Cyber-attacks on small businesses are on the rise. In fact, since these companies typically lack the resources and protective barriers needed to fend off cyber-attacks, they’re commonly targeted by hackers.
A recent poll commissioned by the Insurance Bureau of Canada found that nearly one in five business have been affected by a cyber-attack or data breach in the last two years. And among business hit by a data breach, 37% estimate that it cost them over $100,000.
Cyber insurance, also called cyber risk insurance and cyber liability insurance, is designed to cover businesses for losses caused by cyber-attacks. Here’s an overview of this type of insurance coverage.