May 3, 2022 by VICTOR CANADA
With cybersecurity spending expected to exceed US$1 trillion, it’s clear more businesses than ever before are realizing the need to invest in their cyber defenses.
“Yet throwing money at a problem is never the lone answer,” says Kevin Auger, department leader and senior vice-president of cyber, technology and errors & omissions for Victor Canada.
“The regulatory, brand damage and unexpected financial impacts of ransomware, advanced malware and targeted attacks which start with an unsuspecting employee, speak to the need for a proactive and strategic management approach to the problem.”
It’s critical to ask your clients whether they have a detailed plan to identify and address their cyber exposures.
Victor’s new Cyber insurance solution can help as part of their cyber risk management program, Auger advises.
“Our new Cyber product takes our Cyber insurance program to the next level by offering extensive risk management services and an award-winning mobile app, Victor Response, providing Canadian businesses with a more proactive approach to cyber risk management, education and mitigation.”
“Given the recent rise in cyberattacks, it is more important than ever to provide comprehensive, proactive and financially viable cyber insurance options for businesses,” says David Cook, president of Victor Canada.
“More Canadian companies are falling victim to cyberattacks each day,” Auger adds.
Small businesses are especially vulnerable due to a lack of security resources, potentially facing more collateral damage in larger cyberattacks.
Recent statistics revealed more than 70% of ransomware incidents impact companies with fewer than 1,000 people and less than $50 million in revenue.
“Regardless of the size of the business, these cyberattacks are demonstrating the need for companies to ensure that they have the security measures in place to help protect them from these attacks,” Auger says.
PROACTIVE COVERAGE, SMART RESPONSE
The new Victor Cyber coverage was specifically developed to respond to the needs of brokers and their clients, Auger explains.
“We recognized the need for a competitively priced cyber insurance solution with broad coverage for technology-related risks,” he says.
In addition, and perhaps most importantly, Auger says Victor recognized that most businesses “require a proactive, service-driven solution that includes a full range of risk management and incident response tools, rather than a reactive insurance policy where organizations only respond when a cyberattack occurs.”
Victor Cyber offers your clients free access to the Victor Response mobile app, which is designed to help businesses prevent cyber incidents by detecting vulnerabilities through tailored security alerts.
“It also provides Victor policyholders with access to enterprise grade security advice and a quick response service to notify an expert team instantly when they require cyber assistance. Our Victor policyholders are able to gain access to a range of world-class, proactive, cyber risk management services, such as perimeter security, password management, endpoint security and employee phishing training.”
With cyber a growing problem, Victor’s goal is to provide a proactive, service-oriented Cyber product “that goes beyond risk awareness and protection in the event of a covered cyber incident, to include tools that help businesses better manage and monitor cyber threats,” Auger concludes.
For more information, visit Victor’s Cyber Insurance page (www.victorinsurance.ca/cyber).