October is Cyber Security Awareness Month and our friends at Co-operators want your organization to stay safe. Here are some valuable cyber security insights.
In today’s fast-evolving digital climate, cyber security impacts every organization. Non-profits, charities and community groups often collect and store sensitive data — including personal details of employees and volunteers. Taking extra steps to help protect both your organization and the people who give their time to support your mission is essential.
Co-operators wants to help you understand how to identify a cyber event, strategies you can implement to lower your risk and the importance of having an insurance policy in place. So let’s get to it!
What is a cyber breach?
A cyber breach – also called a privacy breach or data breach – occurs when sensitive, protected or confidential data is exposed to an unsafe environment, intentionally or unintentionally. And it can happen quickly. All it takes is one misplaced laptop or one click on a malicious email for unauthorized users to gain access to private or sensitive information that may include:
- Full names, addresses, phone numbers and emails
- Driver’s licenses
- Social insurance numbers
- Credit card and bank details
- Personal health information
- Biometrics
Cyber breaches are particularly worrisome because, when successful, they can result in:
- Unauthorized financial transactions and payments
- Leaked network access credentials, leading to extortion, business interruption and more
- Damage to your organization’s reputation
How can you lower your risk?
While it’s not possible to eliminate threats entirely, taking two key steps can help keep your valuable data secure and your organization ahead of many potential risks:
1. Implement preventative measures
A proactive approach can help you avoid a range of cyber losses. Your workforce is your first line of defence and, as such, it’s crucial that everyone involved with your organization is aware of the risks and knows how to prevent and handle cyber breaches. Consider professional training programs and simulations that can reduce the likelihood of human error, which is one of the main ways cyber criminals gain access to your data.
2. Cyber insurance coverage
If a breach occurs, the right cyber insurance can cover expenses, interruptions and liabilities that result. In today’s digital landscape, Co-operators offers specialized protection for Canadian non-profits. Cyber Guard’s coverage provides complete protection against some of the most common threats, as well as options to support your unique business needs.
Our Cyber Guard packages offer a variety of coverage options on eligible policies, including:
- Privacy Breach Expenses – for unexpected expenses and/or costs of complying with privacy laws if your business loses personal information.
- Business Interruption – for lost income or increased costs if your business operations are interrupted by a privacy breach event.
- Cyber Event Liability – for third-party lawsuits resulting from a cyber event.
- Privacy Regulatory Liability – for taxes, fines and penalties from a potential regulatory proceeding in response to a cyber event.
- Cyber extortion threat – for when a threat is received, in which the extortionist threatens to either attack a computer system or to release confidential information for the purpose of demanding something of value, usually money.
No business is immune from cyber threats. By taking proactive steps, implementing strong preventative measures and having the right insurance in place, you can protect your organization, maintain the trust of the people you serve, and ensure that your mission continues to make a positive impact without unnecessary risks.
To learn more about how Co-operators can help protect your organization and its valuable data, reach out to strategicclientmanagement@cooperators.ca.
Commercial insurance is underwritten by Co-operators General Insurance Company. Co-operators® is a registered trademark of The Co-operators Group Limited and is used with permission. Not all products are available in all provinces. Terms, conditions, and exclusions apply, see policy for details. The services described herein are not insurance policies and not all policies are eligible. © 2024 Co-operators General Insurance Company.