Technology has changed how we work, the way we do business, and how we look at business insurance.
Many organizations heavily rely on mobile devices, computers, and network systems to conduct their day-to-day operations faster and across distances and time zones. Relying heavily on technology to conduct business has also increased vulnerabilities to various types of cyber risks (theft of data, malware, virus, etc) and costs associated with a privacy breach.
Thought of as the “Internet of Things,” as we connect more devices via the internet (home monitoring, banking, smart appliances, etc) to create efficiencies, we also increase our vulnerability to cyberattacks – both for businesses and individuals.
As technology evolves, so does the impact of risk. For individuals, awareness and knowing how to protect their personal information from being compromised are most important.
For businesses, having measures in place to proactively mitigate the risk and reactive measures if the business is impacted is a necessity. In addition to insurance to provide coverage in the event of a privacy breach, proactive measures to protect data should be put in place, audited, and updated regularly to improve resilience.
Are you curious to know if your business is secured against a cyber attack? Contact your broker to review and update your policy.
SOURCES
https://www.insurance-canada.ca/2021/10/06/ibc-survey-small-business-vulnerable-cyber-attacks
https://www.intact.ca/blog/en/connected-business-insurance-and-technology.html