{"id":18128,"date":"2026-05-10T11:42:00","date_gmt":"2026-05-10T11:42:00","guid":{"rendered":"https:\/\/www.ona.ca\/?p=18128"},"modified":"2026-06-11T06:28:53","modified_gmt":"2026-06-11T06:28:53","slug":"why-your-business-needs-cyber-liability-insurance","status":"publish","type":"post","link":"https:\/\/www.ona.ca\/blog\/why-your-business-needs-cyber-liability-insurance\/","title":{"rendered":"Why Your Business Needs Cyber Liability Insurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18128\" class=\"elementor elementor-18128\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b4b986 e-flex e-con-boxed e-con e-parent\" data-id=\"4b4b986\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3a259b8 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"3a259b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><b>In This Article<\/b><\/h2><ul class=\"unordered-list\"><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step1\">What Is Cyber Liability Insurance in Canada?<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step2\">What Does Cyber Liability Insurance Cover?<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step3\">Are Canadian Small Businesses Really at Risk?<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step4\">What Cyber Liability Insurance Does NOT Cover<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step5\">How Insurers Assess Your Cyber Risk<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step6\">How Is Cyber Liability Insurance Different from Other Business Coverage?<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#step7\">Frequently Asked Questions<\/a><\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">A ransomware attack shuts down your systems on a Tuesday morning. Your client data is locked. Your staff cannot work. A criminal is demanding payment. You have no idea how long this will take to fix or what it is going to cost. This is not a hypothetical. It is the situation hundreds of Canadian businesses face every year, and most of them did not think it would happen to them.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Cyber liability insurance exists to cover exactly these costs. From the forensic investigation to client notifications to lost revenue while your systems are offline, the right policy puts a financial backstop behind your business when a cyber incident hits. At <\/span><strong><a href=\"https:\/\/www.ona.ca\/\">Oegema, Nicholson &amp; Associates<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> we help Ontario businesses find the right cyber coverage through some of Canada&#8217;s most trusted insurers. This guide explains what cyber liability insurance covers, who needs it, and what to look for in a policy.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h2 id=\"step1\"><b>What Is Cyber Liability Insurance in Canada?<\/b><\/h2><p><span style=\"font-weight: 400;\">Cyber liability insurance is a commercial insurance product, or policy extension, that covers the financial losses a business suffers because of a cyber attack, data breach, or digital security failure. Unlike general business insurance, it is designed specifically for digital risks: the theft or exposure of customer data, ransomware that encrypts your files, phishing scams that result in fraudulent transfers, and the legal and regulatory fallout that follows these events.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">In Canada, cyber liability insurance is available as a standalone policy or as an endorsement added to a <\/span><strong><a href=\"https:\/\/www.ona.ca\/professional-liability-insurance\/\">professional liability insurance<\/a><\/strong><span style=\"font-weight: 400;\"> policy. For businesses that store sensitive customer information, process payments online, or depend heavily on connected systems, a standalone policy with higher limits is usually the right choice. Endorsements offer basic coverage but typically have lower limits and fewer response services included.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The term &#8216;<\/span><strong><a href=\"https:\/\/www.ona.ca\/cyber-security-insurance\/\">cyber security insurance<\/a><\/strong><span style=\"font-weight: 400;\">&#8216; is sometimes used interchangeably with cyber liability insurance. Both refer to the same class of product. You may also hear it called data breach insurance, particularly when the main risk being discussed is the exposure of private customer information.<\/span><\/p><p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><h2 id=\"step2\"><b>What Does Cyber Liability Insurance Cover?<\/b><\/h2><p><span style=\"font-weight: 400;\">A standard cyber liability insurance policy covers two broad categories of costs: first-party costs (what the incident costs your business directly) and third-party costs (what you owe to others as a result of the incident). The table below breaks down the main coverage areas.<\/span><\/p><p>\u00a0<\/p><div class=\"resp-table\"><table style=\"border: 1px solid black; border-collapse: collapse; height: 594px; width: 100%;\"><colgroup> <col style=\"width: 30%;\" \/> <col style=\"width: 40%;\" \/> <col style=\"width: 30%;\" \/> <\/colgroup><tbody><tr><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>Coverage Type<\/b><\/td><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>What It Covers<\/b><\/td><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>First or Third Party?