Fighting an uphill battle

Cyber insurance is widely recognized throughout the industry as perhaps the broker's best growth opportunity in the future. Cyber attacks on businesses have become more prevalent and sophisticated, but the vast majority of companies in Canada--particularly small- and medium-sized enterprises (SMEs)--lack a key tool to protect themselves: cyber insurance. The consequences of a cyber attack on a business can be very severe and often result in permanent harm, particularly to SMEs. Seventy-one percent of data breaches happen to small businesses, the Canadian Chamber of Commerce notes in an Apr 2017 report, citing statistics from StaySafeOnline.org. A cyber policy will provide access to the best possible experts to deal with a cyber attack crisis, including lawyers, forensic IT specialists, and public relations specialists.