According to a Canadian Underwriter article written by Willie Wong, Security Leader, IBM Canada, “Data security has always been an issue, but perhaps no more than today. A recent survey of 1,500 Canadians clearly shows, however, that awareness of data security lags concern.”
It seems that we are continuously hearing about large data breaches that happen to celebrities or large organizations such as Target and Home Depot, but we rarely hear about the smaller data breaches that happen on a regular basis.
So what exactly is cyber risk? Cyber risk can be defined as any exposure to financial loss resulting from some sort of implication from data loss through the Internet and computer networks. It can happen to any type of organization.
Although coverage is now widely available, according to Nate Spurrier, Business Development Director at IDT911, featured in Canadian Underwriter, “not all companies are willing to address every type of loss that could be incurred when investigating an event, even when offering some form of remedy to affected parties.” Awareness of the implications resulting from a data breach is simply low.
Are you and your organization protected against cyber risk and a data breach? There are many options available to you. The team at Roughley Insurance Brokers Ltd. can help you understand the type of risks, what you should be prepared for and what every business needs to know. Send us an email at [email protected].