Do you know your cyber risks?

Risks related to theft of computer equipment

Theft of confidential or personal data is widespread, and stolen or lost computer equipment is one of the ways data theft can occur. It is easier to steal a laptop or phone and use it to access your company's network than to get around your online security measures.

This means that your losses may be greater than the value of the device that was stolen or lost. 

Insurance Bureau of Canada reports that the average total cost of a data breach to Canadian companies is an estimated $6.94 million.

Stop up as many gaps as you can

Today's network security systems are more and more effective. As a result, hackers will now attempt to exploit every other vulnerability affecting your company's security. Whether it is physical access to your premises or social profiling of your employees to guess their password, anything that lets hackers into your network is a potential risk for your business. Identifying and mitigating IT security risks is a constantly changing process. However, there are a few basic steps you can take that will help you reduce these risks.

Secure every link in the chain

While many Canadian companies have a cybersecurity policy, they are often exposed to risk because of the weaknesses of smaller companies with which they do business.

It is preoccupying since hackers are known to target smaller businesses in order to gain access to large organizations.

Insuring against cyber risk

As data breaches and cyberattacks become more and more frequent, insurance providers have developed policies to help companies handle this type of risk. Talk to your broker or your insurance company to get the coverage your company needs.