<\/b><\/td><\/tr><tr><td><b>Data Breach Response<\/b><\/td><td><span style=\"font-weight: 400;\">Forensic investigation, notifying affected individuals, and PR costs after a breach of customer or employee data.<\/span><\/td><td><span style=\"font-weight: 400;\">First party<\/span><\/td><\/tr><tr><td><b>Ransomware and Cyber Extortion<\/b><\/td><td><span style=\"font-weight: 400;\">Ransom negotiation costs and, where legally permitted, ransom payments if a criminal locks your systems and demands payment.<\/span><\/td><td><span style=\"font-weight: 400;\">First party<\/span><\/td><\/tr><tr><td><b>Business Interruption<\/b><\/td><td><span style=\"font-weight: 400;\">Can cover lost revenue during a cyber-caused shutdown. Covers the gap from the moment your systems go down until normal operations resume.<\/span><\/td><td><span style=\"font-weight: 400;\">First party<\/span><\/td><\/tr><tr><td><b>System Damage and Restoration<\/b><\/td><td><span style=\"font-weight: 400;\">The cost to restore, repair, or replace software, hardware, and data that were damaged or destroyed in a cyber incident.<\/span><\/td><td><span style=\"font-weight: 400;\">First party<\/span><\/td><\/tr><tr><td><b>Third-Party Liability<\/b><\/td><td><span style=\"font-weight: 400;\">Legal defence costs and damages if a client sues your business because their data was compromised through your systems.<\/span><\/td><td><span style=\"font-weight: 400;\">Third party<\/span><\/td><\/tr><tr><td><b>Regulatory Fines and Penalties<\/b><\/td><td><span style=\"font-weight: 400;\">Fines or penalties assessed by regulators following a notifiable data breach.<\/span><\/td><td><span style=\"font-weight: 400;\">Third party<\/span><\/td><\/tr><tr><td><b>Cyber Crime and Social Engineering<\/b><\/td><td><span style=\"font-weight: 400;\">Financial losses from fraud, such as phishing scams that trick your staff into transferring funds. Often available as an optional rider.<\/span><\/td><td><span style=\"font-weight: 400;\">First party (optional rider)<\/span><\/td><\/tr><\/tbody><\/table><\/div><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Incident response is one of the most valuable parts of a cyber liability policy that is often overlooked. Many insurers provide access to a 24\/7 breach response hotline staffed by security experts, legal counsel, and communications specialists. For a small business without an IT department, that access alone can be the difference between a manageable incident and a catastrophic one.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Cyber liability insurance also pairs naturally with <\/span><strong><a href=\"https:\/\/www.ona.ca\/business-interruption-insurance-ottawa\/\">business interruption insurance<\/a><\/strong><span style=\"font-weight: 400;\">. While standard business interruption coverage protects against physical disruptions like fire or flood, a standalone cyber policy extends that protection to digital shutdowns. If a ransomware attack takes your systems offline for a week, cyber business interruption coverage compensates for the revenue you lost during that downtime.<\/span><\/p><h2 id=\"step3\"><b>Are Canadian Small Businesses Really at Risk?<\/b><\/h2><p><span style=\"font-weight: 400;\">A common assumption among small business owners is that cyber criminals target large corporations, not small operators. The data says otherwise.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">According to Statistics Canada, one in five Canadian businesses has been targeted by a cyber attack. <\/span><strong><a href=\"https:\/\/www.cyber.gc.ca\/en\/guidance\/national-cyber-threat-assessment-2025-2026\" target=\"_blank\" rel=\"noopener\">The Canadian Centre for Cyber Security&#8217;s National Cyber Threat Assessment 2025-2026<\/a><\/strong><span style=\"font-weight: 400;\"> reports that the number and severity of cyber incidents in Canada has increased sharply in recent years, with ransomware remaining a persistent and widespread threat across all sectors and organization sizes.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The reason small businesses are targeted is straightforward: they tend to have weaker security controls than large enterprises, but still hold valuable data. A retail business stores payment information. A medical clinic holds patient records. A law firm has client files. Any of those data sets has value to a criminal.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The cost of a real incident is not small. According to claim examples published by Zensurance, a Canadian cyber insurer, actual claim settlements for Canadian small businesses have ranged from $455,000 to $500,000 per incident. Those figures include forensic costs, legal representation, client notification, data restoration, and lost revenue. For most small businesses, an uninsured loss of that size would be existential.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Canadian examples are no longer rare or confined to large targets. The City of Hamilton confirmed a ransomware attack in March 2024. London Drugs, a major Canadian retailer, confirmed a ransomware attack in May 2024. These incidents show that no organization, regardless of size or sector, should assume it is too small to be a target.