How to make sure your cyber insurance policy pays out

LUKE IRWIN | July 15, 2019

article image
Cyber insurance is big business these days. With the ever-present danger of data breaches and cyber-attacks, organizations must be sure that they have the financial backing to respond appropriately. Damages incurred by information security incidents generally aren’t covered in commercial insurance policies, so a specific policy is necessary to help cover the costs of things like forensic investigation, incident response and notification procedures.

Spotlight

Ontario Mutuals

Here's the difference between Ontario Mutuals and the large multi-national companies. Ontario Mutuals operate on a member value basis. That means we pour our resources into service and long term value for the policyholder - not returns for shareholders. As a policyholder, you have voting rights within the company on important decisions that will direct the successful operation of the company.

OTHER ARTICLES

COVID-19: How Insurance Can Help Mitigate Business Losses through the Crisis

Article | March 19, 2020

The COVID-19 outbreak is now a pandemic, affecting governments, businesses and individuals all over the world. As borders are closed, and day to day life is put on hold, it presents an unprecedented threat to the global economy and to the future viability of many businesses. Nevertheless, there are steps that organisations can take to protect themselves, and to ensure the financial consequences are kept to a minimum. In particular, businesses should be considering whether they can mitigate losses through their existing insurance policies. Regardless of the type of insurance, particular attention should be paid to notice requirements typically set out in each policy wording.

Read More

8 Types of Business Insurance Your Company Should Consider Having

Article | February 26, 2020

Financial losses from a product defect, data breach, serious illness or work-related automobile accident can force business owners to close their doors if they're not prepared. The cost of an unexpected event can be substantial. Hiscox quotes a 2014 study of small business owners, saying the average cost to defend and settle an employee lawsuit was $160,000. Employment litigation is just one type of risk your small business may face.

Read More

BANKS CAN TEACH INSURERS HOW TO TURN DATA INTO PROFITS

Article | April 9, 2020

Open banking rules, particularly PSD2 regulations in Europe, have forced banks to share their customer information. Some progressive lenders have turned this threat to their businesses into a big opportunity. They’re using data-sharing ecosystems to reach more customers and launch new products. They’re also teaming up with promising business partners and expanding into fresh markets.

Read More

Do Entrepreneurs Need Business Insurance?

Article | April 7, 2020

Being an entrepreneur is no piece of cake. You are going out on your own, venturing into a new industry and the future is unknown. Many factors will contribute to whether your new business will be a success or not. One of those factors is whether you purchase comprehensive business insurance from the get-go. Below, we will discuss what types of business insurance you should consider as an entrepreneur who is starting your own company.

Read More

Spotlight

Ontario Mutuals

Here's the difference between Ontario Mutuals and the large multi-national companies. Ontario Mutuals operate on a member value basis. That means we pour our resources into service and long term value for the policyholder - not returns for shareholders. As a policyholder, you have voting rights within the company on important decisions that will direct the successful operation of the company.

Events