Commercial

Cyber Risks Insurance

Cyber Risks Insurance

Protecting you in the Internet age

It is virtually impossible to operate a business these days without computers and a fast connection to the internet. Technology is the central core of nearly every modern company’s digital infrastructure - from data transfer and storage, to an online presence and social networking along with email and a huge quantity of software. But what about the risks all this connectivity creates? It’s not hard to imagine a scenario where a virus on your system contaminates someone else’s, or your computers are hacked and important data stolen. And then there are the risks that come with breaches of privacy, potential defamation, copyright infringement or even fraud.

Many people think that their commercial general liability insurance will cover them. Not so. Most CGL policies have specific electronic data exclusions. That means cyber risks aren’t covered, leaving your company vulnerable to all kinds of suits – such as cyber-libel triggered by a simple ill-advised email, or the theft of confidential data. That’s why Axis Insurance Managers has created insurance policies to mitigate the risks faced by companies in the internet age.

Cyberspace has sometimes been called the new Wild West. And when things go wrong for companies, like the theft of personal data or the circulation of damaging email conversations, the resulting damage to a business’s hard fought reputation can be massive. The costs of defending any lawsuit can be huge too. That’s why it pays to have the right cyber risks insurance for your company.

The expert team at Axis Insurance Managers take the time to get to know your business. We have long experience in helping businesses protect themselves from cyber risks and that means we can provide the right coverage for you.

Features and benefits of cyber risks insurance from Axis Insurance Managers Inc. include:

• Information property protection: Axis Insurance can write policies which mitigate risks or losses resulting from a network security failure caused by hackers. These losses can include computer systems, data held electronically, information assets like credit card numbers or a customer database etc.
• We can also write insurance for extortion threats or computer attacks and can include coverage for investigation and settlement of the threat
• Through our excellent relationships with insurers in Canada, the US and Europe we are able to offer worldwide expertise, experience and resources
• We can arrange insurance for your software and data, should you be subject to a cyber-attack
• Our premier business interruption insurance can be tailored to cover losses arising from the suspension of your IT network caused by a security failure leading to a computer attack.  This would include your business income and additional expenses, along with paying for forensic computer investigations and any subsequent related business interruption
• We can work with you to create tailor-made security and privacy liability coverage for damages caused by a failure of your network security, or releasing private information
• Axis Insurance can also provide you with crisis management coverage including PR and media relations assistance as well as covering the costs of notifying clients or consumers that there has been a data privacy breach, credit file monitoring or other remediation services

As with every insurance policy there are different options, policy wordings, enhancements or amendments available. Your Axis Insurance manager will be able to help create a tailor-made policy to suit your exact requirements.

To find out more about Cyber Risks Insurance, or to discuss your existing insurance policies, please give one of Axis Insurance’s professional and experienced team members a call at 604.731.5328 or email: info@axisinsurance.ca. We would also be pleased to outline the benefits of Cyber Risks  Insurance with your management team or board members. If you would like to schedule a meeting or request an application form, please contact us.

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