Cyber insurance protects your customer information
Christopher Litke, Director of Commercial Sales, discusses how Western’s cyber liability insurance protects small and medium-sized businesses.
I’m Western’s Director of Commercial Sales and I am based in Winnipeg. I'm married with three children, and I enjoy spending time and going camping with my family. I also play hockey and I like to golf.
Q: Why is cyber liability insurance is important for small and medium-sized businesses?
A: In many cases, small to medium-sized businesses have customer information and other important information that's related to their business that’s confidential. They hold this information on their computer systems and on their servers.
If this information is hacked or breached by a malicious third party or stolen internally, it could be very damaging to both the business and to their customers. And so having cyber insurance is vitally important to protect your business.
It takes time and money to fix a breach, regain the data that was lost, and to advise all your customers whose information was stolen or compromised. And then there's also a liability component where the business can get sued by its customers. Depending on the size of the breach and the information that was taken, the customers who are affected can turn around and hold the business liable and sue for damages. That’s where cyber insurance can protect your business.
Small and medium-sized businesses are more and more concerned about cybercrime and theft of their information.
Cyber insurance is one of the fastest emerging insurance coverages.
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Q: As a business owner, why should I choose Western for cyber insurance?
A: We are business insurance experts, and cyber insurance goes hand-in-hand with business insurance.
Western has the knowledge and expertise in dealing with cyber insurance and cyber-related claims. We have access to very specialized products that are specifically designed for these types of exposures, whether it’s a data breach, stolen credit card information, or a ransomware situation.
We’ll take the time to explain cyber insurance and how it can protect your business against cybercrime.
Q: What kind of cyberattacks could my business be exposed to?
A: Cyberattacks can happen to any size of business. Once cyber criminals have breached your business, they can steal any and all information that they deem valuable for their own purposes. They can take your information and sell it.
Or they can turn around and hold the business ransom and demand money to return any stolen information. Western has coverage available to protect your business against ransomware.
Businesses can also face internal threats from employees, who could steal intellectual property, customer information or credit and debit card numbers.
Carelessness can also be an issue. For example, an employee can have sensitive information on a flash drive that they lose or leave lying somewhere it shouldn’t be.
Small and medium-sized business can overlook cyber insurance but it’s becoming more common for these businesses to be the victims of cyberattacks.
At Western, we understand the exposures that small to medium-sized businesses face and we can meet your needs with cyber liability insurance