Cyber Liability Insurance

Cyber attacks may be undetectable, but their effects are massive. A single breach can put your entire company at risk. When the unexpected happens, you’ll be glad you chose our cyber liability coverage.

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Cyber Pro Coverage Details
CyberPro Resources

Cyber Liability
Insurance Program

No matter the size of your business, sensitive corporate data needs to be protected. Cyber attacks happen quickly and behind-the-scenes, and while you can’t see data breaches coming, you can still keep your business protected from their detrimental effects.

Palladium’s stand-alone cyber insurance product, CyberPro, offers coverage suitable for nearly all clients in most industry sectors in Canada. As a highly flexible, proactive solution, CyberPro meets the unique needs of your business, protecting you from the breaches of critical data and financial information that can happen today, to the technology exposures that could happen tomorrow.

Our experts have been in the business since 1972. We know what it takes to tailor the right program to cover technological exposures.

“The average cost of a data breach for small and medium businesses is now $158,000” – Kaspersky

Assesment Tool Incident Response Form

Watch the video below to see the various cyber threats that can occur during a day in the life of a business owner.


CyberPro Coverage

CyberPro is suitable across a broad range of industry sectors and can be adapted to suit specific needs and requirements. Coverage is provided on a modular basis, with independent insuring agreements, tailored to an insured’s needs.

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
Network Interruption and Recovery First party coverage for a company’s own losses as a result of a business interruption event and any additional costs of working
Property Damage Coverage for damage to physical property as a result of 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 the insured and any penalties incurred
Network Extortion Coverage for the costs of an expert cyber extortion negotiator and the cost of any extortion demanded and paid
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 client or reduction in the value of your business brand
Bricking Coverage Coverage for damage to computer hardware as a result of a security event

Data Breach Services through CyberClan (formerly Network Test Labs)

  • 24/7 Cyber Breach Response Hotline, provided by CyberClan, a Canadian cyber security expert
  • Offered exclusively to CyberPro policyholders to assist with better managing a cyber and network security stance:
    • Free one-hour Cyber Security Consultation – Weakness in information security can jeopardize your mission, threaten your profitability, and invite fines and penalties from regulatory bodies
    • Free online Cyber Security Training – Employees are the best line of defence in protecting the ever-changing environment and limited time
    • End Point Monitoring: Free 15-day trial – Protect your company from devastating cyberattacks with industry leading end point protection
    • One-time Phishing Simulation – Find out what percentage of your users are prone to phishing with your free Phishing Security Test
    • One-time Automated Vulnerability Assessment – Test, investigate and analyze vulnerabilities on public internet-facing devices and web application with a vulnerability assessment

How are Claims Handled?

Claims are managed by Ascent Underwriting, an Optio Company, a cover holder for certain Lloyd’s Underwriters A-rated insurers (A.M. Best et S&P).

What are the Coverage Details?

  • Policy Form – Claims-made and reported
  • Policy Period – Annual policies
  • Territory – Worldwide
  • Independent Insuring Agreements (modules)
  • Security and Privacy Breach
  • Multimedia and Intellectual Property Liability
  • Network Interruption and Recovery
  • Physical Damage, Physical Loss and Debris Removal
  • Event Support Expenses
  • Privacy Regulatory Defence and Penalties
  • Network Extortion
  • Electronic Theft, Computer Fraud, and Telecommunications Fraud
  • Social Engineering Fraud
  • Reputational Damage

What are the Policy Features?

  • Voluntary Notification
  • Reputational harm
  • Crisis management and brand reestablishment
  • Most favorable venue language
  • 80/20 hammer clause
  • Forensic costs up to the full policy limit
  • Programming and human error
  • Full prior acts
  • Claims and breach response services are managed by Ascent Underwriting
  • Risk management services, education and training offered through CyberClan, including a one-hour free consultation, a breach response web portal and knowledge center on breach response


  • Costs to cover Payment Card Industry fines and penalties
  • Business interruption and data restoration coverage extension to external vendors
  • Notification costs in excess of the policy limits
  • Deductible Waiver for risks that qualify
  • Coverage for the repair or replacement of computer hardware (bricking)

    Application Form

    Use this form to contact us and discuss your need for Cyber/Privacy Breach insurance

    Complete this application and submit to us
    to request a quote for Cyber/Privacy Breach insurance.


    CyberPro Network Application

    Please answer all the questions on this form. Before any question is answered please carefully read the declaration at the end of the application form, which you are required to sign. Underwriters will rely on the statements that you make on this form. In this context, ANY INSURANCE COVERAGE THAT MAY BE ISSUED BASED UPON THIS FORM WILL BE VOID IF THE FORM CONTAINS FALSEHOODS, MISREPRESENTATIONS, OR OMISSIONS. PLEASE TAKE CARE IN FILLING OUT THIS FORM.

    You may provide any further additional information by means of a separate attachment if necessary.

    General Information

    d. Annual gross revenue / turnover

    f. Identify the type of PII retained on your network

    Network Information

    Historical Information

    During the last three years have you:

    Data Protection

    By accepting this insurance you consent to Ascent Underwriting using the information we may hold about you for the purpose of providing insurance and handling claims, if any, and to process sensitive personal data about you where this is necessary (for example health information or criminal convictions). This may mean we have to give some details to third parties involved in providing insurance cover. These may include insurance carriers, third party claims adjusters, fraud detection and prevention services, reinsurance companies and insurance regulatory authorities.

    Where such sensitive personal information relates to anyone other than you, you must obtain the explicit consent of the person to whom the information relates both to the disclosure of such information to us and its use by us as set out above. The information provided will be treated in confidence and in compliance with relevant Data Protection legislation. You have the right to apply for a copy of your information (for which we may charge a small fee) and to have any inaccuracies corrected.

    IMPORTANT – CyberPro Policy Statement of Fact

    By accepting this insurance you confirm that the facts contained in the proposal form are true. These statements, and all information you or anyone on your behalf provided before we agree to insure you, are incorporated into and form the basis of your policy. If anything in these statements is not correct, we will be entitled to treat this insurance as if it had never existed. You should keep this Statement of Fact and a copy of the completed proposal form for your records.

    This application must be signed by the applicant. Signing this form does not bind the company to complete the insurance. With reference to risks being applied for in the United States, please note that in certain states, any person who knowingly and with intent to defraud any insurance company or other person submits an application for insurance containing any false information, or conceals the purpose of misleading information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime.

    The undersigned is an authorized principal, partner, director, risk manager, or employee of the applicant and certifies that reasonable inquiry has been made to obtain the answers herein which are true, correct and complete to the best of his/her knowledge and belief. Such reasonable inquiry includes all necessary inquiries to fellow principals, partners, directors, risk managers, or employees to enable you to answer the questions accurately.

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    COVID-19 Important Update:

    Palladium is serious about the health and safety of its employees, and clients. Accordingly, we have been instructed to limit non-essential, in-person meetings. While our offices remain open, we ask that you please make an appointment before arriving. Many of our employees have chosen to work remotely, and by making an appointment you ensure that your broker will be available (and present) to meet with you. Please note that all public health guidelines must be followed including without limitation, the wearing of face masks, social distancing, and completion of our COVID screening questionnaire.