<\/span><\/p><div style=\"border-left: 4px solid #999; padding-left: 20px; margin: 20px 0;\"><h3 style=\"margin-top: 0;\"><strong>THE MOST COMMON THREATS FOR SMALL BUSINESSES<\/strong><\/h3><p>Ransomware, phishing emails that trick staff into revealing credentials or transferring funds, and data breaches caused by third-party vendor vulnerabilities are the most frequently reported cyber incidents affecting Canadian SMBs. For a practical overview of these threats, see our post on <a href=\"https:\/\/www.ona.ca\/blog\/common-cybersecurity-risks-and-how-to-avoid-them\/\">common cybersecurity risks and how to avoid them.<br \/><\/a>.<\/p><\/div><h2 id=\"step4\"><b>What Cyber Liability Insurance Does NOT Cover<\/b><\/h2><p><span style=\"font-weight: 400;\">Understanding the exclusions in a cyber liability policy is just as important as understanding what it covers. Standard exclusions typically include:<\/span><\/p><ul class=\"unordered-list\"><li><b>Intentional or criminal acts by the policyholder. <\/b><span style=\"font-weight: 400;\">If a business owner or employee deliberately causes a breach, the policy will not respond.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bodily injury or property damage. <\/b><span style=\"font-weight: 400;\">Physical harm or damage to tangible property falls under commercial general liability or property coverage, not cyber coverage.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pre-existing breaches. <\/b><span style=\"font-weight: 400;\">If a breach began before your policy inception date, it is generally excluded. This makes it important to report known incidents promptly and not delay purchasing coverage.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Infrastructure failure not caused by a cyber event. <\/b><span style=\"font-weight: 400;\">A power outage or hardware failure that is not the result of a deliberate cyber attack is typically outside the scope of cyber liability coverage.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Social engineering fraud without a rider. <\/b><span style=\"font-weight: 400;\">Some policies exclude social engineering losses, such as phishing scams that lead to wire fraud, unless a specific endorsement is added. Always ask your broker whether this coverage is included.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">If your business relies heavily on third-party cloud platforms or managed service providers, ask specifically about supply chain cyber risk. Standard policies may have limitations when the incident originates with a vendor rather than directly with your systems.<\/span><\/p><h2 id=\"step5\"><b>How Insurers Assess Your Cyber Risk<\/b><\/h2><p><span style=\"font-weight: 400;\">When you apply for cyber liability insurance in Canada, the insurer will evaluate your business&#8217;s security posture before offering a quote. Businesses with stronger controls tend to qualify for better rates and higher coverage limits.<\/span><\/p><h3><b>What Insurers Typically Ask About<\/b><\/h3><p><span style=\"font-weight: 400;\">According to the Government of Canada&#8217;s <\/span><strong><a href=\"https:\/\/www.getcybersafe.gc.ca\/en\/blogs\/does-your-small-business-need-cyber-insurance\" target=\"_blank\" rel=\"noopener\">Get Cyber Safe<\/a><\/strong><span style=\"font-weight: 400;\"> program, insurers commonly ask about: the size and nature of your operations, who your customers are and what data you collect, whether you have had a security or privacy audit, what your annual budget for cyber security is, and what specific technical controls you have in place.<\/span><\/p><h3><b>Controls That Can Lower Your Premium<\/b><\/h3><p><span style=\"font-weight: 400;\">Implementing the following measures before applying can improve your eligibility and may reduce your premium:<\/span><\/p><ul class=\"unordered-list\"><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Multi-factor authentication (MFA). <\/b><span style=\"font-weight: 400;\">Enforcing MFA on all accounts and devices is one of the most basic requirements many insurers look for. Without it, some carriers will decline to offer coverage or apply significant premium surcharges.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Employee training. <\/b><span style=\"font-weight: 400;\">Staff who can recognize phishing emails and social engineering attempts reduce your overall risk profile. Documented training programs signal to insurers that your business takes security seriously.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Incident response plan. <\/b><span style=\"font-weight: 400;\">Having a written plan for how your business will respond to a cyber incident shows insurers you will not be scrambling from scratch when something goes wrong.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regular data backups. <\/b><span style=\"font-weight: 400;\">Offline or off-site backups mean a ransomware attack does not have to be catastrophic. Businesses that can restore from backups quickly face lower business interruption losses.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Patch management. <\/b><span style=\"font-weight: 400;\">Keeping software and operating systems updated closes the known vulnerabilities that most opportunistic attacks exploit.