Cybercrime Insurance
Small businesses are big targets for cybercrime. Get comprehensive protection for your digital assets
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
Partnerships with over 50 leading Canadian insurance providers
Partnerships with over 50 leading Canadian insurance providers
Why Choose Zensurance?
We help Canadian business owners save time and money by providing
a convenient and affordable way to buy cybercrime insurance.
Convenience
Purchase your insurance anytime, anywhere, with our easy-to-use online platform.
Cost
Compare rates across leading insurance companies to ensure you get the best price on your premium.
Curation
We use data and analytics to identify the right insurance policies for your business.
Commercial Property Insurance Claims Examples
Problem: Your business is subjected to a ransomware attack after a hacker encrypts your data and demands payment to restore your access.
Outcome: Cybercrime insurance may cover the ransom payment, recovery costs, and relevant expenses related to your downtime.
Problem: An employee receives a phishing email and mistakenly clicks on a malicious link and provides their login credentials. Their actions lead to a data breach.
Outcome: Cybercrime insurance may cover your business’s financial losses due to the data breach and the fees to recover or secure your compromised systems.
Problem: A cybercriminal accesses your company’s bank account and fraudulently transfers funds from it to their own account.
Outcome: Cybercrime insurance may reimburse you for the stolen funds and cover your legal expenses associated with investigating the fraud.
Cybercrime Insurance, Explained.
What is cybercrime insurance?
It’s estimated nearly half (45%) of all Canadian small businesses have suffered a cyber-attack, and over 40% of businesses say a cyber-attack cost them $100,000.
Cybercrime insurance covers loss of funds due to cybercrime, including phishing, hacking, or social engineering fraud. This policy includes coverage for notification costs, data restoration, and legal expenses.
Who needs cybercrime insurance?
It’s critical for all small businesses and independent professionals to protect their digital assets with a comprehensive cybercrime insurance policy.
Any entrepreneur, solopreneur, independent professional, or small business owner that uses technology to do business faces legitimate cyber threats. Since every business works differently, each carries a different level of cyber risk. If you handle any particularly confidential data, like in healthcare, retail, or education, taking out a standalone cybercrime insurance policy will ensure you’re getting the comprehensive cover you need.
If a hacker infiltrates your business network, email accounts, social media accounts, takes over your website, holds data hostage, or steals confidential client information, you can be held liable for damages to them besides having to take care of the recovery costs.
What does cybercrime insurance cover?
A cybercrime insurance policy specifically covers criminal activities that occur via the internet or other computer networks affecting your business. It’s designed to address online financial theft and fraud committed against your business, including:
- Funds Transfer Fraud: Covers your business’s loss of funds due to fraudulent transfers initiated through hacking, phishing, or social engineering. For example, if you transfer money to a customer or supplier, and a hacker intercepts and re-routes the money in transit so your customer doesn’t receive it, cybercrime insurance may cover your losses.
- Theft of Digital Assets: Covers losses or damages of digital assets, like intellectual property or confidential data due to criminal activity, including spoofing, phishing, and spear phishing attacks.
- Ransomware Payments: Coverage for ransom payments made in response to cyber extortion or a ransomware attack up to your policy’s coverage limit.
- Employee or Vendor Fraud: Covers financial losses from fraudulent actions conducted by employees or third-party vendors with access to your systems.
- Social Engineering Attacks: Social engineering is a method by which cybercriminals attempt to manipulate employees into voluntarily providing confidential information about themselves or their employers so a hacker can gain control of a computer or network. Cybercrime insurance covers financial losses from deception or manipulation by a hacker that fools employees to release sensitive company data or authorize fraudulent financial transactions.
- Phishing Attacks: Phishing is a technique cybercriminals use to try to bait victims into believing they’re someone they’re not, and clicking on a malicious link. Most phishing attacks are made using email. Cybercrime insurance also helps businesses recover from damages and losses incurred following a phishing attack.
Cybercrime insurance complements cyber liability insurance to provide businesses with comprehensive financial coverage for cyber incidents.
How much does cybercrime insurance cost?
The annual cost of cybercrime insurance varies by insurer and depends on details about your business.
The following factors are typically taken into consideration when determining the cost of your premium:
- Your location
- The type of business, your industry, and the services you provide
- Your technology infrastructure (website, storage systems, email, software, hardware)
- Your annual and projected revenue
- The amount of sensitive customer information you handle and store
- What cybersecurity systems and defences you have to protect your network
- The policy coverage limits and deductibles you select
- Your cyber incident insurance claim history
- The risks your third-party vendors and supply chain partners pose
- The regulatory compliance requirements of your industry
What’s the difference between cybercrime insurance and cyber liability insurance?
Although they appear to be similar, there are differences between cybercrime insurance and cyber liability insurance.
Cybercrime insurance is designed to cover financial losses caused by criminal activity online, such as theft, fraud, and ransomware.
Cyber liability insurance covers your legal and financial responsibilities following a cyber-attack or data breach, like lawsuits against you and regulatory fines.
What is not covered by cybercrime insurance?
Cybercrime insurance policies do include exclusions (an exclusion is a provision that removes coverage for certain risks, hazards, or events and outlines what is not covered by a policy).
Cybercrime insurance does not provide coverage for:
- Intentional, illegal, or fraudulent acts by the policyholder
- Reputational damage, such as a loss of customers, following a cyber-attack
- Cyber incidents originating from a third-party vendor or supplier that causes financial losses to your business
- Regulatory fines or financial penalties
- Failing to meet contractual obligations because of a cyber-attack
- Losses you suffer due to known cyber vulnerabilities that were not fixed or addressed before a cyber-attack
- Recovery of lost or corrupted data due to non-malicious events, like accidental deletions or system failures
- Intellectual property theft or patents due to cybercrime (depending on the wording of your policy)
Frequently asked questions
Cybercrime insurance usually covers ransomware attacks, funds transfer fraud, phishing scams, social engineering, and cyber extortion, as well as losses from data theft or financial fraud.
Ensure your business has strong cybersecurity measures, including firewalls, antivirus software, regularly use data encryption, and multifactor authentication to access systems. Routinely conduct cybersecurity audits and implement an employee training program on cybersecurity best practices. Taking these proactive measures can help reduce your risk and potentially lower your premium.
Cybercrime insurance can cover business interruption losses if a cyber-attack causes your business to shut down temporarily, including lost income and operational expenses during downtime. Be sure to check your policies details to ensure you have this coverage or speak to a Zensurance broker.
Other business insurance coverage options to consider:
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