Cyber Attacks Aren’t an “If”, They’re a “When”¶
Cybercrime is a growing industry, and the consequences of a cyber attack can be massive. A single incident can put your entire company at risk from ransomware or even legal action if there's a privacy breach.
So how do you defend your business? With Palladium’s cyber liability insurance. Our policies help you through proactive risk assessment, proactive threat alerts and fast incident response should you ever need to make a claim.
Cyber Crime is a Booming Business¶
The consequences of cyber attacks can include lost files, employee downtime, gutted financial accounts, long-term reputation damage and legal action by your clients. The threat landscape is growing:
- According to Stats Canada, one in five Canadian companies were hit by a cyberattack in 2017, resulting in an average of $1.1 million in lost revenue.
- Even worse, cyber crime is a growth industry. Cybersecurity Ventures predicts that cybercrime will cost the world in excess of $10.5 trillion annually by 2025, up from $6 trillion in 2021 and $3 trillion in 2015.
No matter the size of your business, sensitive data needs to be protected. Infiltrations of large corporations and government databases get the press, but hackers will target even small businesses because they know many don’t have mature cybersecurity practices.
Luckily, Palladium’s cyber liability insurance can not only help you manage attacks, it can help you prevent them.
How Palladium’s Cyber Liability Insurance is Different¶
We give you the tools you need to prevent many data breaches before they happen, as well as respond quickly if they do.
While you can’t see data breaches coming, you can still keep your business protected from their effects.
1. Proactive Cybersecurity Risk Assessments¶
A platform augmented by artificial intelligence helps our team understand your risk. It shows you where and how to fix the problem. If you don't have an IT team, our partners can help you build up your technical infrastructure, including everything from security training through email security and solutions for protection for malware.
2. Proactive Monitoring and Threat Alerts¶
We use industry-leading analytics to provide your business with personalized alerts about new threats. You're provided with everything you need to find and fix the problem, but if you need help you also get 24/7 access to our security experts.
Our platform performs millions of scans per month, dark web monitoring, and real-time claims and incident response data are all analyses by AI to understand what's happening in real time.
3. Fast Incident Response¶
Should a new type of threat break into your system, we can still help keep your business protected from their effects.
Our technical experts are available to help you respond to incidents as soon as they happen. We'll help you get up and running again and can even help recover lost funds in some cases.
Your breach coach is the main point of contact to other experts, including security engineers, forensic specialists, and privacy attorneys that can advise you on dealing with law enforcement.
As a highly flexible, proactive solution, Palladium’s cyber liability insurance meets the unique needs of your business, protecting you from the breaches of critical data and financial information.
Options for Your Insurance Agreement¶
Our coverage is provided on a modular basis, with independent insuring agreements that can be tailored to your business’ needs.
- Network interruption and recovery — first-party coverage for your business’ losses as a result of a business interruption event and any additional costs of working.
- Network extortion — coverage for the costs of an expert cyber extortion negotiator and the cost of any extortion demanded and paid.
- Security and privacy liability — coverage for third-party liability claims arising from failure to protect private or confidential information.
- Multimedia and intellectual property — coverage for third-party liability claims arising from advertising and intellectual property risks.
- Property damage — coverage for damage to physical property as a result of a cyber security event.
- Event support expenses — coverage for costs incurred as a result of an actual or alleged data breach. Includes legal and forensic, notification, call centre services, credit and identity monitoring, and personal fraud loss service costs.
- Privacy regulatory defense and penalties — coverage for the costs associated with a regulatory investigation against your business and any penalties incurred.
- Computer fraud and telecommunications fraud — coverage for direct monetary loss arising from electronic theft, computer fraud or telecommunications fraud.
- Social engineering fraud — coverage for direct monetary loss arising from social engineering fraud.
- Reputational damage coverage — coverage for lost net income due to termination of a services contract by your clients or reduction in the value of your business brand.
- Bricking coverage — coverage for damage to computer hardware as a result of a security event.
Cyber Security Information Resources¶
Cyberattacks: A threat to all businesses (PDF)
Cyberattacks: Typical day in the life of a business owner (PDF)
Risk Management Advisories¶
The evolution and mass market of cybercrime (PDF)
A new perspective on cyber risk (PDF)