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Think of cyber security and cyber insurance as two parts of the same strategy. Insurance covers the costs when something goes wrong. Security measures reduce the likelihood that something goes wrong in the first place. Visit our <\/span><strong><a href=\"https:\/\/www.ona.ca\/small-business-insurance\/\">small business insurance<\/a><\/strong><span style=\"font-weight: 400;\"> page for an overview of commercial coverage options for Ontario business owners.<\/span><\/p><h2 id=\"step6\"><b>How Is Cyber Liability Insurance Different from Other Business Coverage?<\/b><\/h2><p><span style=\"font-weight: 400;\">One of the most common misconceptions is that existing policies, such as <\/span><strong><a href=\"https:\/\/www.ona.ca\/commercial-general-liability-insurance-ottawa\/\">commercial general liability<\/a><\/strong><span style=\"font-weight: 400;\"> or professional liability, already cover cyber risks. In most cases, they do not. The table below shows how cyber liability coverage compares to other common business policies.<\/span><\/p><p>\u00a0<\/p><div class=\"resp-table\"><table style=\"border: 1px solid black; border-collapse: collapse; height: 594px; width: 100%;\"><colgroup> <col style=\"width: 30%;\" \/> <col style=\"width: 40%;\" \/> <col style=\"width: 30%;\" \/> <\/colgroup><tbody><tr><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>Policy Type<\/b><\/td><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>Covers Cyber?<\/b><\/td><td style=\"background: #e8792a; color: #fff; text-align: center;\"><b>The Gap<\/b><\/td><\/tr><tr><td><b>Commercial General Liability<\/b><\/td><td><span style=\"font-weight: 400;\">No<\/span><\/td><td><span style=\"font-weight: 400;\">CGL covers bodily injury and property damage. A data breach or ransomware attack is not a physical event, so CGL does not respond.<\/span><\/td><\/tr><tr><td><a href=\"https:\/\/www.ona.ca\/professional-liability-insurance\/\"><b>Professional Liability (E&amp;O)<\/b><\/a><\/td><td><span style=\"font-weight: 400;\">Partially, in some cases<\/span><\/td><td><span style=\"font-weight: 400;\">Some E&amp;O policies include a basic cyber endorsement, but limits are usually low and breach response costs are typically excluded.<\/span><\/td><\/tr><tr><td><b>Commercial Property<\/b><\/td><td><span style=\"font-weight: 400;\">No<\/span><\/td><td><span style=\"font-weight: 400;\">Commercial property covers physical assets. Digital data is not considered physical property under a standard policy.<\/span><\/td><\/tr><tr><td><b>Cyber Liability Insurance<\/b><\/td><td><span style=\"font-weight: 400;\">Yes, specifically<\/span><\/td><td><span style=\"font-weight: 400;\">Addresses all major cyber risks: breach response, ransomware, business interruption, third-party liability, and regulatory penalties.<\/span><\/td><\/tr><\/tbody><\/table><\/div><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">For businesses in professional services, technology, or consulting, a <\/span><strong><a href=\"https:\/\/www.ona.ca\/cyber-security-insurance\/\">cyber security insurance<\/a><\/strong><span style=\"font-weight: 400;\"> policy should be considered alongside professional liability coverage, not instead of it. The two policies address different risks and together provide a much more complete picture of protection.<\/span><\/p><h2 id=\"step7\"><b>Frequently Asked Questions\u00a0<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c20a5a8 elementor-widget elementor-widget-n-accordion\" data-id=\"c20a5a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2030\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-2030\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is cyber liability insurance and what does it cover? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2030\" class=\"elementor-element elementor-element-a5e2475 e-con-full e-flex e-con e-child\" data-id=\"a5e2475\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620a6c7 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"620a6c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Cyber liability insurance is a commercial insurance policy designed to cover the financial costs of a cyber attack or data breach. It covers first-party costs such as data breach response, ransomware, business interruption, and system restoration, as well as third-party costs including legal defence, regulatory fines, and damages owed to clients whose data was compromised.<\/span><\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2031\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2031\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Do small businesses in Canada really need cyber liability insurance? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2031\" class=\"elementor-element elementor-element-7a6a8b8 e-con-full e-flex e-con e-child\" data-id=\"7a6a8b8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cb7b4b7 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"cb7b4b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Yes. Statistics Canada reports that one in five Canadian businesses has been targeted by a cyber attack. Small businesses are frequently targeted because they hold valuable data but often have weaker security controls than large organizations. Real claim costs for Canadian small businesses have reached $455,000 to $500,000 per incident, making an uninsured loss a serious financial threat for most small operators.