Cyber risks

Ah… technology! Its progress never ceases to amaze us. Today, our interpersonal relationships, our work schedules, our billing, our bank accounts and our business decisions depend on technological tools, which leaves the door wide open to data-hungry hackers.

For them, this data has monetary value and can be sold very easily on the so-called dark web, that part of the web inaccessible to people using popular browsers.

Does your company use the Internet in the course of its business? Like many others, it is therefore exposed to IT security risks. A single attack is enough to cause reputational damage, financial losses and even closure of your business. Cybersecurity measures do exist, of course, but if an incident does occur, do you have insurance protection to limit the damage? It’s vital to be well informed.

What are the cyber risks you face?

There are as many types of computer crime as there are people with malicious intent, but the most common against businesses are :

• Attacks on automated data processing systems;
• Bank card offences ;
• Unauthorised or undeclared encryption ;
• Interceptions ;
• Online scams ;
• Counterfeiting ;
• Infringement of intellectual property rights.

Whether you’re starting with just two employees or a larger company, the risks are unfortunately there! Hackers mostly target companies, because some of their behaviors are a golden opportunity for an attack:

• Your employees or clients can access your system remotely;
• Your staff take computers and smart phones home or on the go;
• Your facilities are open to the public;
• Your employees connect to their bank details or make money transfers from their desk;
• Your passwords stay the same for too long.

First, training remains the best way to protect yourself from cyber attacks. If you are aware of your potential vulnerabilities and how they could be exploited, you will be better equipped to deal with them.

So take the time to teach your employees how to recognize cyber threats, how cyber attacks are conducted, and how to respond to a cyber attack.

As a second step, have a clear policy governing the use of personal computers or those provided. Also consider:

• Segmentation of networks;
• SegmKeep your software up to date;
• Investing in a good protection system;
• Store an insurance policy.

Cybersecurity insurance, a necessity

Again, there are many solutions on the market to protect you from the consequences of cyber risks. In the event of a lawsuit, an insurance policy provides cover against damages and also pays for the costs of defending your interests.

The good news is that, through your AQIII insurance program, you benefit from the following cyber-risk protections.

Protection against losses related to own risks

$500,000 for REMEDIATION AND NOTIFICATION FEES

$100,000 for CRISIS MANAGEMENT FEES

$100,000 for a LOSS OF DATA ASSETS

$100,000 for a LOSS RELATED TO THE INTERRUPTION OF NETWORK OPERATIONS

Protection against third party claims

Intellectual Property Infringement (with a limit of $500,000 per certificate) Network breach and security (according to each certificate) Breach of privacy (according to each certificate) Personal data-related harm (according to each certificate)

Please refer to your certificate to validate the amounts or contact your broker!

Martine Lavoie mlavoie@ldpi.ca 514 868-6822 / 1 800 361-8715 #16822

Natacha Maben nmaben@ldpi.ca 514 868-6826 / 1 800 361-8715 #16826