Northbridge Releases Enhanced Cyber Risk Coverage for all Canadian businesses
May 24, 2019 – Enhanced cyber risk insurance bundle offers more comprehensive protection and focused support to businesses of all sizes.
- 54% of cyber security incidents in Canada prevent employees from carrying out day-to-day work, highlighting the need for commercial cyber insurance.[1]
- Broad coverage, custom solutions, and complimentary support from leading breach response partner elevates the Northbridge cyber product.
Northbridge Insurance has enhanced their cyber insurance offering to protect businesses across Canada, with expanded first and third-party coverage for a variety of cyber breach issues and resulting expenses.
Cybercrime is skyrocketing, and as tactics become more sophisticated and accessible, more businesses are falling victim to cyber attacks of all shapes and sizes. In response, Northbridge Insurance has released a progressive cyber insurance solution that addresses the evolving cyber protection needs of Canadian businesses and reduces the likelihood of a costly and time-consuming recovery.
The newly enhanced Cyber Risk Bundle addresses the consequences of breaches that result in stolen, encrypted, or corrupted information. Some features include coverage related to incident response, data recovery, business interruption, extortion, privacy liability, and regulatory expenses.
“Cyber attacks are more prevalent than ever, and many businesses aren’t ready for the strike,” says Scott Vandenberg, Vice President of Commercial Lines, Corporate Underwriting at Northbridge Insurance. “Stronger defenses can make for a more effective response – and less downtime. We’re pleased to offer this enhanced solution to our customers to ensure they’re prepared and have the right support in place in event of a cyber or privacy breach.”
In addition to enhanced coverage, policy holders will receive proactive and reactive support from CyberScout, a leading data risk management service provider. The Northbridge Cyber Assist service provides access to expert consultation on protective measures, but also recovery assistance in the event of a privacy breach. CyberScout’s service is automatically included in every Northbridge cyber risk policy.
As cyber risk continues to grow and evolve in unpredictable ways, targeted protection and reliable support becomes paramount for Canadian businesses. A data breach could have a potentially devastating financial impact on a smaller operation, and given that 19% of small businesses and 28% of medium have been affected by cyber security incidents in 2017, it’s a risk that should not be ignored.[2] A forward-focused cyber solution that keeps up with evolving risks and addresses the reality of recovery costs and tasks can sometimes mean the difference between quick resumption of operations or insolvency.
Northbridge Insurance is committed to developing innovative and carefully curated insurance solutions tuned to the risks and needs of Canadian businesses across all sectors. With strategic partnerships and industry-focused internal expertise, Northbridge is poised to continue as a leader in commercial cyber insurance solutions.
[1] Statistics Canada. Table 22-10-0077-01 Impacts of cyber security incidents by industry and enterprise size
[2] Statistics Canada. Cybercrime and Canadian businesses, 2017
About Northbridge Insurance
Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we focus on understanding the needs of our customers and on creating solutions that make a difference to their success. Visit us at www.northbridgeinsurance.ca to learn more.
For further information, please contact:
Emily McCauley
Specialist, Corporate Communications
Northbridge Insurance
+1 (416) 350-4341
[email protected]
