Keeping in Touch – February 2020 – Cyber Risks

Post by Assurances √Čvolution | In News

Available only through Evolution Insurance, EVO Cyber is a product specifically designed to offer a comprehensive first and third-party coverage for personal data liability to SMEs.

Coverage available on a standalone or add-on basis

Premiums as low as $175 (add-on) or $1,000 (standalone)

Limit of indemnity up to $2,000,000

Deductible as low as $1,000

Instant quote; minimal information required

Only a one-page declaration is needed to bind coverage

Target

Any small to mid-sized companies domiciled in Canada with revenues up to $50M, and not operating in the financial, health/pharma, software or governmental sectors.

 

PRODUCT FEATURES

Insuring Agreements:

  • Breach of personal data
  • Business interruption
  • Hacker damage
  • Cyber extortion
  • Privacy infringement claim
  • Crisis management costs

Also included:

  • Automatic worldwide coverage (Canada jurisdiction)
  • Broad definition of breach
  • Cyber hotline 24/7 with designated breach coach

 

FREQUENT CYBER CLAIMS

The average cyber claim incurs serveral hundred thousand dollars in damages (not considering reputational damages), and often affects small to mid-sized companies being more prone to system vulnerabilities. Past scenarios include:

  • Spyware virus
  • Data theft and cyber extortion
  • Rogue ex-employees
  • Stolen laptops
  • Dumpster diving (data theft is not limited to a computer breach)
  • Website/Server vulnerability
  • Involuntary leaked customer details
  • Server room unauthorized access

 

Questions or comments?
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