According to the CIRA Cybersecurity Report, 80% of Canadian organizations reported experiencing at least one cyberattack that impacted their databases in 2020. Small businesses are particularly vulnerable–recent reports show that despite their size, SMEs comprise roughly two-thirds of all privacy breaches.
Why? Smaller businesses generally have fewer security provisions. Plus, if you regularly work from home, hackers can take advantage of weak cybersecurity through unsafe home Wi-Fi networks, unencrypted connections, and unprotected devices. As a Management Consultant, you may even be more attractive to cybercriminals because of your network, third-party connections, and access to confidential client and employee information.
And when it comes to a breach, data loss is just the tip of the iceberg. The average data breach can cost up to $3.9 million USD. Depending on the damage, your business might also have to pay legal fees, damages, fines and penalties under the PIPEDA Digital Privacy Act, and more–especially if the data lost violates the terms of a client’s NDA.
Data Security and Cyber Breach Insurance can protect you against these losses by providing you with the resources and support you need to get your business back online, rebuild your reputation, and regain your clients’ trust. A dedicated, standalone cyber policy can help you access:
- Legal coaching on how to handle the breach with privacy regulators;
- Legal fees in the case of a civil suit;
- Funds for court-awarded damages;
- Public Relations services for managing the negative reputational impact resulting from the breach;
- Provisions for credit monitoring and client notifications costs in the event of a breach;
- Broader coverage for liability resulting from a client’s corporate information in your care, custody and control. Most other cyber policies only cover privacy breach claims related to personal information.
Contact PROLINK to learn more today!