A Cyber Attack on Your Client Data Can be Devastating to Your Business
Hackers are always on the lookout for their next target. Whether the target is a large nationwide store chain or a small operation in Ontario it makes no difference to them; it’s the data they want. Not just any data – personal client data like addresses, birthdates, credit card numbers and more. With this information they can assume another person’s identity and take out loans in that person’s name. What person? Your client.
You’ve worked very hard to build your business into the reputable operation it is today. Clients have come to expect the best from you and your team. Imagine then the worst case – you walk into your office one day and find your computer systems not working, or you find your hardcopy files stolen. You quickly learn you’ve been hacked and all your clients are now at risk for Identity Theft. Your business is on the line.
Fines and Costs Associated with a Privacy Breach of Sensitive Client Data are Climbing Each Year!
Every business that relies on a computer system has some risk that that computer system could be hacked. We’ve heard of lawyer offices finding their data encrypted and a ransom delivered to them – pay or the data never gets released. Or the large companies that house sensitive client data, like credit history, being hacked.
In 2016, the average cost for compromised client data was approximately $250. Imagine a company has 1,000 clients whose data is stolen. Does your company have enough cash to pay $250,000?
Does your company have enough funds to cover notification costs? Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) requires every company struck with a cyber-attack to alert every client of the potential risk to their identities. That costs money.
Not having the proper Data Breach Insurance coverage means your business might go out of business.
With Cyber Protect Plus You Get the Privacy Breach Liability Insurance Coverage Specifically Designed to Protect Your Business in the event of a Cyber attack on your Client Data.
Spencer Yule – Your Privacy Breach Insurance Expert
Spencer Yule has worked hard to get an affordable Cyber Liability Insurance product that works for businesses in Ontario. Having gained extensive experience in the technology sector insurance market Spencer felt it was necessary to provide a low cost, standalone cyber breach insurance product that offers both first and third party coverage.
Disclaimer: LMI Canada and Erb and Erb provide these informational articles to educate the public about insurance and investment related matters. This article does not substitute for broker advice regarding your specific insurance or investment needs. For a comprehensive strategy to tackle what you, your family, or your business, may need we invite you to speak directly to a broker who can guide you through all the options available to you.