Red Deer Cyber
Liability Insurance
What types of cyberattacks are covered under cyber liability insurance?
Red Deer’s businesses are exposed to many different types of cyberattacks and cyber liability insurance usually covers:
- Brute force – When someone tries to guess the password to access data or a device.
- Denial of service – When users cannot access their computer or software or network thanks to a cyberattack.
- Phishing – When an attacker tricks someone into giving away information, clicking a link, or opening an attachment. This is usually through email.
- Malware – When a malicious software is installed on a device. This software is then used to get information like logins and collect data.
- Man-in-the-middle – When an attacker impacts communication between two parties, like two employees or a client and employee.
- Ransomware – When employees are unable to get into a program or computer unless the cyber attacker is paid a fee.
- Spoofing – When a cyber attacker uses impersonation to attack or steal.
Data breaches can also be caused by system and human errors.
How much does cyber liability insurance cost in Red Deer?
The cost of good cyber liability insurance in Red Deer starts around $1000 and goes up, depending on your risk factors and insurance options.
Factors That Affect the Cost of Cyber Liability Insurance in Red Deer
There are many factors that will affect the cost of your cyber liability insurance in Red Deer, including:
- Industry
- Size of business/number of clients
- Revenue
- Type/amount of records
- Insurance options (deductible, coverage, policy limits)
How to Get the Best Price for Cyber Liability Insurance in Red Deer
Here are a few tips on how to get the best price for your business’ cyber liability insurance:
- Get a few quotes to compare prices and coverage
- Don’t overinsure
- Choose a higher deductible
- Invest in mitigation measures for cyberattacks and data breaches
- Establish a cyberattack and data breach action plan
- Review your coverage at least once a year
Frequently Asked Questions About Cyber Liability Insurance in Red Deer
Are small- or medium-sized businesses a target for cyberattacks?
Yes, small and medium-sized businesses are absolutely a target for cyberattacks. Cybercriminals believe these businesses have fewer resources, less security, and good connections to attack other organizations. That’s why it’s important to protect your Red Deer business with cyber liability insurance!
What is a cyber claim?
A cyber claim is a claim made under your cyber liability insurance after your business has suffered a data breach or cyberattack.
What’s the difference between a cyberattack and a data breach?
A cyberattack or cyber incident is an act that attempts or succeeds in compromising cybersecurity which can result in disrupting operations or obtaining data.
A data breach is a loss or unauthorized access to personal information.
Do I need to report a data breach or cyberattack?
Legally, you need to report a data breach or cyberattack if there is a risk of harm. This includes:
- Bodily harm
- Damage to property
- Damage to reputation
- Financial loss
- Humiliation
- Identity theft
- Loss of employment or opportunity
- Negative impact on credit records
If only Alberta residents are affected, you should report the incident to the Office of the Information and Privacy Commissioner of Alberta. If the scope is larger, you should also inform the Office of the Privacy Commissioner of Canada.
Who offers cyber liability insurance in Red Deer?
There are a growing number of insurance companies that offer cyber liability insurance in Red Deer. We have access to many insurers in order to find you the right coverage at a competitive price.