting in nearly $100,000 in losses.
Cyber threats carry real dangers to your business assets and your company's good name. Do you have the right insurer who understands the risks and can help you minimize the impact of a breach? With risks like these, and those yet to be discovered, you need an insurance company that can help protect and prepare you for anything.
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The Travelers umbrella
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That's why Travelers cyber risk coverage isn't a maybe. It's a must-have.
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travelers canada.ca.
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Talk to your insurance broker today to make sure you have the right coverage in place to help protect your organization.
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Travelers Canada, 165 University Avenue, Toronto, Ontario M5H 3B9. This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of any insurance policy issued by Travelers Canada. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions and any applicable law. Copyright 2021 Travelers Canada. All rights reserved. Travelers and The Travelers umbrella logo are registered trademarks of The Travelers Indemnity Company in Canada, the US and other countries. Travelers Insurance Company of Canada, the Dominion of Canada General Insurance company and St. Paul Fire and Marine Insurance Company (Canada Branch) are the Canadian licensed insurers known as Travelers Canada.
What's Covered?
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Third party (liability) and first party coverage – Protecting the insured for its liability to others and reimbursing the insured for expenses incurred
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Worldwide coverage – Applies to claims made or events occurring anywhere in the world
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Ten distinct insuring agreements – With the ability to set limits and retentions for each insuring agreement
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Defence option – Option to select duty to defend or reimbursement coverage at policy inception
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Maximum retention cap – For claims covered under more than one liability insuring agreement or events covered under more than one first-party insuring agreement, the largest applicable retention will be the maximum retention to apply
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Non-cancellable by insurer – Except for non-payment of premium
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Extended reporting period – Applies to crisis event management and security breach expense coverage
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Automatic 90-day extended reporting period – For first-party coverages