<\/span><\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2032\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2032\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Is cyber liability insurance the same as data breach insurance? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2032\" class=\"elementor-element elementor-element-b083809 e-con-full e-flex e-con e-child\" data-id=\"b083809\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2e3b706 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"2e3b706\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The terms are often used interchangeably, but cyber liability insurance is typically broader. Data breach insurance focuses specifically on the cost of a breach involving personal or sensitive information. Cyber liability insurance also covers ransomware, business interruption from cyber events, third-party liability, and regulatory penalties. When shopping for coverage, confirm exactly what events the policy covers.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2033\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2033\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How much does cyber liability insurance cost in Canada? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2033\" class=\"elementor-element elementor-element-f4437ce e-con-full e-flex e-con e-child\" data-id=\"f4437ce\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-26f2cb3 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"26f2cb3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A low-limit cyber endorsement added to a professional liability policy typically costs an additional $100 to $200 per year. A standalone cyber liability policy with higher limits generally ranges from $750 to $1,000 or more per year, depending on the size of your business, the data you handle, and the security controls you have in place. Businesses with stronger security postures generally qualify for better rates.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2034\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2034\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Will my commercial general liability policy cover a cyber attack? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2034\" class=\"elementor-element elementor-element-9aae059 e-flex e-con-boxed e-con e-child\" data-id=\"9aae059\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-afcbc6f e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"afcbc6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">No, in almost all cases. Commercial general liability insurance covers bodily injury and property damage. A data breach or ransomware attack is a digital event, not a physical one, so a standard CGL policy will not respond. You need a standalone cyber liability policy to cover cyber-related losses. Always review your existing policies with your broker to identify any coverage gaps.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2035\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2035\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What can I do to lower my cyber insurance premium? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2035\" class=\"elementor-element elementor-element-b5dd1ec e-flex e-con-boxed e-con e-child\" data-id=\"b5dd1ec\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ece6265 e-con-inner elementor-widget elementor-widget-text-editor\" data-id=\"ece6265\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Implementing strong security controls before you apply can improve your eligibility and may reduce your premium. The most impactful steps are enabling multi-factor authentication on all accounts, conducting employee phishing awareness training, maintaining offline data backups, having a written incident response plan, and keeping all software and systems patched and up to date.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f85dfc1 e-flex e-con-boxed e-con e-parent\" data-id=\"f85dfc1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In This Article What Is Cyber Liability Insurance in Canada? What Does Cyber Liability Insurance Cover? Are Canadian Small Businesses Really at Risk? What Cyber Liability Insurance Does NOT Cover How Insurers Assess Your Cyber Risk How Is Cyber Liability Insurance Different from Other Business Coverage? Frequently Asked Questions A ransomware attack shuts down your [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":18145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,30],"tags":[],"class_list":["post-18128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-insurance-advice"],"_links":{"self":[{"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/posts\/18128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/comments?post=18128"}],"version-history":[{"count":19,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/posts\/18128\/revisions"}],"predecessor-version":[{"id":18176,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/posts\/18128\/revisions\/18176"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/media\/18145"}],"wp:attachment":[{"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/media?parent=18128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/categories?post=18128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ona.ca\/wp-json\/wp\/v2\/tags?post=18128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}