Business

Protect Your Business from Cyber Attacks

Cyber threats are becoming one of the biggest risks facing businesses today. From phishing emails and ransomware attacks to payment fraud and data breaches, a single incident can cause major financial loss, business interruption, and reputational damage.

Cyber incidents are one of the fastest-growing risks for businesses of all sizes. Real claim examples show losses ranging from $24,500 to over $1.7M caused by ransomware, phishing, and system outages.

Cyber Insurance helps businesses recover quickly by covering response costs, legal expenses, lost income, and liability claims.

Who is Eligible

Cyber Insurance is suitable for small to mid-sized Canadian businesses across many industries, including:

  • Retail & Wholesale
  • Manufacturing
  • Professional Services
  • Logistics & more

Key Coverages

First Party Coverage

Coverage for the client’s direct losses, including:

  • Ransomware & cyber extortion
  • Business interruption (loss of income)
  • Data recovery & IT forensics
  • Breach response, legal, notification & PR expenses

Third Party Coverage

Coverage for claims against the client, including:

  • Data & privacy liability
  • Network security liability
  • Regulatory investigation & fines

Optional Coverages

  • Funds Transfer Fraud / Social Engineering
  • Crime coverage integration

Critical gaps may exist if these coverages are not included.

Real Claim Examples

1. Dental Clinic – Ransomware Attack

A staff member clicked a phishing email, causing patient records to become inaccessible and disrupting operations.

Total Loss: $24,500

2. Manufacturing Company – System Shutdown

A ransomware attack locked the company’s entire system and stopped production for 7 days.

Total Loss: $365,500

3. Law Firm – Data Breach & Extortion

Hackers accessed sensitive client information through a phishing email and demanded ransom payment.

Loss exceeded $792,000 USD

4. IT Service Company – Third-Party Liability

A cyber attack caused outages affecting multiple clients, resulting in significant third-party business interruption losses.

Total Loss exceeded $1.7M

5. Online Retailer – DDoS Attack

A website outage during peak season caused lost online sales and recovery expenses.

Total Loss: $147,000

6. Social Engineering Fraud

An employee transferred funds after receiving a fraudulent payment instruction email appearing to come from a trusted supplier.

Total Loss: $85,000

Key Definitions

Phishing

Fake emails used to steal information.

Ransomware

Malicious software that locks systems until payment is made.

Funds Transfer Fraud

Money stolen through fraudulent payment instructions.

Malware

Harmful software installed without consent.