What could a cyber breach cost your business?
Small-to-medium enterprises (SMEs) have specific cyber risk concerns
Over the past few years, cyber has emerged as a serious business threat. And with the mandatory data breach reporting regulations of the Personal Information Protection and Electronic Documents Act (PIPEDA) set to take force from November 1, 2018, SMEs could face potentially crippling compliance costs, not to mention the outfalls of third party actions.
Cyber Security in Canada: Practical Solutions to a Growing Problem, Canadian Chamber of CommerceAon's 2018 SME Insurance Report examines the impacts of cyber risk on SMEs, look at what the changes to PIPEDA might mean to your business.
The costs of dealing with a cybercrime
Cybercrime can give rise to a wide range of both first party and third party claims, including:
- Cyber-extortion costs
- Restoration of data costs
- Forensic investigation costs
- Legal counsel fees
- Losses arising from security failures
- Damage to third party systems
- Public relations costs
- Identity theft management
- Fines and penalties
2017 Cost of Data Breach Study: Canada, Ponemon Institute, 2017A team of experts working for you
Aon's Cyber Link solution offers SMEs access to affordable, state-of-the-market cyber coverage from the world's leading insurers and combines cyber liability cover with privacy breach response management services.